Going Public in Overse2021as Stock Markets中国公司境外上市

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2021年6月高考英语考前冲破阅读明白得能力财经新闻全球私人财产飙升至152万亿

全世界私人财产飙升至152万亿The amount of private wealth held by households globally surged more than 14% to $152 trillion last year, boosted mainly by rising stock markets.2021年全世界家庭所持有的私人财产飙升超过14%，达到152万亿美元，其中要紧的增加来自于股市上涨。

Asia-Pacific, excluding Japan, led the surge with a 31% jump to $37tn, a report by Boston Consulting Group says.The number of millionaire households also rose sharply.The report takes into account cash, deposits, shares and other assets held by households. But businesses, real estate and luxury goods are excluded."In nearly all countries, the growth of private wealth was driven by the strong rebound in equity markets that began in the second half o f 2021," the firm said in i ts report."This performance was spurred by relative economic stability in Europe and the US and signs of recovery in some European countries, such as Ireland, Spain and Portugal."The amount of wealth held in equitiesglobally grew by 28% during the year, Boston Consulting Group (BCG) said.Asia-Pacific growthEconomies in Asia have been key drivers of global growth in the recent years. And households in the region have benefitted from this growth.Within the region, China has bee n the biggest driver - with private wealth in the country surging more than 49% in 2021.High saving rates in countries such as China and India has also been a key contributing factor to this surge.The wealth held in the region is expected to rise further, to nearly $61tn by the end of 2018."At this pace, the region is expected to overtake Western Europe as the second-wealthiest region in 2021, and North America as the wealthiest in 2018," BCG said.The pace of wealth creation in China was also evident in the growth in the number of millionaire households - in US dollar terms - in the country, rising to 2.4 million in 2021, from 1.5 million a year ago.Overall, the total number of millionaire households in the world rose to 16.3 million in 2021, from 13.7 million in 2021.。

报盘信范文英文

报盘信范文英文Here is a 1,000-word English essay on the topic "A Sample of Stock Market Report":The stock market is a complex and dynamic system that plays a crucial role in the global economy. It serves as a platform where investors can buy and sell shares of publicly traded companies, with the aim of generating profits. A stock market report is a document that provides detailed information about the current state of the stock market, including the performance of various indices, individual stocks, and overall market trends.One of the primary purposes of a stock market report is to inform investors and the general public about the current state of the financial markets. These reports often include data on the opening, closing, and intraday prices of major stock indices, such as the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average. Additionally, they may provide information on the trading volume, sector performance, and any significant news or events that may have impacted the market.In a typical stock market report, the headline might highlight theoverall performance of the market, such as "Stocks Close Higher on Positive Economic Data." This would be followed by a summary of the day's trading, including the percentage changes in the major indices and the factors that contributed to the market's movement. The report may also include a detailed analysis of specific sectors or individual stocks that have seen significant gains or losses.One important aspect of a stock market report is the use of technical indicators and analysis. These tools can help investors and analysts understand the underlying trends and patterns in the market. For example, the report may include information on the 200-day moving average, relative strength index (RSI), or other technical indicators that can provide insights into the market's momentum and potential future direction.Another key component of a stock market report is the interpretation and commentary provided by financial experts. These experts can offer their insights and perspectives on the current market conditions, potential risks, and investment opportunities. Their analysis can help investors make informed decisions about their investment strategies and portfolio allocations.In addition to the quantitative data and expert analysis, a well-crafted stock market report should also include relevant news and events that may have impacted the markets. This can includeinformation on economic data releases, changes in government policies, geopolitical developments, and corporate news that could affect investor sentiment and market performance.One of the challenges in writing a comprehensive stock market report is the need to balance the presentation of complex financial information with a clear and concise writing style. The report should be easily understandable to a wide range of readers, from seasoned investors to the general public. This requires the author to have a strong understanding of the stock market and the ability to translate technical jargon into plain language.Another important consideration in preparing a stock market report is the timeliness of the information. Given the fast-paced nature of the financial markets, it is crucial that the report is updated regularly and provides the most recent data available. This can be a significant challenge, particularly in today's digital age, where information can be disseminated rapidly through various channels.In conclusion, a comprehensive stock market report is a valuable resource for investors, researchers, and the general public. It provides a detailed snapshot of the current state of the financial markets, offering insights and analysis that can inform investment decisions and help individuals better understand the complex workings of the stock market. By presenting this information in aclear and concise manner, a well-crafted stock market report can play a vital role in promoting financial literacy and informed decision-making.。

笔译常用词汇(外贸金融英译汉)

absorb idle fun d吸引游资a business incubator企业孵化器accounting fraud财务作假案；假案accumulated deficit累计赤字after-sale service售后服务after-tax profit税后利润anti-inflation measures制止通货膨胀措施anti-monopoly law反垄断法auditing sacandals假账丑闻bank discount票据贴现Black Monday黑色星期一blue chip绩优股bonded area保税区bottom wholesale price批发底价business cycle商业周期business len ding商业贷款cargo handing capacity货物吞吐量cash dividend现金股利cash on delivery (COD)货到付款ceiling price最高限价chamber of commerce商会clearance sale清仓销售closing price收盘价common stock普通股compensation trade补偿贸易concessionary loans优惠贷款corporate bond公司债券corporate identity企业标识cost of living index生活成本指数currency appreciation货币升值customs barrier; tariff waff关税壁垒Doha Round多哈回合dot-com boom高科技公司（股票）引起的繁荣double-digit inflation两位数通货膨胀率（指一个国家的通货膨胀年率超过10%）double–entry budget复式预算Dow-Jones Industrial Average道琼斯工业股票平均指数do wnstream product下游产品durable goods耐用产品export customs declaration出口申报export incentives出口刺激export licensing system出口许可证制度favorable balance of trade/trade surplus贸易顺差financial (industry/sector) rescue plan金融救援计划financial statement财务报表foreign exchange reserve外汇储备Goldman Sachs高盛（集团）公司（美）government securities公债holding company控股公司hot money from abroad国际游资import quota进口配额imports of merchandise and services商品和劳务进口inflation-proof deposit保值储蓄inflation-ridden country通货膨胀居高不下的国家insurance broker保险经纪人intangible assets无形资产interest-free loan无息贷款international financial center国际金融中心investment ratio投资比例IPO (Initial Public Offerings)发行原始股junk bond垃圾债券line of business业务范围listed company上市公司listed shares (stock)上市股票market access/entry市场准入merger and acquisition (M&A)并购money laundering洗钱money supply货币供应量National Association of Securities Dealers Automated Quotation (NASDAQ)美国纳斯达克指数National Council for US-China Trade美中贸易委员会New York Stock Exchange (NYSE)纽约证券交易所online share trading在线股票交易portfolio investment证券投资port of destination目的口岸preferential loan优惠贷款preferred stock优先股price-curbing policy抑价政策primary goods初级商品property dividend财产股利protective tariff保护性关税ration-free goods敞开供应的商品reciprocal trade互惠贸易retaliatory tafiff报复性关税return on investment投资回报risk capital风险投资shock method休克疗法Standard& Poor’s Index（美国证券）标准普尔指数stock market crash股市暴跌stock market quotation股市行情stock option认股权stock sinks below the IPO price破发subprime mortgage次级房贷supply-demand imbalance供求失衡switch trade转手贸易tax-free zone免税区time deposit定期存款toll-free service免费服务total volume of imports and exports进出口总额trade dispute贸易争端trade in goods货物贸易trade in services服务贸易trade liberatlization贸易自由化trade partner贸易伙伴trade protectionism贸易保护主义trade protocol贸易议定书transnational corporation跨国公司transnational operation跨国经营unfavorable balance of trade/trade deficit贸易逆差upstream product上游产品US Federal Reserve Board美国联邦储备委员会US Securities and Exchange Commission美国证券交易委员会venture capital风险资本voucher of clearing结算凭证Wall Street magnate华尔街财阀warranty period商品保修期win the bid/tender中标World Economic Forum世界经济论坛（达沃斯会议）year-end report年终报告zero tariff treatment零关税待遇You should guarantee that no information under the contract should be transferred to a third party.你方应保证不向第三方转让本合同的信息资料。

新编金融英语教程 Chapter7 Primary Markets versus Secondary Markets

1.Both the primary markets and the secondary markets are important parts of the capital markets. ( ) 2.Generally speaking, privately placed securities are highly liquid by nature. ( ) 3.The New York Stock Exchange and the NASDAQ system are famous secondary markets in the United States and the world. ( ) 4.The derivative securities markets had existed for a long time, but didn’t grow robustly until the 1980s. ( ) 5.On the secondary market, small investors can have a better chance of buying or selling securities on the primary market. ( )
7.1Lead-in
This chapter will first of all look at the primary market. Secondly, it will look at the secondary market. Finally, it will make a comparison between the two.
7.4 Follow-up Tasks
I. Matching
Directions: Match the English words and phrases in the left column with the proper Chinese equivalents in the right column.

超实用备战高考英语考试易错题——阅读理解：主旨大意题(大陷阱) (解析版)

易错点17 阅读理解主旨大意题目录01 易错陷阱（3大陷阱）02 举一反三【易错点提醒一】标题类易混易错点【易错点提醒二】段落大意类易混易错点【易错点提醒三】文章大意类易混易错点03 易错题通关养成良好的答题习惯，是决定高考英语成败的决定性因素之一。

做题前，要认真阅读题目要求、题干和选项，并对答案内容作出合理预测;答题时，切忌跟着感觉走，最好按照题目序号来做，不会的或存在疑问的，要做好标记，要善于发现，找到题目的题眼所在，规范答题，书写工整;答题完毕时，要认真检查，查漏补缺，纠正错误。

易错陷阱1：标题类易混易错点。

【分析】标题类是对中心思想的加工和提炼，可以是单词、短语、也可以是句子。

她的特点是短小精悍，多为短语；涵盖性、精确性强；不能随意改变语言表达的程度和色彩。

如果是短语类选项，考生容易混淆重点，此时应当先划出选项的关键词。

此类题和文章的中心主题句有很大关系。

中心主题句一般出现在第一段，有时第一段也可能引出话题，此时应当重点关注第二段和最后一段，看看是否会出现首尾呼应。

易错陷阱2：段落大意类易混易错点。

【分析】每个段落都有一个中心思想，通常会在段落的第一句或最后一句体现，这就是段落主题句。

如果没有明显的主题句时，应当根据段落内容概括处段落大意。

有时考生还会找错文章对应位置，盲目选词文中相同的词句，而出现文不对题的现象。

易错陷阱3：文章大意类易混易错点。

【分析】确定文章主旨的方法是：先看首尾段或各段开头再看全文找主题句，若无明显主题句，就通过关键词句来概括。

如，议论文中寻找表达作者观点态度的词语，记叙文中寻找概括情节和中心的动词或反映人物特点的形容词。

文中出现不同观点时，要牢记作者的观点彩色体现全文中心的。

此时，要注意转折词，如：but, however, yet, in spite of, on the contrary等。

【易错点提醒一】标题类易混易错点【例1】（浙江省义乌五校2023-2024学年高三联考试题）The scientist’s job is to figure out how the world works, to “torture (拷问)” Nature to reveal her secrets, as the 17th century philosopher Francis Bacon described it. But who are these people in the lab coats (or sports jackets, or T-shirts and jeans) and how do they work? It turns out that there is a good deal of mystery surrounding the mystery-solvers.“One of the greatest mysteries is the question of what it is about human beings — brains, education, culture etc. that makes them capable of doing science at all,” said Colin Allen, a cognitive scientist at Indiana University.Two vital ingredients seem to be necessary to make a scientist: the curiosity to seek out mysteries and the creativity to solve them. “Scientists exhibit a heightened level of curiosity,” reads a 2007 report on scientific creativity. “They go further and deeper into basic questions showing a passion for knowledge for its own sake.” Max Planck, one of the fathers of quantum physics, once said, the scientist “must have a vivid and intuitive imagination, for new ideas are not generated by deduction (推论), but by an artistically creative imagination.”......ong as our best technology for seeing inside the brain requires subjects to lie nearly motionless while surrounded by a giant magnet, we’re only going to make limited pro gress on these questions,” Allen said.What is a suitable title for the text?A．Who Are The Mystery-solversB．Scientists Are Not Born But MadeC．Great Mystery: What Makes A ScientistD．Solving Mysteries: Inside A Scientist's Mind【答案】C【解析】文章标题。

高二英语下学期第二次阶段考试试题 2

一中2021-2021学年(xuénián)高二英语下学期第二次阶段考试试题本套试卷(shìjuàn)分第一卷〔选择题〕和第二卷〔非选择题〕两局部。

在在考试完毕之后以后，将本套试卷和答题卡一起交回。

第一卷考前须知(xūzhī)：1.答第一卷前，所有考生(kǎoshēng)必须将本人的姓名、准考证号填写上在答题卡上。

2.选出每一小题答案后，用铅笔把答题卡上对应题目之答案标号涂黑。

如需改动，用橡皮擦干净后，再选涂其他答案标号。

不能答在套本套试卷上，否那么无效。

第一局部听力〔一共两节，满分是30分〕第一节〔一共5小题；每一小题1.5分，满分是7.5分〕听下面5段对话。

每段对话后有一个小题，从题中所给的A、B、C三个选项里面选出最正确选项，并标在试卷的相应位置。

听完每段对话后，你都有10秒钟的时间是来答复有关小题和阅读下一小题。

每段对话仅读一遍。

1. When did the man go to Canada?A. Last year.B. Two years ago.C. Five years ago.2. What does the woman ask the man to do?A. Get her some water.B. Buy her some plants.C. Water her plants.3. What is the man doing?A. Asking for leave.B. Making a complaint.C. Talking with his boss.4. What will the woman do next?A. Take some exercise.B. Do her homework.C. Attend a class.5. Where does the conversation take place?A. At a restaurant.B. At a supermarket.C. At a hotel.第二节:请听下面5段对话(duìhuà)或者独白。

2021即将过去英语作文

2021即将过去英语作文As 2021 is coming to an end, it is time to reflect on the past year and look forward to the future. The year 2021 has been a rollercoaster ride for many of us, with the ongoing pandemic, political turmoil, and social unrest. Despite the challenges, we have also seen moments of hope, resilience, and progress. In this essay, I will reflect on some of the key events and trends of 2021 and share my thoughts on what they mean for the future.The COVID-19 pandemic has been the defining event of 2021, as it has affected virtually every aspect of our lives. The pandemic has disrupted economies, healthcare systems, education, and social interactions. It has also exposed and exacerbated existing inequalities and injustices, particularly for marginalized communities. However, the pandemic has also brought out the best in people, as we have seen countless acts of kindness, solidarity, and innovation. Scientists and healthcare workers have worked tirelessly to develop vaccines andtreatments, while individuals and organizations havedonated time, money, and resources to support those in need.Another major trend of 2021 has been the rise of social activism and awareness. The Black Lives Matter movement, sparked by the murder of George Floyd in 2020, continued to gain momentum in 2021, as people across the world protested against police brutality and systemic racism. The movement also highlighted the need for greater representation and inclusion of marginalized communities in all aspects of society. Similarly, the #MeToo movement continued to shed light on sexual harassment and assault, and to demand accountability and change from those in power. These movements have shown that social change is possible when people come together and demand it.In the political realm, 2021 has been a year of both progress and setbacks. The inauguration of Joe Biden as the 46th President of the United States marked a turning pointin American politics, as he promised to restore unity, democracy, and decency to the country. However, the yearalso saw authoritarian leaders consolidate power, suppressdissent, and violate human rights in countries such as China, Russia, and Belarus. The ongoing refugee crisis, climate change, and geopolitical tensions also pose significant challenges for global governance and cooperation.Looking ahead, there are reasons for both optimism and caution. The COVID-19 pandemic is far from over, and new variants and surges continue to threaten public health and the economy. However, the widespread distribution of vaccines and the lessons learned from the pandemic may lead to improvements in healthcare, education, and social policies. The social activism and awareness that emerged in 2021 may also lead to greater equity, justice, and representation in all spheres of life. However, thepolitical and environmental challenges of 2021 require urgent and concerted action from governments, civil society, and individuals.In conclusion, 2021 has been a year of unprecedented challenges and opportunities. The COVID-19 pandemic, social activism, and political developments have tested ourresilience, compassion, and values. As we enter a new year, we must continue to learn from the past, engage with the present, and envision a better future for all.。

中国企业美国上市

如何上市？ How to Go Public?
上市的成本 Cost to Go Public
上市后的运作 After being Listed
我们是谁？ Who Are We?
2021/3/28
2
I. 为什么要上市？（上市的好处） Why to Go Public?
(Benefits of Listing)
2021/3/28
10
AMEX
美国证券交易所
➢ Originally known as 'The Curb' because its business was conducted on the street, the Exchange began in 1849. It first moved indoors in 1921 and adopted its present name in 1953. Amex的成立已经有100多年的历史，那时交易商们在纽约的街道上进行自由交易，直到 1921年交易所才从大街上搬进位于纽约市中心的交易大厅内。Amex是采用拍卖成交 (Auction)的方式来交易证券，拍卖方式一般采用“价格和数量优先”的成交方式，这一点是和纳斯达克所采用的做市商制度(Market Maker)很不一样的。
3. 公司治理增强 Corporate Governance Requirements
✓ 在安然事件发生后，美国加强了对上市企业的监管力度，企业必须增加透明度和加强内部监管程序。
✓ 财务和管理纪律化 Financial and Management Discipline
4. 受托责任 Fiduciary Responsibilities
➢ In the United States, the American Stock Exchange (AMEX) is second only in size to the New York Stock Exchange. The Amex is the only U.S. market to trade three different products: stocks, options and exchange-traded funds.

卖报纸是筹钱的最好办法原因英语作文

卖报纸是筹钱的最好办法原因英语作文全文共6篇示例，供读者参考篇1Selling Newspapers is the Best Way to Raise MoneyHi there! My name is Jamie and I'm in 5th grade. Our class is trying to raise money to go on a really cool field trip to the science museum. We've tried bake sales and car washes before, but those never seem to make enough money. This time, we're selling newspapers door-to-door and I think it's the best fundraising idea ever! Let me tell you why.First of all, everybody needs newspapers. They have all the latest news, comics, puzzles, and more. Grown-ups like reading them with their morning coffee. Little kids like looking at the colorful pictures and funnies. Even though lots of people get news online now, there are still plenty of people who want an actual paper to read. As long as there is a demand, we'll be able to sell, sell, sell!Selling newspapers is also an easy way to make money because we don't have to make or buy anything ourselves. The newspaper company gives us the papers for free and we justtake orders and deliver them right to people's doors. No baking or washing cars required! We just grab a stack of papers, knock on doors, and ask if anyone wants to subscribe. Simple as that.The best part is, we get to keep half of the money that people pay for their subscription! The other half goes back to the newspaper company. But that's okay because we're selling something that costs us nothing. It's all profit! If someone pays 50 for a one-year subscription, our class gets to keep 25 of that. Can you imagine how much we could make if every house on a few blocks buys a subscription? We'll have enough money for our field trip in no time!I've been practicing my sales pitch to make sure I'm really convincing. "Good morning/afternoon sir or ma'am! My name is Jamie and I'm raising money for my elementary school class to go on an educational field trip. Would you be interested in subscribing to the daily newspaper? It's full of news, comics, puzzles, and more! A one-year subscription is only 50 and half of that money will go directly to supporting my class..." and so on. With a winning smile and my well-rehearsed speech, I'll have people signing up left and right!My parents are even letting me go door-to-door in our neighborhood by myself for this fundraiser since it's so safe. I'mgoing to ride my bike down each street carrying my wagon full of newspaper samples to show people. I'll ring each doorbell, give my pitch, and jot down the orders I get. Every Thursday the newspaper truck will drop off that week's stack of papers, and I'll go deliver them fresh off the truck. Earning money doesn't get much easier than that!Of course, this fundraiser does involve a little bit of work up front. We had to make promotional flyers to let everyone know we'd be coming around selling subscriptions. We hung them up around school, posted about it online, and even left some at local businesses. My teacher is also making sure we have plenty of adult volunteers to go around with the younger kids for safety. But really, the hardest part is just getting out there and putting in some time asking people if they'd like to subscribe.Once we get customers signed up though, the money just keeps on coming in every week without us having to do much at all! By the time the subscription runs out next year, we'll have more than met our field trip fundraising goal. We might even have enough left over to pay for a really fun end-of-year class party! How cool is that?Selling newspapers is the way to go for fundraisers, no doubt about it. It doesn't require making any products, just goodold-fashioned salesmanship. It's safe for kids since we're staying in our own neighborhoods. And the money we raise is pretty much all profit since we don't have any big costs. We get half of every subscription fee just for taking orders and delivering papers! Bake sales are way too much work when this is an option.So watch out, neighbors! You'll be seeing me riding around on my bike with my little red wagon very soon. I'll be ringing your doorbell with a big smile and my best sales pitch ready to go. If you love having the latest news, comics, and puzzles delivered right to your door every morning, don't be afraid to subscribe! Just remember, you'll be helping my whole class get to go on an awesome educational field trip. What could be better than that? Selling those newspapers is going to be a piece of cake!篇2My Best Way to Raise Money is Selling NewspapersHi there! My name is Timmy and I'm in 5th grade. I want to tell you all about the best way I've found to raise money - selling newspapers! It's so much fun and you can make a lot of money if you work hard at it.I first got the idea when my baseball team needed to raise 500 to pay for new uniforms. My mom suggested we could have a bake sale or a car wash, but those seemed kind of boring to me.I wanted to do something more exciting!That's when my dad told me about how he used to have a paper route when he was a kid. He would wake up super early every morning to deliver newspapers to all the houses on his route before school. It sounded like a lot of work, but also really cool to be out and about while everyone else was still sleeping.What if instead of delivering papers, I sold them on the street corner? My dad said that's what they called being a "newspaper hawker" back in the old days. I could call out things like "Read all about it! Get your daily news here!" just like they did. It would be like playing pretend, but I'd actually be making money!I talked to the owner of the newspaper stand downtown and he agreed to give me some old papers to sell for a quarter each. Whatever money I made, I could keep half and give half to my baseball team. That sounded like a pretty good deal to me!The first weekend, I went out bright and early on Saturday morning with a bucket full of papers under my arm. I posted up on the busiest corner I could find right in the center of town."Get your newspapers here! Can't start your day without the morning news! Magazines, papers, fresh off the press!" I'd shout as loud as I could.At first, people just walked right by without even looking at me. But I kept trying different calls like "Take a peek at the headlines! You won't believe what happened last night!"Eventually, I started getting some customers. Some people just wanted to support a kid trying to make some money. Others really did want to grab something to read.By lunchtime, I had made 10 from selling papers at 25 cents each! That seemed like a lot to me at the time. If I could make that much in just a morning, imagine how much I could make in a whole week or month!So I kept going out there every weekend, trying new strategies like posting up outside the grocery store, the library, the train station - anywhere I could find people walking by. I'd get different papers like the national news, sports magazines, local advertiser circulars. Anything that could sell!Some days were really slow and I'd only make a couple bucks. Other days were amazing and I could make 20 or 30 in just a few hours. The most I ever made was 52 in one day - thatwas during the holidays when everybody was buying gift subscriptions.It was hard work, having to wake up early, lug those heavy buckets of papers around, and shout until my voice was hoarse. But it was also crazy fun. I loved being outside, interacting with people, and feeling like I was contributing to the neighborhood in my own little way.By the time our baseball team fundraiser was over a few months later, I had raised 275 all by myself from selling papers! That was more than half of what we needed for the new uniforms.I was so proud of myself.Even after the fundraiser ended, I kept selling papers on the weekends because I loved it so much. It felt good to have my own little business and way of making money at such a young age.Over the years, I spent that newspaper money on baseball gear, video games,books, trading cards, and so many other toys and hobbies. Sometimes I'd save it up for bigger things like my first bike or computer.But most importantly, selling newspapers taught me so many valuable life lessons:The value of hard work and hustle to make your own moneyHow to be a savvy salesman and marketing geniusGetting comfortable talking to adults and the publicThe importance of providing a useful serviceManaging my own finances and saving for goalsGaining confidence in my abilities at a young ageSure, there were easier ways I could have raised that money, like asking my parents for it or just not getting new uniforms. But where's the fun, pride, and life lessons in that?Selling newspapers allowed me to be an entrepreneurial kid, working hard and thinking creatively to pay my own way. I'd wake up while my friends were still sleeping to go stand outside and shout like a town crier. How cool is that?!To this day, I still consider those years hawking newspapers on street corners to be some of the most fun, rewarding, and educational experiences of my childhood. Whenever I need to raise money now, it's always my go-to!So if you've got a fundraiser, project, or just want to make some extra cash, I highly recommend selling newspapers. You'll get awesomeshowdows on your throat from all the yelling. Butmore importantly, you'll earn money through your own efforts while learning invaluable business and life skills along the way.Give it a try - you just might get hooked like I did and become your neighborhood's newest paperboy or papergirl! Now, who wants to buy a paper? Get 'em while they're hot off the press! Extra, extra, read all about it!篇3Selling Newspapers is the Best Way to Raise MoneyHey there, guys and girls! I'm gonna tell you all about why selling newspapers is seriously the coolest way to make some cash for your school, sports team, or whatever you need money for. It's way better than having a bake sale or car wash. Just listen up and I'll explain.First of all, selling newspapers is super easy. All you gotta do is walk around your neighborhood knocking on doors and asking people if they want to buy a paper. And who doesn't want to buy a nice crisp newspaper? Everybody reads them! Even though we've got the internet and stuff, there's still tons of grown-ups who like holding an actual newspaper in their hands while they drink their morning coffee.My friend Johnny does this newspaper selling thing sometimes, and he told me you can make like 20 in just a couple hours! That's more money than I can make mowing lawns or babysitting my little nephew. And the best part is, you don't even have to work that hard. Just put on a smile, go house to house, and pretty soon your bag is loaded up with dollar bills and quarters.But let me tell you the really awesome thing about selling newspapers - you're providing a service that people really need. Sure, baked goods are delicious, but they aren't gonna help somebody learn about what's happening in the world or in their community. A newspaper has everything - news, sports, comics, crossword puzzles. It's a total package deal!Whenever I sell papers, I always feel like I'm doing something good by helping people stay informed. I'm keeping them connected to important events. And sometimes, the newspaper even has cool kid sections with games, jokes, and fun facts. So by selling it, you're bringing a whole community together through knowledge and entertainment. That's pretty powerful stuff if you ask me!Plus, grown-ups are always saying how we kids need to go outside more instead of just sitting around staring at our phonesand tablets all day. Well, selling newspapers is the perfect excuse to get some fresh air and exercise by walking around the neighborhood. My parents are always nagging me about getting more movement in, so they're super pumped when I go sell papers for a few hours after school.Now, you might be thinking that a bake sale would be a piece of cake compared to going door-to-door. But dude, have you ever tried to bake enough cookies and brownies to make any real money? It's such a hassle, and you've got to buy all the ingredients and stuff. With newspapers, it's just grab a bundle of 'em and go! All the hard work of putting the paper together was already done by other people.And another thing - cookies get stale after a while. But newspapers? They've always got fresh, new content every single day. So you're never going to be stuck trying to get rid of an old, crappy product that nobody wants. As long as there are new papers coming out, you'll always have something valuable to sell.Whenever my baseball team needs to raise money for a new pitching machine or jerseys or whatever, I just know that doing a newspaper sale is gonna be way more profitable than setting up a lousy car wash. Think about it - who actually enjoys washing their own car, much less a bunch of strangers' cars? It's the worst!You get soaking wet, you're there for hours on end, and your arms are dying from all that scrubbing. No thanks! I'd way rather just walk around with a bundle of papers under my arm.But let's say your whole class wants to raise money by selling newspapers. Well, now you've got a built-in team that can cover way more ground. You can split up the neighborhood into sections and clean it out fast. And since you're all working together for a common goal, it creates a fun bonding experience. Maybe you could even turn it into a contest to see who could sell the most papers and win a prize!So in conclusion, selling newspapers gets my top recommendation as the best way for kids to make some serious dough. It's easy and fun, you're doing an important community service, you get exercise, the products never get old, and you can work as a team. What more could you ask for?If your school or club or sports team needs cash for anything, just say no to bake sales, no to car washes, and yes to hitting the streets and hawking some newspapers! Trust me, your community will thank you, your arms won't be sore, and your piggy bank will be bursting with coins. Give it a try - you won't be disappointed! Now who wants to be the first saleskid on the block?篇4Selling Newspapers is the Best Way to Raise MoneyHi there! My name is Emily and I'm in 5th grade. Our class is trying to raise money for a field trip to the science museum. We had a class meeting to discuss different ideas for raising the money we need. Some kids suggested having a bake sale or car wash. Others thought we could do a readathon or recycling drive. But I think the best idea is to sell newspapers! Let me tell you why.First of all, selling newspapers is a classic way for kids to make money. It's been done for a really long time, even before our parents or grandparents were kids! There's a good reason it's such a popular idea - because it works! Kids have been raising money this way for field trips, sports teams, clubs and other activities for ages. If it wasn't a good way to make money, it wouldn't still be around after all these years, right?Another great thing about selling newspapers is that it teaches us important skills. We have to be responsible for picking up our bundle of papers on time and keeping track of them. We learn about handling money properly by making change and keeping good records. Selling also helps us buildconfidence by approaching people, making a pitch, and being friendly and polite. Those are skills we can use for the rest of our lives, no matter what we end up doing as grownups.It's also a lot of fun! We get to work together as a team and feel that team spirit. We can have competitions to see who can sell the most papers each day. Maybe we could even give out fun prizes! We'll get to spend time outside instead of just sitting in the classroom. And we'll meet lots of people in our community who we might not normally get to talk to. Getting to know our neighbors is important.Best of all, selling newspapers is a way to provide a product that people really want and need. The daily paper has all the latest news, comics, TV listings, advertisements and more. It's something useful that makes people's lives a little bit better every day. When we sell those papers, we're not just asking people for a handout - we're delivering something of value in return for their money. That's a good feeling!I can picture us now, set up on a street corner bright and early in the morning. We'd have on our colorful team shirts and big smiles. As people walk by on their way to work or shopping, we'd call out in our loudest, cheeriest voices: "Read all about it! Get your daily newspaper here!" Then we'd tell them why theyshould buy that day's paper from us instead of somewhere else. Maybe there's a huge sports story or a shocking celebrity news item. If it's a slow news day, we could get creative with our pitches and add some razzle dazzle to grab their attention.The newspaper staff would give us tips on the besthigh-traffic areas to sell. We'd take turns in shifts so nobody got too tired. At the end of each day, we'd excitedly count up our earnings and watch that money pile up higher and higher until we reached our goal. Then we'd get to go on our field trip and have a blast learning about science in a hands-on way. It would be such an amazing reward for all our hard work.I've gone door-to-door selling things before for other school fundraisers, but I think selling newspapers would be even better. When you go to someone's home, you're Sort of bothering them and interrupting their day. But when we're selling newspapers on street corners or in front of stores, we're offering a convenient service to people who are already out and about. They'll appreciate being able to grab their daily paper while running errands instead of having to make a separate stop. Some of them might even start looking forward to seeing us every morning!Sure, some of the other fundraising ideas could work too. But none of them get me as fired up as this one does. Sellingthose newspapers would be the perfect way for us kids to have fun together, learn great life skills, and really feel proud of ourselves for working as a team to achieve our big goal. Just imagine how accomplished we'd feel when we walked through those science museum doors, knowing that we earned every penny to get there. What could be better than that?I really, really hope my classmates agree that this is the way to go. I can't wait to start calling out headlines and hawking papers! Let's do this, gang! Who's with me?篇5Selling Newspapers is the Best Way to Raise MoneyHey there! My name is Jamie and I'm a 5th grader at Oakwood Elementary School. Our class has been trying to figure out the best way to raise money for our end-of-year field trip to the science museum. We've had a lot of different ideas, like bake sales, car washes, and even a talent show. But you know what I think is the absolute best idea? Selling newspapers!I know, I know. Newspapers? That's kind of old school, right? Well, let me tell you why I'm convinced it's the way to go.First of all, everybody reads the newspaper! Ok, maybe not everybody reads the actual paper newspaper anymore. A lot of people just read the news online now. But that's exactly why selling newspapers is such a great fundraiser - there's no other product that appeals to such a wide range of people from all different ages and backgrounds.My grandparents still get the paper delivered to their doorstep every morning without fail. And you better believe they'll buy one from me to support my class's field trip! Same goes for a lot of other older folks in our neighborhood.But it's not just grandpas and grandmas. I see businesspeople reading the newspaper at the cafe before work. College kids studying at the library are always looking stuff up in the paper for their research. Even some of our teachers get the daily paper. Everybody needs to stay informed!Plus, a lot of people feel guilty about not reading enough "real" news from trustworthy sources. When we go around selling the local papers door-to-door, I bet a bunch of people will buy them even if they don't regularly read a physical newspaper.Speaking of going door-to-door, that's another big advantage of this fundraiser idea. We can sell newspapers all around the neighborhood, at the grocery store, at the park -wherever there are people! With a bake sale or car wash, people have to go out of their way to come to us. But we can bring the product right to our customers with newspaper sales.Oh, and products is another key word there! When you're selling something like lemonade or cookies or whatever, after it's gone, it's gone. You can't really re-sell it. But newspapers are a renewable product. Each and every day, we can get a fresh new batch to sell!This is also a fundraiser that basically runs itself once we get it started. We don't have to spend a ton of time pre-selling tickets or baking hundreds of cupcakes or anything like that. We just have to take orders, pick up the newspapers, and go sell them. Easy peasy!Now let me do some quick math to show you why newspaper sales could make us some serious money. Let's say we buy the daily papers for 75 cents each and sell them for 1. Even if each kid in our class only sells 10 papers per day, that's a 2.50 profit. With 25 kids in our class, that's 62.50 a day! If we did this fundraiser for just two weeks, that would be...does some calculations on scratch paper... 875 Definitely enough for our field trip and probably enough left over for a pizza party too.I haven't even mentioned one of the biggest benefits yet - we'll be helping support our local newspaper too. You know how hard it can be for smaller publications to stay in business these days with all the online news sites and everything. By getting the community to buy more newspapers, we're doing a good deed and helping an important cause. It's a total win-win!Selling newspapers obviously takes a little bit of effort. We'll have to wake up early, be friendly and persuasive with customers, keep track of our inventory and money carefully. But I think it's worth it for such an easy, potentially high-earning fundraiser that anyone can participate in.What do you guys think? I definitely vote for the newspaper sales as our big fundraiser this year. We can make a ton of money, get the whole neighborhood involved, practice our business skills, and support local journalism at the same time. To me, that's the best win-win-win-win situation I can imagine! Let's do this!篇6Selling Newspapers is the Best Way to Raise MoneyHi friends! Today I want to tell you why selling newspapers is the bestest way to raise money for our school. It's so much fun and you can make a ton of money if you work really hard!First of all, selling newspapers is easy. All you have to do is walk around your neighborhood and knock on doors. When people answer, you give them a big smile and say "Good morning! Would you like to buy a newspaper today? They're only one dollar!" Then if they say yes, you take their money and give them the paper. Simple as that!Some of you might be thinking "But I'm too shy to knock on strangers' doors." Don't worry, it's not scary at all! The neighbors are all really nice people. And your parents or a teacher can go with you if you're nervous at first. After you do it a couple times, you'll see there's nothing to be afraid of.Another great thing about selling newspapers is you can do it whenever you want. You don't have to go to a certain place at a certain time like with other jobs. Just grab your newspapers and start knocking whenever you have free time - before school, after school, or on the weekends! You're in charge of your own schedule.Plus, selling newspapers is great exercise. You get to walk around outside and visit lots of houses instead of just sittinginside all day. It keeps you active and energized! Whenever I sell papers, I come home feeling so healthy and accomplished.But the number one reason why selling newspapers is the best way to make money is...you can earn A LOT of cash! Let me break it down for you:Let's say you sell 100 newspapers in one day. At one dollar per paper, that's already 100 right there! Maybe some days you'll sell less, but other days you could sell even more. The money can really start adding up fast.Now imagine if 20 kids from our school sold 100 papers each.20 kids x 100 each = 2,000! Oh my God, we'd have enough money for new playground equipment, books for the library, or whatever we need! Just from one day of selling papers after school. Isn't that incredible?That's why I truly believe selling newspapers is the number one best way for our school to raise money this year. It's easy and fun, you can do it on your own schedule, you get exercise, and most importantly - you can make a fortune if we all work hard!So what do you think? Who's ready to become a newspaper selling superstar with me? We're going to knock on doors, makethose sales, and earn tons of cash for our school! Just wait, by the end of the year our playground is going to be the nicest in the entire state. All thanks to our awesome newspaper selling skills!Let's make it happen, guys! Grab some newspapers and start knocking!。

全球国家关于IPO的相关数据

Initial Public Offerings: International InsightsTim LoughranUniversity of Notre DameJay R. RitterUniversity of FloridaKristian RydqvistBinghamton University (State University of New York)published in the June 1994 Pacific-Basin Finance JournalVol. 2, pp. 165-199Updated February 15, 2010ABSTRACT OF ARTICLEThis paper discusses evidence on the short-run and long-run performance ofcompanies going public in many countries. Differences in average initial returns areanalyzed in terms of binding regulations, contractual mechanisms, and thecharacteristics of the firms going public. The evidence suggests that the move inrecent years by most East Asian countries to reduce regulatory interference in thesetting of offering prices should result in less short-run underpricing in the 1990sthan in the 1980s. Evidence is presented that companies successfully time theirofferings for periods when valuations are high, with investors receiving low returnsin the long-run. Implications for investors, issuers, and regulators are discussed.The following table updates Table 1 of the Pacific-Basin Finance Journal article, with the inclusion of data from Argentina, Austria, Bulgaria, China, Cyprus, Denmark, Greece, India, Indonesia, Iran, Ireland, Israel, Nigeria, Norway, the Philippines, Poland, Russia, South Africa, Sri Lanka, and Turkey, and updated information from all of the original 25 countries. For recent years, Dealogic is the source of most of the data.Table 1Equally weighted average initial returns for 45 countriesSample Time Avg.Initial Country Source Size Period Return Argentina Eijgenhuijsen & van der Valk 20 1991-1994 4.4% Australia Lee, Taylor & Walter; Woo; Pham; Ritter 1,103 1976-2006 19.8% Austria Aussenegg 96 1971-2006 6.5% Belgium Rogiers, Manigart & Ooghe; ManigartDuMortier; Ritter 114 1984-2006 13.5% Brazil Aggarwal, Leal & Hernandez; Saito 180 1979-2006 48.7% Bulgaria Nikolov 9 2004-2007 36.5% Canada Jog & Riding; Jog & Srivastava; 635 1971-2006 7.1% Kryzanowski, Lazrak & Rakita; RitterChile Aggarwal, Leal & Hernandez; 65 1982-2006 8.4% Celis & Maturana; RitterChina Chen, Choi, and Jiang (A shares) 1,394 1990-2005 164.5% Cyprus Gounopoulos, Nounis, and Stylianides 51 1999-2002 23.7% Denmark Jakobsen & Sorensen; Ritter 145 1984-2006 8.1% Finland Keloharju 162 1971-2006 17.2% France Husson & Jacquillat; Leleux & Muzyka; 686 1983-2006 10.7% Paliard & Belletante; Derrien & Womack;Chahine; RitterGermany Ljungqvist; Rocholl: Ritter; Vismara 700 1978-2008 25.3% Greece Nounis, Kazantzis & Thomas; 372 1976-2007 50.9% Thomadakis, Gounopoulos & NounisHong Kong McGuinness; Zhao & Wu; Ljungqvist & 1,008 1980-2006 15.9% Yu; Fung, Gul, and Radhakrishnan; RitterIndia Marisetty and Subrahmanyam 2,811 1990-2007 92.7% Indonesia Hanafi; Danny; Suherman 339 1989-2008 21.5% Iran Bagherzadeh 279 1991-2004 22.4% Ireland Ritter 31 1999-2006 23.7% Israel Kandel, Sarig & Wohl; Amihud & Hauser; 348 1990-2006 13.8% RitterItaly Arosio, Giudici & Paleari; 268 1985-2008 16.4% Cassia, Paleari & Redondi; VismaraJapan Fukuda; Dawson & Hiraki; Hebner & 2,628 1970-2008 40.1% Hiraki; Pettway & Kaneko; Hamao,Packer, & Ritter; Kaneko & Pettway;Ritter; Korea Dhatt, Kim & Lim; Ihm; Choi & Heo; 1,490 1980-2008 55.2% Mosharian & Ng; Cho; RitterMalaysia Isa; Isa & Yong; Yong 350 1980-2006 69.6% Mexico Aggarwal, Leal & Hernandez; 88 1987-1994 15.9% Eijgenhuijsen & van der ValkNetherlands Wessels; Eijgenhuijsen & Buijs; 181 1982-2006 10.2%Jenkinson, Ljungqvist, & Wilhelm; RitterSample Time Avg.Initial Country Source Size Period Return New Zealand Vos & Cheung; Camp & Munro; Ritter 214 1979-2006 20.3% Nigeria Ikoku; Achua 114 1989-2006 12.7% Norway Emilsen, Pedersen & Saettem; Liden; Ritter 153 1984-2006 9.6% Philippines Sullivan & Unite; Ritter 123 1987-2006 21.2% Poland Jelic & Briston; Ritter 224 1991-2006 22.9% Portugal Almeida & Duque; Ritter 28 1992-2006 11.6% Russia Ritter 40 1999-2006 4.2% Singapore Lee, Taylor & Walter; Dawson; Ritter 519 1973-2008 27.4% South Africa Page & Reyneke 118 1980-1991 32.7% Spain Ansotegui & Fabregat; Alvarez Otera 128 1986-2006 10.9% Sri Lanka Samarakoon 115 1987-2007 48.9% Sweden Rydqvist; Schuster; Simonov; Ritter 406 1980-2006 27.3% Switzerland Kunz,Drobetz, Kammermann & Walchli; 159 1983-2008 28.0% RitterTaiwan Chen 1,312 1980-2006 37.2% Thailand Wethyavivorn & Koo-smith; Lonkani & 459 1987-2007 36.6% Tirapat; Ekkayokkaya and PengnitiTurkey Kiymaz; Durukan; Ince; Kucukkocaoglu 315 1990-2008 10.6% United Kingdom Dimson; Levis 4,198 1959-2008 16.3% United States Ibbotson, Sindelar & Ritter; Ritter 12,028 1960-2008 16.9% Sources: See references listed in the published article. Where more than one set of authors is listed as a source of information, combined sample sizes have been constructed. Average initial returns are constructed in different manners from study to study. In general, in countries where market prices are available immediately after offerings, the one-day raw return is reported. In countries where there is a delay before unconstrained market prices are reported, market-adjusted returns over an interval of several weeks are reported. All of the averages weight each IPO equally.The Argentine numbers are from Hans Eijgenhuijsen and Rob van der Valk. The Australian numbers for 1990-95 are from Li-Anne Woo’s University of New South Wales (UNSW) dissertation. The 1996-2005 Australian numbers are from Peter Pham at the UNSW. The 2006 numbers are from Dealogic. The Austrian numbers are from Wolfgang Aussenegg’s Vienna University of Technology working paper. The updated Belgian numbers come from Sophie Manigart of the University of Ghent, with assistance from Alexander Ljungqvist of NYU. For 2000-2004, the Belgian numbers are from Christophe DuMortier. For 2005-2006, the Belgian numbers are from Dealogic.The Brazilian numbers (62 IPOs with 78.5% underpricing) from 1979-1990 are from Aggarwal, Leal, & Hernandez, and (44 IPOs with 6.7% underpricing) from 2004-2006 are from Dealogic. There are also 74 IPOs from 1995-2003 with unknown underpricing. Richard Saito has also provided numbers from 2004-2006. The 1997-2006 volume numbers are from Emerson Faria, based on information at .br. The Bulgarian numbers for 2004-January 2007 are from von Georgi Nikolov’s University of Innsbruck dissertation. The updated Canadian numbers are from Lawrence Kryzanowski, Skander Lazrak, and Ian Rakita’s 2006 Multinational Finance Journal article “The Behavior of Prices, Trades and Spreads for Canadian IPOs.” For 2003-2006, I have used numbers calculated from Dealogic. The updated Chilean numbers are from Cristian Celis and Gustavo Maturana’s 1998 Revista ABANTE article.The Chinese numbers are Zhaohui Chen, Jongmoo Jay Choi, and Cao Jiang’s 2007 Temple University working paper “Corruption in State Owned Firms: Evidence from China’s IPOs.” Their numbers are consistent with Lihui Tian and William Megginson’s 2006 Peking University and University of Oklahoma working paper “Extreme Underpricing: Determinants of Chinese IPO Initial Returns” for 1992-2000 and Shiguang Ma and Robert Faff’s April 2007 Pacific-Basin Finance Journal article “Market Conditions and the Optimal IPO Allocation Mechanism in China” for 1994-2003, with all three studies using A shares traded domestically.Data from Cyprus is provided by Dimitrios Gounopoulos, Christos Nounis, and Paris Stylianides for 1999-2002, whose 2007 forthcoming Journal of Financial Decision Making article “The Short and Long Term Performance of Initial Public Offerings in the Cyprus Stock Exchange” reports numbers for 75 IPOs. The numbers for 51 IPOs reported here exclude 24 IPOs that raised less than U.S.$1 million (2007 purchasing power). The Danish numbers are from Jan Jacobsen and Ole Sorensen at Copenhagen Business School for 1984-1998, with Dealogic being the source for 1999-2006 (with confirmation from Christian Nielsen). The Finnish numbers are from Matti Keloharju.The French numbers from 1993-98 are from Francois Derrien and Kent Womack. The French numbers from 1999-2000 are from Salim Chahine. The French numbers from 2001-2006 are for 115 IPOs from Dealogic, and exclude Marché Libre IPOs. The German numbers are a weighted average of 27.7% for 407 IPOs from 1978-1999 from Alexander Ljungqvist and 41.0% for 138 Neuer Market IPOs from 2000-2001, with the latter numbers from Jorg Rocholl’s 2005 University of North Carolina working paper. For 2002-2006, data on the 107 IPOs comes from Dealogic. For 2007-2008, Silvio Vismara has supplied numbers from the EurIPO Factbook.The Greek numbers for 1987-1994 can be found in a chapter in Mario Levis’ 1996 book Empirical Issues in Raising Equity Capital, but the reported numbers for 1976-1989 are from a working paper by Christos Nounis of the National and Kapodistrian University of Athens, and the 1990-2006 numbers are from “Price Cap Effect in the Performance of Greek IPOs” by S. Thomadakis, D. Gounopoulos, and C. Nounis, which uses the first unconstrained market price. Zhao and Wu’s Hong Kong numbers are from a City University of Hong Kong working paper. For 1997-2001, the Hong Kong numbers are from Alexander Ljungqvist and Xiaoyun Yu’s 2003 working paper “Stock market development, liquidity, and corporate governance.” For 2002-2003, the Hong Kong numbers are from Simon Yu Kit Fung, Ferdinand A. Gul, and Suresh Radhakrishnan’s “Investment Banks’ Repeated IPO Business Opportunities and IPO Underpricing.” For 2004-2006, the Hong Kong numbers are from Dealogic. Steve Dawson of the University of Hawaii has confirmed the Hong Kong numbers for most years.The average initial return for India from 1990-2004 is from the NYU working paper "Group Affiliation and the Performance of Initial Public Offerings in the Indian Stock Market," by Vijaya B Marisetty and Marti G. Subrahmanyam. The average initial return for 1992-93 would be only 35.3% based upon IPOs with an offer price of above 10 Rupees, with the data coming from the 2002 Managerial Finance article by Chandra Krishnamurti and Pradeep Kumar. This is only about one-third of the unconditional average for these two years. Indian data for 2005-2007 has been supplied by Vijayi Marisetty. The Indonesian numbers for 1989-1994 are from Arosio, Giudici and Paleiri’s Italian working paper, in which they cite Hanafi’s (1997) working paper “Efisiensi Emisi Sahan Baru di Bursa Efek Jakarta (1989-1994).” The Indonesian numbers from 1995-2008 are from Suherman of the State University of Jakarta, confirmed for 2002-2003 by Freddy Danny.The Iranian numbers from 1991-2004 are from Saeed Bagherzadeh’s 2006 University of Tehran working paper “The Initial Public Offerings Underpricing and Long-Run Underperformance in the Iranian Emerging Stock Market: Some Empirical Evidence.” The Irish numbers are from Dealogic. The Israeli numbers are from Yakov Amihud and Shmuel Hauser’s 2001 NYU working paper. Kandel, Sarig, and Wohl’s Review of Financial Studies article covers the period after Isreali auctions with no price limits became mandatory. For 1999-2006, the numbers for 63 Israeli IPOs are from Dealogic. The updated Italian numbers are from a working paper by Arosio, Giudici and Paleari of Politecnico di Milano and Universita degli Studi di Bergamo through 2000, and from Cassia, Paleari & Redondi for 2001. For 2002-2006, the numbers have been supplied by Silvio Vismara.The updated Japanese numbers are from Hamao, Packer and Ritter’s 2000 Pacific-Basin Finance Journal article for 1989-1995 OTC firms, and from Takashi Kaneko and Richard Pettway’s “Auctions versus Book-Building Underwriting of Japanese IPOs: OTC, Mothers, and Nasdaq-Japan Issues” for 1996-2001. Takashi Kaneko also supplied numbers on TSE-listed IPOs from 1992-2000. Numbers from 2002-2006 are from Dealogic. It should be noted that the Japanese average initial returns are sensitive to whether some very small issues are included, and whether the first trading day close is used or the close on the first day that price limits are not a binding constraint. For example, in December 2006, Piped Bits raised ¥420 million (about $4 million) by selling 2,000 shares at an offer price of ¥210,000 per share, with a first-day close of ¥430,000 (probably constrained by price limits) and a one-week close of ¥1,200,000 (up 471%). Alsoin December 2006, eBase sold 1,000 shares at ¥185,000 per share, raising less than $2 million. The stock closed at ¥428,000 on the first day and ¥890,000 after one week (up 381%). Another December 2006 IPO was that of Advantage Risk Management, which sold 25,000 shares at ¥20,000 per share, raising about $5 million. The stock closed at ¥47,000 after one day, and ¥55,000 after one week, up 175%. For 2007, data from is used.The updated Korean numbers are from Byung Kyun Ihm’s 1997 Korean Journal of Financial Management and Choi and Heo’s 2000 Korean Journal of Finance articles, for years through 1996. For 1997-1999, David Ng has supplied the data. For 2000-2008, 956 IPOs from the Korean Stock Exchange are used, with Dealogic returns for 2000-2003 and KSE returns for 2004-2008 supplied by Sungil Cho of Chung-Ang University. The numbers for Malaysia come from several sources: Isa, Isa and Yong, and Othman Yong. The numbers for most years have been confirmed by Steve Dawson of the University of Hawaii. In general, only Main Board IPOs are included for 1993 and later. There is a 2007 Journal of Business Finance & Accounting article by Ahmad, Cambell, and Goodacre that covers 1990-2000. Numbers for several European countries for the 1992-99 period are supplied by Jenkinson, Ljungqvist, and Wilhelm, who complied data for their 2003 Review of Financial Studies article. The Mexican numbers for 1991-1994 (51 IPOs with 3.45% underpricing) are from Hans Eijgenhuijsen and Rob van der Valk.The New Zealand numbers for 1992-99 are from a University of Auckland and University of Melbourne working paper by Graeme Camp and Robert Munro. Data for 2005-2006 come from Dealogic. For the Netherlands, the 2000-2006 numbers are from Dealogic and Silvio Vismara, and 1983-1999 numbers have been supplied by Tjalling van der Goot of the University of Amsterdam. The 2000-2004 numbers for New Zealand have been supplied by Graeme Camp. The Nigerian numbers for 61 IPOs from 1989-1993 are from a University of Southern California working paper by Ikoku. For the 51 IPOs from 1995-2006, the source is Joseph Achua’s 2007 University of Nigeria dissertation “Price Performance of Initial Public Offerings: Empirical Evidence from Deregulated Nigerian Capital Market.” Data for 1994 is missing.The Norwegian numbers for 1984-1996 are from N. Haug Emilsen , K. Pedersen, and Frode Saettem,1997, Børsintroduksjoner, BETA - Tidsskrift for bedriftsøkonomi 11, 1-13 (in Norwegian). For 1997-2001, they are from Erik Liden, and from 2002-2006, they are from Dealogic. The Philippine numbers are from Michael Sullivan and Angelo Unite’s 2001 Pacific-Basin Finance Journal article for 1987-1997, and Dealogic of 1999-2006. The Polish numbers are from Jelic and Briston’s 2003 European Financial Management article for 1991-1998, and from Dealogic for 1999-2006. The Portuguese numbers are from Miguel Almeida and Joao Duque’s chapter in Initial Public Offerings: An International Perspective, edited by Greg. N. Gregoriou (Elsevier, 2006) for 1992-1998, and from Dealogic for 1999-2006. Russian numbers are from Dealogic.Numbers for Singapore from 1992-2001 are from Steve Dawson of the University of Hawaii. Singaporean numbers for 2002-2006 are from Dealogic. The South African numbers are from Page and Reyneke’s Oct-Dec 1997 Journal of Business, Finance, and Accounting article “The Timing and Subsequent Performance of Initial Public Offeings on the Johannesburg Stock Exchange.” The updated Spanish numbers are from an ESADE working paper by Carmen Ansotegui and Jordi Fabregat and working papers by Susana Alvarez Otera. For 2005-2006, Spanish numbers are from Dealogic. Sri Lanka numbers come from the 2008 working paper “The Short-run Underpricing of Initial Public Offerings in the Sri Lankan Stock Market” by Lalith P. Samarakoon of the University of St. Thomas in Minnesota. Swedish numbers for 81 IPOs from 1995-1998 are from Josef Schuster’s LSE dissertation. Andrei Simonov provided data from 1995-2000, and I have used Dealogic data for 1999-2006. The Swiss numbers are from a University of Basel working paper by Wolfgang Drobetz, Matthias Kammermann, and Urs Walchli, and for 2001-2006 from Dealogic. For 2007-2008, the numbers are from the EurIPO Factbooks.The updated Taiwanese numbers are from Hsuan-Chi Chen of the University of New Mexico. Published numbers for smaller samples are contained in a 1997 Journal of Financial Studies article by Lin and Sheu and a Hong Kong University of Science and Technology working paper by Gwohorng Liaw, Yu-Jane Liu, and John Wei for 52 auctions from 1995-1998. For the auctions, the average first-day return of 15.06% is computed as an average of the quantity-weighted average price paid in the discriminatory auction tranche and the fixed price paid for the other tranche. Each tranche has a 50% weight. Thai numbers are from a working paper by Ravi Lonkani (Payap University) and Sunti Tirapat (Chulalongkorn University), for 2000-2006 from Dealogic, and for 2007 from Manapol Ekkayokkaya and Pengniti’s Chulalongkorn University working paper “Governance Reforms and IPO Underpricing.” The later paper covers 1990-2007.The Turkish numbers are from Halil Kitmaz’s June 2000 Journal of Multinational Financial Management article “The Initial and Aftermarket Performance of IPOs in an Emerging Market: Evidence from Istanbul Stock Exchange” for 1990-1996, and for 1997-2004 from Prof. Banu Durukan of Dokuz Eylal University. The Turkish numbers have been calculated with assistance from Prof. Ozgur Ince of Virginia Tech. For 2005-2008, the Turkish numbers are from Guray Kucukkocaoglu, based on the Baskent University working paper with Ozge Sezgin “IPO Mechanism Selection by Using Classification and Regression Trees (CART).” The U.K. numbers for 2000-2006 are from Mario Levis of the Cass Business School of City University. UK numbers from 2007-2008 have been supplied by Silvio Vismara using EurIPO Factbook information.The numbers for some countries represent the average first-day return on IPOs for which the company is headquartered in that country. For Belgium, for example, during 1991-1999, 61 companies went public, for which first-day return information is available on 41 IPOs. Of the 61 IPOs, 39 went public on the Brussels Stock Exchange, 3 on Nasdaq, 9 on Easdaq, and 10 on Euro.NM. Of the 3 Nasdaq IPOs by Belgian companies (Lernout et Hauspie, Xiekon, and ICOS Vision Systems), only Xiekon was an American Depository Share (ADS) issue. The other 2 Nasdaq IPOs have been included in the U.S. totals, resulting in double-counting. The U.S. numbers exclude ADS issues, but in general include other foreign firms going public in the U.S., especially on Nasdaq. Many larger Canadian companies and Israeli tech companies went public in the U.S. in the 1990s. The Israeli numbers in the table are based on Israeli companies going public in Israel.Special thanks are owed to Alexander Ljungqvist, Josef Schuster, Ozde Oztekin, and Dealogic, in addition to the many other individuals who have provided information.file: c:/My Documents/int。

热点39 社会公平竞争促和谐发展(原卷版)-备战2021年高考英语考前时事热点话题阅读+题型专练

备战2021年高考英语考前时事热点话题阅读热点39 社会公平竞争促和谐发展一、阅读理解1A four-year-old girl sees three biscuits divided between a stuffed crocodile and a teddy bear. The crocodile gets two; the bear one. “Is that fair?” asks the experimenter. The girl judges that it is not. “How about now?” asks the experimenter, breaking the bear’s single biscuit in half. The girl cheers up: “Oh yes, now it’s fair. They both have two.” Strangely, children feel very strongly about fairness, even when they hardly understand it.Adults care about fairness too---but how much? One way to find out is by using the ultimatum（最后通牒）game, created by economist Werner Guth. Jack is given a pile of money and proposes how it should be divided with Jill. Jill can accept Jack’s “ultimatum”, otherwise the deal i s off, and neither gets anything.Suppose Jack and Jill don’t care about fairness, just about accumulating cash. Then Jack can offer Jill as little as he likes and Jill will still accept. After all, a little money is more than no money. But imagine, instead, that Jack and Jill both care only about fairness and that the fairest outcome is equality. Then Jack would offer Jill half the money; and Jill wouldn’t accept otherwise.What happens when we ask people to play this game for real? It turns out that people value fairness a lot. Anyone offered less than 20-30% of the money is likely to reject it. Receiving an unfair offers makes us feel sick. Happily, most offers are pretty equitable; indeed, by far the most common is a 50-50 split.But children, and adults, also care about a very different sort of （un）fairness, namely cheating. Think how many games of snakes and ladders have ended in arguments when one child “accidentally” miscounts her moves and another child objects. But this sense of fairness isn’t about equality of outcome: games inevitably have winners and losers. Here, fairness is about playing by the rules.Both fairness-as-equality and fairness-as-no-cheating matter. Which is more important: equality or no-cheating?I think the answer is neither. The national lottery（彩票）, like other lotteries, certainly doesn’t make the world more equal: a few people get rich and most people get nothing. Nevertheless, we hope, it is fair---but what does this mean? The fairness-as-no-cheating viewpoint has a ready answer: a lottery is fair if it is conducted according to the “rules”. But which rules? None of us has the slightest idea, I suspect. Suppose that buried in the small print at lottery HQ is a rule that forbids people with a particular surname （let’s say, Moria rty）. So a Ms Moriarty couldbuy a ticket each week for years without any chance of success.How would she react if she found out? Surely with anger: how dare the organizers let her play, week after week, without mentioning that she couldn’t possibly win! She’d reasonably feel unfairly treated because ___________________.To protest（抗议）against unfairness, then, is to make an accusation of bad faith. From this viewpoint, an equal split between the crocodile and the bear seems fair because （normally, at least）, it is the only split they would both agree to. But were the girl to learn that the crocodile doesn’t like biscuits or that the bear isn’t hungry, I suspect she’d think it perfectly fair for one toy to take the whole. Inequality of biscuits （or anything else）isn’t necessarily unfair, if both parties are happy. And the unfairness of cheating comes from the same source: we’d never accept that someone else can unilaterally（单方面地）violate agreements that we have all signed up to.So perhaps the four-year-old’s intuitions（直觉）about fairness is the beginnings of an understanding of negotiation. With a sense of fairness, people will have to make us acceptable offers（or we’ll reject their ultimatums）and stick by the（reasonable）rules, or we’ll be on the warpath. So a sense of fairness is crucial to effective negotiation; and negotiation, over toys, treats etc, is part of life.1. From Paragraph 2 to 4, we can conclude______.A. a 30-70 split is acceptable to the majorityB. fairness means as much to adults as to childrenC. something is better than nothing after allD. people will sacrifice money to avoid unfairness2. Which of the following does fairness-as-no-cheating apply to?A. divisions of houseworkB. favoritism between childrenC. banned drugs in sportD. schooling opportunities3. Which of the following best fits in the blank in Paragraph7?A. the lottery didn’t follow the rulesB. she was cheated out of the moneyC. the lottery wasn’t equal at allD. she would never have agreed to those rules4. The chief factor in preventing unfairness is to ______.A. establish rulesB. observe agreementsC. strengthen moralityD. understand negotiation2Almost every community has some form of rules and some way of enforcing them. So why do we have rules, and what makes people follow them?Studies have suggested that the reason we don't like rule-breaking is because fairness is programmed into our brains. Scientists have found that the brain reacts in a particular way when we feel we are being treated unfairly.A fair situation makes us feel comfortable and even happy, but unfairness causes our brains to respond with negative feelings.The study found that this a so happened when subjects saw others being treated unfairly. They concluded that fairness is one of basic human needs.Arriving at a feeling of fairness means considering different, often conflicting, points of view. Regardless of the disagreement, people almost always need to compromise. But it can be difficult to arrive at a compromise when there are conflicting interests. This is why communities have rules that everyone must follow.Social controls are an important factor in setting and following rules.They influence the way we be have, and can be internal (内在的) or external. Internal controls come from within and are based on our values and fears. Most of us don't steal, for example, because we believe that theft is unfair and wrong. We also don't want to disappoint our family and friends. In other words, our internal controls keep us from behaving in ways that cause conflict.External controls include rewards and punishments. Rewards, such as job promotions and praise, are designed to encourage people to be have and actin the interest of the whole community.Punishments, such as public embarrassment, fines, and even imprisonment can prevent people from acting against the community's best interests.People need their communities to function smoothly.If there were no rules, most people would probably still behave positively. However, there would always be a minority who would not. This is why a society without rules is unlikely to exist.5. What does the underlined word ''this'' in paragraph 2 refer to?A. A program in human brains.B. A comfortable situation.C. The response with bad feelings.D. The requirement off fairness.6. Why do communities have rules?A. To punish illegal activities.B. To prevent disagreement.C. To promote fairness.D. To meet various demands.7. Which of the following is an example of internal control?A. Take exams honestly because cheating is shamefulB. Park in the right place so as not to get a parking ticket.C. Pay the electricity bill on time in order not to get a late fee.D. Cooperate with your classmates to win a prize for your class.8. What is the best title for this passage?A. Living by the rulesB. Why communities need rulesC. Reaching a compromiseD. How fairness functions3“She goes to the movies with her friends! How come I can’t go?”“You love him more than me!”“I wish I were an only child!”Parents have heard them all when more than one child resides under their roof. Although siblings(兄弟姐妹) can be the closest of friends, it’s rare to find a child who gets along perfectly with all of his or her siblings.Kids aren’t always the most rational of human beings----especially younger children. Sometimes, the smallest issue can turn into a major battle and strain a sibling relationship to the breaking point.Attention. Children are always vying(竞争) for their parents’ attention. The busier the parents are, the greater demand is for t heir attention and the less they can focus on each child. When there’s a new baby, it can be hard for the other child (or children) to accept losing his or her position as the centre of attention. Sometimes the parents’ attention is focused on a child who is sick or has special needs. Kids will act out and misbehave to get the attention they want if they feel like they’re being ignored.Sharing.Most homes don’t have unlimited resources. That means all siblings will unavoidably have to share at least some of their things. Giving up a toy or other favorite possessions to a sibling can be especially hard on young children.Unique personalities. Your oldest child might be the headstrong one while the youngest is quieter and more introverted. Differences in character can lead to clashes. Age and gender differences can also lead to sibling fighting.Fairness problems. Children are like little lawyers, always asking fairness and equality and fighting for what they consider are their natural-born rights. A younger sibling might complain that her elder sister goes to a concert and she has to stay home, while the elder sister complains that she has to babysit her little sister instead of going out with her friends. Feeling of unfair treatment and sibling jealousy can lead to hate.9. The first three sentences are a kind of _______.A. warningB. requirementsC. complainsD. doubts10. From the last paragraph we learn that _______.A. children don’t like to do things for parentsB. children expect to be treated fairlyC. children have the right to play outsideD. children want to become lawyers11. The purpose of writing this passage is to _________.A. introduce the different characters of childrenB. require parents to pay equal attention to childrenC. give advice on dealing with sibling rivalryD. explain the root of sibling conflict4Trade has a pretty bad name in some quarters. Trade robs poor people of a proper living, and keeps them trapped in poverty. There is a widely held popular view that trade is unfair.Though many claim that a freer trade would change the current indecent reputation of world market, the cure-all free trade is the dream of most textbook economists. In fact, “free trade” has been used successfully by powerful countries to land their mass-produced goods on fresh overseas dumping grounds and squeeze out local household businesses and craftsmanship.At home the story is different. Large firms have little appetite for free trade and competition in their own backyard. They prefer to enjoy the advantages and protections for which they have carefully earned. Free thus fierce competition has little appeal for those who understand that they will make more profit if they can corner the market, whether at home or abroad.By contrast, making trade fairer is about addressing both outcomes and processes of trade. Fairness is not just moral request. It affects behaviour. Actually the concept of fairness increases steadily as societies achieve greater market uprightness: Businessmen from upright societies are willing to punish those who do not play fair, even if this is costly to themselves.Fairer trade rather than freer trade could partly mend mal-administering of resources in certain areas. Though thought of as evil economic policies in the west world, carefully planned special preferences and protectionism could be used intelligently to help to block the economic robbery of the rich class in African countries, and to improve the lives of the bottom billion.Fairness is also important in the control of trade. The current International trade negotiations have resulted in rules favoring the powerful. The rules are made in negotiations in which the countries in control call the shots, and do not always do so in good faith. Industrialized countries were often found to have obtained definite and far-reaching commitments from developing countries, in exchange for vague promises, such as to liberalise agriculture, which they have not kept. On the other hand, the essence of the fair trade lies in the promise that every party benefit from the business, rich or poor, powerful or weak.Making trade fairer is important to avoid a further public hate against trade. It is also important so as better to balance trade goals with other important national goals such as environmental and social protection. Finally, the so-called free trade system needs to be made fairer so that it does not block competition, and crush innovation and business spirit. It needs to offer a more level playing field to commercial newcomers and competitors in rich and poor countries alike.12. Free trade is a concept at rich countries’ service to________.A. open up new markets abroadB. define trade in the economic textbooksC. dump pollutants in poor countriesD. learn the skills from local household businesses.13. The key mechanism of fair trade is________.A. punishing the rich countries when they cheat the poor countriesB. making sure that rich countries provide more chances for poor countriesC. promoting special preferences and protectionism in poor areasD. guaranteeing the common interests of all the dealers14. The underlined word “mal-administering” in the passage is closest in meaning to________.A. macro-managementB. overall collectionC. uneven distributionD. negative mining15. Which of the following statements is TRUE according to the passage?A. Large firms earn huge profits from free trade on domestic markets.B. Honest dealers would sacrifice their own interest to discipline the dishonest.C. Special preferences and protectionism are occasionally adopted in western countries.D. A fairer trade helps to ease competition between the rich and the poor.5Life isn’t fair. That universal truth is something that children seem to understand at a young age，but the path through which they d evelop a sense of what’s fair and what isn’t—and how they act on injustices—is something that has been a puzzle for social scientists.To find out which aspects of fairness might be universal and which might be culturally driven，a team of scientists traveled to seven countries to study how different groups of children play fair. The researchers designed an “inequity(不公平) game” that they used to test 866 pairs of children aged 4 to 15 in Canada，India，Mexico，Peru，Senegal，Uganda and the United States.Two children of the same gender(性别) and similar age were seated across from each other and were offered some candy. Sometimes the allocations were equal and sometimes they were not. One of the two children got to decide whether both of them accepted the allocation or rejected it. The experiment was set up to work through a machine that required the child to pull one handle to accept the deal—resulting in the candy being poured into a bowl for two children each—and a different handle to reject it—pouring the sweets into a third bowl where neither one would get to eat them.In all seven countries，the results indicated a rejection of disadvantageous inequity. That is，when the children were allocated less candy than others，they tended to route all the treats into the bowl that no one could access. The reactions to advantageous inequity were more mixed. Children in only three countries—the United States，Canada and Uganda—had a tendency to reject unequal distributions of candy when they got more than others. “Given thatthese countries tend to stress principles of equality，it is possible that children in these countries face social pressures to learn these principles earlier，” the researchers wrote.16. What does paragraph 3 talk about?A. The players of the game.B. The tools of the game.C. The rules of the game.D. The results of the game.17. Which factor can significantly affect kids’ attitude to advantageous inequity?A. School education.B. Social environment.C. Parents’ influence.D. National development.18. What i s the author’s purpose in writing the text?A. To discuss the importance of fairness.B. To draw readers’ attention to inequity.C. To offer kids some tips for rejecting inequity.D. To introduce a study on how kids play fair.6We’ve considered several w ays of paying to cut in line: hiring line standers, buying tickets from scalpers (票贩子), or purchasing line-cutting privileges directly from, say, an airline or an amusement park. Each of these deals replaces the morals of the queue (waiting your turn) with the morals of the market (paying a price for faster service).Markets and queues—paying and waiting—are two different ways of allocating things, and each is appropriate to different activities. The morals of the queue, “First come, first served, have an e galitarian (平等主义的) appeal. They tell us to ignore privilege, power, and deep pockets.The principle seems right on playgrounds and at bus stops. But the morals of the queue do not govern all occasions. If I put my house up for sale, I have no duty to accept the first offer that comes along, simply because it’s the first. Selling my house and waiting for a bus are different activities, properly governed by differentstandards.Sometimes standards change, and it is unclear which principle should apply. Think of the recorded message you hear, played over and over, as you wait on hold when calling your bank: “Your call will be answered in the order in which it was received.” This is essential for the morals of the queue. It’s as if the company is trying to ease our impatience with fairness.But don’t take the recorded message too seriously. Today, some people’s calls are answered faster than others. Call center technology enables companies to “score” incoming calls and to give faster service to those that come from rich places. You might call this telephonic queue jumping.Of course, markets and queues are not the only ways of allocating things. Some goods we distribute by merit, others by need, still others by chance. However, the tendency of markets to replace queues, and other non-market ways of allocating goods is so common in modern life that we scarcely notice it anymore. It is striking that most of the paid queue-jumping schemes we’ve considered—at airports and amusement parks, in call centers, doctors’ offices, and national parks—are recent developments, scarcely imaginable three decades ago. The disappearance of the queues in these places may seem an unusual concern, but these are not the only places that markets have entered.19. According to the author, w hich of the following seems governed by the principle “First come, first served”?A. Taking buses.B. Buying houses.C. Flying with an airline.D. Visiting amusement parks.20. The example of the recorded message in Paragraphs 4 and 5 illustrates ______.A. the necessity of patience in queuingB. the advantage of modern technologyC. the uncertainty of allocation principleD. the fairness of telephonic services21. The passage is meant to ______.A. justify paying for faster servicesB. discuss the morals of allocating thingsC. analyze the reason for standing in lineD. criticize the behavior of queue jumping7Much of the value mothers and fathers bring to their children is due to the fact that mothers and fathers are different. And by cooperating together and complementing each other in their differences，they provide these good things that same-sex caregivers cannot provide.Mothers and Fathers Play Differently. Fathers tend to play with, and mothers tend to care for children. While both mothers and fathers are physical，fathers are physical in different ways.Fathers are rough while mothers are gentle. Fathers encourage competition；mothers encourage fairness. One style encourages independence while the other encourages security.Both provide security and confidence in their own ways by communicating love and physical intimacy.Fathers Push Limits；Mothers Encourage Security. Go to any playground and listen to the parents. Who is encouraging their kids to swing or climb just a little higher，ride just a little faster，throw just a little harder？Who is yelling，“Slow down，not so high，not so hard”？Of course，fathers encourage children to take chances and push limits and mothers protect children and are more cautious.Joined together，they keep each other in balance and help children remain safe while expanding their experiences and confidence.Mothers and Fathers communicate differently. A major study found that when speaking to children，mothers and fathers are different. Mothers will simplify their words and speak on the child's level. Men are not as inclined to modify(修改) their language for the child simply.Children who do not have the chance to meet both will not learn how to understand and use both styles of conversation as they grow. These boys and girls will be at a disadvantage because they will experience these different ways of communicating in relationship with teachers，bosses and others.Mothers and Fathers Discipline Differently Educational psychologist Carol Gilligan tells us that fathers stress justice，fairness and duty，while mothers stress sympathy，care and help. Again，either of these parenting styles by themselves is not good，but together，they create a healthy，proper balance.22. From Paragraph 1，we learn that .A. mothers and fathers bring much of the important value to their childrenB. the fact that mothers and fathers are different is considerable and thoughtfulC. parents and same-sex caregivers all want to provide good things to their childrenD. cooperating together and complementing each other in parents' differences are very valuable23. The main purpose of writing the passage is .A. to report the different roles mothers and fathers play in child-developmentB. to introduce a famous educational psychologist to readersC. to explain the natural state of mothers and fathersD. to show children's agreement on parents' differences24. Which of the following is NOT true according to the passage？A. Children need moms' softness as well as dads' roughness.B. Fathers tend towards encouraging risk while mothers tend towards security.C. Fathers' talk tends to be briefer while mothers' tends to be more childish.D. Either of these parenting styles by itself can be healthy to children.25. What would be the best title for the passage？A. How Children Recognize Their Fathers and MothersB. Why Children Need Father-love and Mother-loveC. What Children Need during Their StudyD. When Children Should Be Taught8Standing in line is a pain. At the post office. At the box office. At a restaurant. But on B lack Friday, it’s an experience.The first spot outside some Best Buy stores is usually claimed weeks before Black Friday, often by a person in a tent. Shoppers at Walmart will print out maps of the store, with circles around their primary targets. Someone, somewhere, will try to cut in line at a Target, arousing the anger of the people who played it fair.At risk are both bargains and bragging rights, turning what would otherwise be a miserable experience into an adventure.“These queues are quite differen t than the usual annoying ones we encounter day to day at the A. T.M. or in the subway,”said Richard Larson, a professor at M.I.T. who has spent years studying line behavior.Professor Larson, whose nickname in academic circles is Dr. Queue, said he would never wait in a line on Black Friday himself. The lines, he said, are“once a year, they’re exciting. They’re the kind you might tell your grandchildren about.”Lines test patience, personal space and principles of fairness and rationality, especially on Black Friday, when the crowds can be overwhelming. Still, the promise of a once-a-year score draws shoppers to queues that start before sunrise—or in some cases, the night before.J. Jeffrey Inman, a veteran of Black Friday lines and president of the Society for Consumer Psychology, said that many families treat the hours long experience as a bonding ritual and a cherished tradition.“It’s not something unimportant,”said Mr. Inman, who is also a professor of marketing at the University of Pittsburgh.“And there’s this layer of competition to it, with people edging forward, because there are only so many of those big screen TVs inside the door.”People may actually gravitate toward longer lines, so they can feel a greater sense of accomplishment once they finall y make a purchase. Professor Larson said,“Even if they don’t know what the line is for, they reason that whatever’s at the end of it must be fantastically valuable.”26. From the second paragraph, we can learn that _______.A. people in Target are most likely to cut in lineB. shops will hand out store maps to shoppersC. shoppers dislike queuing well in advanceD. queuing for Black Friday is common27. Which of the following statements is J. Jeffrey Inman most likely to agree with?A. Shoppers stand in line to enjoy the pleasure of bargaining with salespeople.B. People feel like winning if they get something after queuing for some time.C. Standing in line on Black Friday is not an exciting experience for some people.D. Grandchildren like hearing grandparents talking about their experience of queuing.28. The phrase“gravitate toward”is closest in meaning to ______.A. turn a blind eye toB. be attracted byC. pick up bargains inD. be cheated by29. Which of the following might be the best title of the passage?A. Why Stand in Line on Black Friday?B. Fairness: Key to Consumer PsychologyC. Standing in Line Is a Pain, Says ProfessorsD. Black Friday is Getting Increasingly Valuable二、完形填空It was on a sunny Saturday afternoon in the spring of 1949 that I learned an important life lesson about judging others by their physical appearance.As a senior at a high school, I worked part time as a salesman in a 30 center. The job provided a pleasant working environment and a modest 31 . My weekly paycheck 32 a base salary and commissions（佣金）earned on the 33 of radios and music-related accessories（配件）.For maximum 34 at acquiring commissions, especially on sales of higher-priced items, two other teenage salesmen and I used the “up” system, taking turns greeting 35 entering the shop.On that 36 afternoon, a tall, unshaven man walked in wearing clothing more 37 for yard work than for shopping.This slim, 38 fellow was my “up”, but after glancing at his 39 , I quickly concluded my 40 would be more profitably spent with another apparently 41 customer, so I looked at my co-worker Norman and signaled that I was giving up my 42 to him.Norman 43 as this unseemly looking fellow walked to the radio display, pointed at the Trans-Oceanic and asked whether he had six in 44 . Norman looked 45 at me, then turned and went into the storeroom. He immediately 46 and said that there were six. Then the buyer opened his checkbook and waited for Norman to write the 47 . And I was asked to help carry the six Trans-Oceanic boxes to the back seat of the buyer’s car 48 nearby.Ever since that notable afternoon some 68 years ago, I have carefully 49 judging others only on their appearance.30. A. sports B. music C. drawing D. dancing31. A. income B. product C. pension D. profit32. A. determined B. adjusted C. combined D. contributed33. A. spread B. focus C. sale D. record34. A. freedom B. purpose C. expectation D. fairness35. A. farmers B. customers C. workers D. educators36. A. unbearable B. uncomfortable C. unreasonable D. unforgettable37. A. suitable B. cool C. responsible D. available。

Investor flows and stock market returns

Investor ﬂows and stock market returns ☆Brian Boyer a ,1,Lu Zheng b ,⁎a Brigham Young University,Provo,UT-84602,United StatesbThe Paul Merage School of Business,University of California at Irvine,Irvine,CA 92697-3125,United Statesa r t i c l e i n f o ab s t r ac tArticle history:Accepted 16June 2008Available online 24June 2008This study simultaneously analyzes the relation between aggregate stock market returns and cash ﬂows (net purchases of equity)from a broad array of investor groups in the United States over a long period of time from 1952to 2004.We ﬁnd strong evidence that quarterly ﬂows are autocorrelated for each of the different investor groups.We further document a signi ﬁcant and positive contemporaneous relation between stock market returns and ﬂows of Mutual Funds and Foreign Investors.©2008Elsevier B.V.All rights reserved.JEL classi ﬁcation:G12G15G20G23Keywords:Investor ﬂows Stock market Equity return Foreign investors Mutual fundsInstitutional investors1.IntroductionDifferent investor groups may exhibit heterogeneous investment behavior and their trades may relate to asset prices in different manners.This study simultaneously analyzes the relation between aggregate stock market returns and cash ﬂows (net purchases of equity)from a broad array of investor groups in the United States over a 53-year time period.Previous studies of the U.S.equity market have typically focused on ﬂows from one speci ﬁc investor group and have studied the relation between monthly or higher frequency investor ﬂows and stock returns over relatively short sample periods.Analyzing the ﬂows of a broad array of participants in a stock market yields better comparisons across investor types and helps to identify general patterns behind the behavior of isolated investor groups.In this study,aggregate net purchases of U.S.corporate equities are divided among seven major investment groups in the economy:Mutual Funds,Households,Foreign Investors,Insurance Companies,Pension Funds,Closed-End Funds,and Other Institutions.The data set,which is at quarterly frequency,covers a broad sample of all investors in the economy from 1952to 2004.We study the joint behavior of aggregate stock market returns and net cash ﬂows to the stock market from the different investorJournal of Empirical Finance 16(2009)87–100☆We thank Geert Bekaert (the editor),two anonymous reviewers,as well as Sugato Bhattacharyya,Randolph Cohen,Kenneth French,William Goetzmann,Roger Ibbotson,Grant Mc-Queen,Tyler Shumway,Clemens Sialm,Rene Stulz,Paula Tkac,Vincent Warther,Toni Whited,and seminar participants at the University of Michigan Business School,Brigham Young University,the Board of Governors of the Federal Reserve,and the American Finance Association meetings (2003)for useful comments.⁎Corresponding author.Tel.:+19498248365.E-mail addresses:bhb@ (B.Boyer),luzheng@ (L.Zheng).1Tel.:+8014227641.0927-5398/$–see front matter ©2008Elsevier B.V.All rights reserved.doi:10.1016/j.jemp ﬁn.2008.06.003Contents lists available at ScienceDirectJournal of Empirical Financej o u r n a l h o me pa g e :w w w.e l s e v i e r.c o m/l o c a t e /j e m p f i n88 B.Boyer,L.Zheng/Journal of Empirical Finance16(2009)87–100groups.Speciﬁcally,we examine whether some investor groups pursue positive feedback or contrarian trading strategies,and whetherﬂows from some investor groups are associated with concurrent or subsequent market-wide price movements.Using aﬁrst-order VAR,weﬁnd strong evidence thatﬂows of any investor group are autocorrelated at the quarterly frequency. The coefﬁcients on the laggedﬂows range from0.24to0.79,with high levels of statistical signiﬁcance.However,weﬁnd little evidence that investorﬂows follow past stock market returns at the quarterly frequency.Further,the VAR results show only weak evidence that investorﬂows forecast stock market returns.Speciﬁcally,theﬂows of two investor groups are signiﬁcantly related to future stock market returns:both theﬂows of Foreign Investors and Closed-End Funds are found to be negatively related to subsequent stock market returns.Using a correlation test and regression analysis,weﬁnd that the quarterly contemporaneous relations between returns andﬂows are positive and signiﬁcant for Mutual Funds and Foreign Investors for the full sample period as well as the two subsample periods discussed in the following paragraph.In addition,the signiﬁcant contemporaneous relations are mainly due to the unexpected component of cash ﬂows for these two investor groups.For example,over the entire sample weﬁnd that a one standard deviation realization in either unexpected mutual fundﬂow or unexpected foreignﬂow corresponds with a3%increase in the quarterly stock market return.2 We divide our sample period into two subsample periods,1952to1983and1984to2004,because the two periods differ in many aspects such as in average stock market returns and the percentage equity ownership/cashﬂows across the investor groups. The beginning of the latter period also corresponds to the beginning of the sample period in Warther(1995).Weﬁnd that cash ﬂows of Mutual Funds and Foreign Investors explain a larger percentage of the variation in stock market returns in the second subperiod during which these investor groups exhibit higherﬂows and equity ownership.In general,a positive contemporaneous correlation between investorﬂows and stock market returns is consistent with the hypothesis that the investor group moves market prices through non-informational trades,or that the investor group has superior information and drives price changes through their informed trading.It can also be due to intra-quarter positive feedback trading.The cashﬂow patterns of foreigners investing in the United States are consistent with the view that this investor group has had a signiﬁcant impact on returns through uninformed demand shocks.Whileﬂows from these investors are positively related with contemporaneous returns,they are negatively related to subsequent returns,indicating a reversal of prices to fundamental levels after the price pressure has been absorbed.Mutual fundﬂows are positively related with contemporaneous returns,but are not signiﬁcantly related to subsequent stock market returns.The positive contemporaneous correlation is consistent with the hypothesis that mutual fundﬂows exert price impact on the stock market and/or the hypothesis that mutual funds follow positive feed-back trading within quarters.Given the existing evidence on the lack of market timing ability of mutual funds,the positive contemporaneous correlation is unlikely due to superior market timing ability of mutual fundﬂows.In summary,the main empirical results of this paper indicate thatﬂows are highly autocorrelated within each investor group. Moreover,ﬂows of Mutual Funds and Foreign Investors move together with stock market returns.The rest of the paper is organized as follows:Section2is a review of related literature.Section3discusses data and institutional history.Section4describes the methodologies and empirical results.Section5concludes.2.Related literatureRecent studies document that individuals and various types of institutions exhibit different trading behaviors.Examples include Del Guercio(1996),Cohen(1999),Dennis and Strickland(2002),and Barber,Lee,Liu and Odean(2007).Using a comprehensive data set from Finland,Grinblatt and Keloharju(2000)are,to our knowledge,theﬁrst to study the trading behavior for different investor types that constitute the entire market.Theyﬁnd that foreigners investing in Finland tend to be momentum investors,while domestic investors,particularly households,tend to be contrarians.Our paper extends the literature on the trading behavior of different investor groups by simultaneously analyzing the relation between stock market returns and cashﬂows from a broad array of investor groups in the United States.Several other studiesﬁnd that both institutional and individual trades are related to stock prices.Examples include Badrinath, Kale and Noe(1995),Sias and Starks(1997),Gompers and Metrick(2001),Chakravarty(2001),Campbell,Ramadorai and Vuolteenaho(2005)and Kaniel,Saar,and Titman(2008).Recent studies,including Nofsinger and Sias(1999),Wermers(1999), Grifﬁn,Harris and Topaloglu(2003),Cai and Zheng(2004),Sias,Starks and Titman(2006),all document a strong contemporaneous relation between change in institutional holdings and cross-sectional stock returns.Relative to these studies,we studyﬂows from ﬁner partitions of institutional groups and investigate the time-series relation between investorﬂows and aggregate stock market returns.A number of other studies have focused primarily on theﬂow-return relation for mutual funds.Warther(1995)studies the relation between monthlyﬂows into mutual funds and market returns andﬁnds a signiﬁcant positive contemporaneous relation between market returns and monthly mutual fundﬂows.Edelen and Warner(2001)and Goetzmann and Massa(2003)examine the relation between daily mutual fundﬂows and market returns.Both papers document that the market reacts to daily mutual fund demand andﬁnd positive feedback trading only at the daily frequency.Ourﬁnding on the contemporaneous relation between stock market returns andﬂows of mutual funds is consistent with the evidence presented in this literature.2The standard deviations of unexpected mutual fundﬂow and foreignﬂow are respectively0.001and0.0007.The slope coefﬁcients in a regression of market returns on contemporaneous unexpected mutual fund and foreignﬂows respectively are31.0and41.5as reported in Table4.Multiplying standard deviations by slope coefﬁcients gives the result.There is also evidence in the literature that foreign investors display distinct trading behavior and effects.3Froot,O'Connell and Seasholes (2001)document positive feedback trading as well as price impact by international investors using daily international portfolio ﬂows into and out of 46countries.Bekaert,Harvey and Lumsdaine (2002)explore the dynamics,causes and consequences of capital ﬂows in 20emerging markets and ﬁnd evidence that unexpected equity ﬂows are associated with strong short-lived increases in returns as well as a permanent ing daily data on net equity ﬂows for nine emerging market countries,Grif ﬁn,Nardari and Stulz (2004)ﬁnd that equity ﬂows are positively related to host country stock returns as well as market performance abroad.In our study,we separate out and analyze the ﬂows from foreign investors into the U.S.equity market,which has only received limited attention in the literature.Our ﬁnding of a positive contemporaneous relation between investor ﬂows and stock market returns is consistent with several interpretations.First,the ﬁnding is consistent with the hypothesis that an investor group moves market prices through “non-informational ”or “liquidity ”trades.For example,consider an investor group with a demand curve for stocks that shifts for exogenous reasons.Other risk averse investors require price concessions to accommodate the desired trades of this group,since trading pushes them away from their preferred portfolio positions.This explanation is consistent with models developed by Stoll (1978),Grossman and Miller (1988),DeLong,Shleifer,Summers and Waldmann (1990),Campbell,Grossman and Wang (1993)and Wang (1994)among others.Second,a positive contemporaneous relation between investor ﬂows and stock market returns is consistent with the hypothesis that an investor group has superior information relative to others,and information revealed through trading drives price changes.4Chakravarty (2001)and Sias,Starks and Titman (2006)ﬁnd empirical evidence supporting informed trading on individual stocks by institutional investors.Finally,a positive contemporaneous relation between ﬂows and returns may be due to intra-quarter positive feedback trading.Studying mutual fund ﬂows,Warther (1995)ﬁnds no evidence of positive feedback trading at the monthly ing higher frequency data,Edelen and Warner (2001)and Goetzmann and Massa (2003)both document some evidence of positive feedback trading by mutual funds only at the daily frequency.The low frequency data we use in this study is not suitable for disentangling the lead-lag relation between market returns and investor ﬂows within a quarter,nor for testing the hypothesis that ﬂows and returns are both endogenously determined.As such,we are unable to separate out the hypotheses above.5However,we ﬁnd that studying the relation between ﬂows and returns over such a long sample period still provides valuable insight regarding differences in trading behavior,and offers at least an initial view on the prospect of the above hypotheses for each investor group,including possible price effects.3.DataThe primary data source for this study is the Flow of Funds Accounts ,a statistical release issued by the Board of Governors of the Federal Reserve System which reports holdings and net purchases of major assets by investor groups in the U.S.economy.The data in our study cover a 53-year time period,from the ﬁrst quarter of 1952through the third quarter of 2004.In our analysis,we use the end-of-quarter holdings and quarterly net purchases of equities for six major investor groups:Mutual Funds,Foreign Investors,Insurance Companies,Pension Funds,Closed-End Funds,and Other Institutions.Appendix A documents the original data sources for the different investor groups.Data for the Flow of Funds Accounts were collected from a variety of government and non-government sources.Many of the data are published.Some are available to the public upon request.Others such as those gathered from individual depository-institution ﬁnancial reports are obtained from internal data bases maintained by of ﬁces within the Federal Reserve System.In addition to the above six investor groups,we also include Households,for which ﬂows are calculated as the residual of ﬂows from other investor groups adjusted for aggregate net issuance of corporate equities.As a result,the residual household investor group may also capture ﬂows of small hedge funds or some other institutional investors whose ﬂows are not tracked during part of the sample,as well as other noise in the data.The net issuance of corporate equities is also published in the Flow of Funds Accounts .6According to the Guide to the Flow of Funds Accounts ,corporate equities compromise common and preferred shares issued by domestic corporations and U.S.purchases of shares issued by foreign corporations (including ADRs).Foreign equities and preferred shares introduce noise to the measure of cash ﬂows into the U.S.equity market.However,shares traded on the New York and American Stock Exchanges,and on the Nasdaq Stock Market account for most of the total.Over the period from 1952to the third quarter of 2004,U.S.holdings of foreign equities on average constitute 3%of all corporate equities in the Flow of Funds Accounts .To gauge the potential impact of the foreign equities and preferred shares on the ﬂow series,we further compare the mutual fund ﬂow series with the aggregate domestic stock fund ﬂow data from Investment Company Institute (ICI),which was studied by Warther (1995).Note that the samples of funds included in the two series are not identical.7Despite the potential differences in the two time series of ﬂows,the correlation between the two is 0.86.3Examples include Tesar and Werner (1995),Dornbusch and Park (1995),Choe,Kho and Stulz (1999),Edison and Warnock (2004)and Boyer,Kuamgai and Yuan (2006).4See for example Kyle (1985)and French and Roll (1986)among others.5In an earlier version of the paper,we applied a covariance partitioning method developed in Sias,Starks and Titman (2006)to explore the ﬂow-return dynamics within a quarter.Applying this method,we found that monthly contemporaneous covariances are positive and signi ﬁcant for Mutual Funds,Foreign Investors,Pension Funds,and Insurance Companies,and found no evidence of positive feedback trading for any investor group.However,due to the small sample size,the cross-autocovariances between returns and ﬂows do not always decay to zero and thus the decomposition results can be biased.Therefore we do not report the decomposition tests in this version.6It is calculated by the Federal Reserve Board using data from Survey of Current Business,quarterly report of income for U.S.-chartered commercial banks,Best's Aggregates and Averages,Property-Casualty,REIT Watch,SEC tabulation of FOCUS and FOGS reports,as well as commercial sources.7The ICI aggregate stock fund ﬂow includes cash ﬂow into the Aggressive growth,Growth,Sector,Regional Equity,Growth Income and Income Equity fund styles.The ICI has changed its style categories since Warther (1995).89B.Boyer,L.Zheng /Journal of Empirical Finance 16(2009)87–100The measure of cash ﬂow for investor group i in quarter t is de ﬁned as the net purchase of stocks for investor group i in quarter t divided by the total level of stock holdings of all investor groups at the end of quarter t −1.This normalization measures new money relative to the total equity market capitalization and thus takes into account the overall price level ﬂuctuations through time:flow t ¼Net Purchase ðÞt =Total Level ðÞt −1:ð1ÞNote that the ﬂows from the seven investor groups should add up to zero after adjusting for the issuance of new shares and share buybacks which constitute only a small fraction of the equity market.8Alternatively,we de ﬁne ﬂows as the net purchase of stocks for investor group i in quarter t divided by the total level of stock holdings of investor group i at the end of quarter t −1.All test results are qualitatively similar.In the paper,we report test results based on the cash ﬂow de ﬁnition in Eq.(1).Market returns are the value-weighted market returns from CRSP including dividends.9Note that the cash ﬂow de ﬁnition we use is different from that used in the mutual fund literature,which measures cash ﬂows into mutual funds rather than net purchases of equity by mutual funds.Finally,in our regressions we also use the ‘relative bill rate ’,the difference between the three month Treasury Bill rate and its one-year backward moving average,as well as the dividend price ratio,measured as total dividends paid over the year divided by the year-end price.These variables are calculated following Campbell (1991)using data from CRSP.4.Methodology and empirical results 4.1.Equity holdings and investor ﬂowsFig.1plots the percentage equity holdings of the major investor groups from 1952through the third quarter of 2004.A clear trend of ownership composition over the sample period is the gradual increase in institutional and foreign investor stock holdings and the decrease in direct individual stock holdings.The fast growth of pension fund equity holdings occurred from 1952through 1985during which time Pension Funds increased their equity share from 1%to 28%.In 2004,Pension Funds held 17%of the equity market.In the 1990s,the dramatic expansion of mutual fund equity ownership took place.Mutual Funds increased their equity ownership from 6%of the overall equity market in 1990to 22%in 2004.10Insurance Companies increased their equity share slightly from 3%in 1952to 7%in 2004.Foreign Investors have steadily increased their equity ownership from 2%in 1952to 11%in 2004.8The average of net new issue and the absolute value of net new issue over our sample period each quarter constitute 0.035and 0.28%of the total market respectively.9The test results remain very similar when we use returns excluding dividends.We have additionally run all our tests using excess returns over the risk-free rate where the risk-free rate is the 3-month T-bill rate from CRSP.All results are again found to be quantitatively similar.In the paper,we report results using total nominal returns.10The mutual fund industry ﬁrst appeared in the United States in 1924and grew steadily during the decades after World War II.Driven by the bull market in the 1960s,equity mutual funds more than tripled their assets,and bond mutual funds almost doubled theirs.However,there was little growth of equity funds in the 1970s because of the severe bear market caused by high in ﬂation during the middle years of the decade.Along with the stock market,the mutual fund industry rebounded strongly in the 1980s,with steady cash in ﬂow and an emergence of many new funds.In the 1990s,mutual funds,especially equity mutual funds,experienced an expansion in asset size and number of mutual fund shareholders.Fig.1.Percentage stock market ownership by investor groups.This ﬁgure plots the quarterly stock market ownership by each of the seven investor groups as a percentage of total market capitalization over the period of 1952to 2004.The sum of percentage holdings across all investor groups represents the total market.The seven investor groups include Mutual Funds,Households,Foreign Investors,Insurance Companies,Pension Funds,Closed-End Funds,and Other Institutions.90 B.Boyer,L.Zheng /Journal of Empirical Finance 16(2009)87–100Households,which held 91%of the equity market in 1952,have been the net sellers of equity over the past few decades.Direct holdings of stock by Households constituted only 39%of the equity market in 2004.Fig.1also shows a sharp decline in equity holdings for Households and a sharp increase in equity holdings for Other Institutions during the ﬁrst quarter of 1969.This spike is due to a change in the classi ﬁcation of equity holdings by Bank Personal Trusts.These were initially included under Households but were classi ﬁed as part of Other Institutions beginning in 1969.11The spike only appears in the measure of holdings for Households and Other Institutions and has no effect on total holdings.The reclassi ﬁcation has only minimal effect on the net purchases and the normalized ﬂows of these two investor groups and does not affect the test results.12Table 1,Panel A reports summary statistics on stock market returns and investor ﬂows for the sample period from the second quarter of 1952to the fourth quarter of 2004.13The mean normalized ﬂow is positive for four investor groups,including Mutual11Personal communication with staff at the Board of Governors of the Federal Reserve System.12To ensure that results are not driven by this data reclassi ﬁcation,tests were run using data only after 1969and results were found to be basically unchanged.13The sample contains 211quarters.We lose one observation at the beginning of the sample when normalizing.Table 1Summary statistics for returns and investor group ﬂowsMarket returnMutual fundsHouseholdsForeign investorsInsurance companiesPension fundsClosed-end fundsOtherinstitutionsPanel A:1952–2004Summary statistics Mean 3.0160.112−0.3130.0480.0690.141−0.003−0.018Std dev 8.2640.1700.3930.0880.0750.2390.0440.118First quartile −1.6550.003−0.444−0.0010.0250.071−0.021−0.072Third quartile 8.2240.208−0.0550.0810.1160.2860.0160.044Median 3.7450.060−0.2220.0250.0560.126−0.004−0.013Investor group ﬂow correlations Mutual funds Households−0.164Foreign investors 0.314−0.172Insurance companies 0.264−0.1200.329Pension funds −0.349−0.263−0.174−0.067Closed-end funds 0.115−0.114−0.0380.022−0.046Other institutions−0.1290.010−0.1050.133−0.1490.156Panel B:1952–1983Summary statistics Mean 2.8930.026−0.1700.0320.0590.217−0.0080.006Std dev 8.0860.0690.2470.0500.0460.1740.0530.120First quartile −2.195−0.025−0.3000.0010.0260.109−0.033−0.054Third quartile 8.1650.065−0.0200.0470.0800.3130.0140.054Median 3.7410.035−0.1310.0200.0470.154−0.0100.019Investor group ﬂow correlations Mutual funds Households−0.038Foreign investors −0.103−0.191Insurance companies −0.221−0.3600.283Pension funds −0.116−0.6080.3620.390Closed-end funds 0.095−0.111−0.2160.047−0.094Other institutions0.025−0.349−0.2030.212−0.1800.321Panel C:1984–2004Summary statistics Mean 3.2040.244−0.5320.0720.0850.0230.005−0.056Std dev 8.5750.1940.4690.1220.1030.2760.0250.105First quartile −0.9510.120−0.777−0.0250.016−0.166−0.008−0.121Third quartile 8.0650.375−0.2220.1630.1550.1710.0180.013Median 3.9070.253−0.4310.0660.105−0.0430.004−0.045Investor group ﬂow correlations Mutual funds Households0.236Foreign investors 0.301−0.045Insurance companies 0.3120.0600.310Pension funds −0.152−0.510−0.277−0.169Closed-end funds 0.011−0.0110.060−0.0690.219Other institutions0.0630.0680.0470.200−0.423−0.221This table reports summary statistics for the investor group ﬂows and market return data.Panel A covers the period from 1952–2004,Panel B covers the period from 1952–1983,and Panel C covers the period from 1984–2004.Investor group net ﬂows (buys –sells)are normalized by the total stock market capitalization at the end of the previous quarter.The stock market returns are the quarterly returns on the value-weighted CRSP stock portfolio.All summary statistics are reported in percent units.91B.Boyer,L.Zheng /Journal of Empirical Finance 16(2009)87–10092 B.Boyer,L.Zheng/Journal of Empirical Finance16(2009)87–100Funds,Foreign Investors,Insurance Companies and Pension Funds and negative for the other three investor groups,including Households,Closed-End Funds,and Other Institutions.14Pension Funds have the highest mean normalizedﬂows of0.14%followed by Mutual Funds at0.11%.Theﬂow standard deviation is highest for Households at0.39%and lowest for Closed-End Funds at0.04%. Panel A also reports the correlations between the investorﬂows.Theﬂows from various investor types do not appear to be highly correlated.The highest positive correlation,0.329,is between Foreign Investors and Insurance Companies.We hypothesize that changes in ownership composition and trading activity over time may cause differences in the relation between market returns andﬂows from speciﬁc investor groups.In Table1,we also divide our sample period into two subsample periods:1952–1983and1984–2004.The latter period corresponds to the fast growth of the mutual fund industry and the beginning of the sample period in Warther(1995).Dividing the sample in this manner allows us to compare our results across two periods of different market ownership composition.As shown in Table1,the mean normalized cashﬂow for Mutual Funds is about ten-times higher in the second subperiod than in theﬁrst subperiod,0.244%versus0.026%per quarter,reﬂecting the rapid growth of the mutual fund industry over the second subperiod.The mean normalizedﬂow for Households is about three-times more negative in the second subperiod,−0.532%versus −0.170%,reﬂecting the general pattern of households decreasing their direct stock holding and increasing their stock holding through mutual funds over time.Nevertheless,the correlation between the cashﬂows of Mutual Funds and cashﬂows of Households is close to zero in theﬁrst subsample period and positive(0.236)in the second subsample period,indicating that Households are not simply liquidating direct holdings to buy mutual funds at the quarterly frequency.Meanﬂows of Foreign Investors,Insurance Companies,and Closed-End Funds are all higher in the second period,while meanﬂows of Pension Funds and Other Institutions are lower.In addition,note that the standard deviation ofﬂows is much higher for all investor types in the second subperiod than in theﬁrst,except for Closed-End Funds and Other Institutions.4.2.VAR modelWe estimate aﬁrst-order vector autoregression to study the lead-lag relations between investor cashﬂows and stock returns,15y t¼αþβy t−1þe t:ð2Þwhere y t is a9×1vector,αis a9×1parameter vector,βis a9×9parameter matrix,and e t is a9×1vector of residuals.The nine random variables in y t includeﬂows from six investor groups(Mutual Funds,Households,Foreign Investors,Insurance Companies, Pension Funds,and Closed-End Funds)as well as the market return,the dividend–price ratio,and relative t-bill rate.We include the last two variables in our analysis to control for changes in market conditions.Given their demonstrated ability to forecast market returns,we may expect these variables to capture part of the time varying dynamics of the risk premium.16Sinceﬂows from all investor groups approximately sum to zero,ﬂows for Other Institutions is excluded from the set of explanatory variables to avoid complications associated with multicollinearity.Weﬁrst investigate whether theﬂow series are ing either the full sample or any one of the two subperiods, Dickey–Fuller tests strongly reject the null hypothesis of a unit root for all cashﬂow series,and strongly reject the null hypothesis of a time-trend for all cashﬂow series with the possible exception of Closed-End Funds.Results for Closed-End Funds may be interpreted with some caution.Estimation results for the VAR model in Eq.(2)are given in Table2.Panel A presents parameter estimates,Panel B gives OLS t-statistics,and Panel C presents GMM t-statistics.17We do not report the coefﬁcients of the predictive regressions for dividend price ratios and interest rates due to space constraints since the focus of our paper is not about forecasting these variables.Three important results emerge in this table.First,investorﬂows exhibit a strong pattern of positive autocorrelation.Flows from all investor types are signiﬁcantly related to their own previous cashﬂows.The coefﬁcient on own-lagged cashﬂow is highest for Households at0.792and lowest for Closed-End Funds at0.240.Second,weﬁnd no signiﬁcant evidence thatﬂows are related to past returns.Thus we do not uncover signiﬁcant positive feedback or contrarian trading strategies for these investor groups at the quarterly frequency.Third,ﬂows of Foreign Investors and Closed-End Funds appear to negatively predict returns.The coefﬁcient on lagged foreignﬂows for predicting returns is−13.669and on lagged closed-end fundﬂows is−24.717.Both are signiﬁcant at the ten(ﬁve)percent level according to the OLS(GMM)t-statistics.1814Cashﬂows of Closed-End Funds include changes in the portfolio holdings,opening of new funds or closing of existing funds,new issues of shares,dividend payouts and repurchases by existing funds.15Higher order VAR models were also estimated and various information criterion(BIC,AIC,adjusted R-squared)favored theﬁrst-order VAR in most cases. Other results are essentially unchanged with higher order VAR models.16Evidence that dividend price ratios positively forecast market returns can be found in Campbell and Shiller(1988a,b),Fama and French(1988),Bekaert and Hodrick(1992),Lewellen(2004),and Ang and Bekaert(2007)among others.Fama and French(1977),Campbell(1987),Campbell(1991),and Ang and Bekaert (2007)ﬁnd that interest rates have negative forecasting power for returns.17We use the Newey West estimator(1987)and automatic bandwidth selection technique of Newey and West(1994)in estimating the covariance matrix of parameters.18Stambaugh(1986)and Mankiew and Shapiro(1986)show that OLS can be a severely biased estimator of predictive regressions inﬁnite samples.To investigate the inﬂuence of this bias on our results,we conduct a bootstrap analysis similar to Nelson and Kim(1993)andﬁnd the effect of this bias on our results to be minimal.Results of this bootstrap exercise are available from the authors upon request.。

商务英语综合教程第一册unit 3 Famous International Corporation

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Nestle ice cream
Take time to indulge. 2021/6/27
尽情享受吧. 10
Background Information
• Founder: Sam Walton • Owner: Walton family • Services: Apparel, Cash & Carry, Discount Department Store, Di
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Warm-up activities
III. Talking about companies
Study these examples:
Is IBM a Japanese company? an.
No, I don’t think so. I ts it have any branches in China? Yes, I’m sure it does.
Weaknesses
1、Overseas Market Develop ment 2, e-commerce to carry out go od 3, grasp of the urban consume rs
Opportunities
1、Overseas market capacity 2, the pattern of changes in U. S. domestic market
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Good to the last drop. 滴滴香浓，意犹未尽。
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Come to where the flavor is. -Marlboro Country.

金融英语复习资料

Chapter-1-moneyDefinition of MoneyMoney can be described as any commodity that is generally acceptable as a means of payment for goods or services or in the repayment of debt. 货币是普遍作为支付手段接受的任何一种商品或符号。

Types of Moneymodity Money：Commodity money or money in kind is money whosevalue come from a commodity out of which it is made.2.Representative money3.Credit Money4.Electronic MoneyFunctions of Money(1) Medium of exchange：A medium of exchange is an objective that is generally accepted in exchange for goods and services．交换媒介是一种在物品与劳务交换中被普遍接受的东西。

(2) Unit of Account：A unit account is an agreed measure for stating the prices of goods and services．计价单位是一种双方同意的表示物品与劳务价格的衡量标准.(3) Store of value：Any commodity or token that can be held and exchanged later for goods and services is called a store of value．任何一种可以保存并能够在以后交换物品与劳务的商品或符号，都称为价值储藏。

2021年1月高考英语考前冲破阅读明白得能力财经新闻大众将在北美投资70亿(1)

公共将在北美投资70亿German carmaker Volkswagen has said it will invest $7bn in North America over the next five years as it looks to boost its sales in the region.德国汽车生产商公共汽车宣布将于以后五年内在北美地域投资70亿美元以增加在该地域的销售额。

The firm will also launch a new sports utility vehicle (SUV) in t he US - one of its biggest markets - in 2016.It also reiterated its goa l of selling a million Volkswagens and Audis - its luxury brand - in the US by 2018.Volkswagen has set its sights on becoming the world's biggest carmaker by then.It is curr ently the world's third-bigge st manufacturer, behind Japan's Toyota and US carm aker General Motors."As a group, we will be investing over $7bn in North America over the next five years," said Martin Winterkorn, chief executive of Volkswagen.Robust growthVolkswagen's plans to boost investment in the region come at a time when the US car market has been recovering from the slump seen in the years after the global financial crisis.Analysts expect 2021 to be the best year for the US auto market since 2007, with total annual sales expected to reach nearly 15.6 million units.If that figure is met, it would mark a strong recovery from 2020, when sales fell to 10.4 million. Global carmakers, including Volkswagen, have benefited from the continuing recovery.Last week, Volkswagen reported record sales for its luxury brands - Audi, Porsche and Bentley - in 2021.A rise in deliveries in the US mar ket was a key contributor to their sales during the period.Audi's sales jumped 13.5% in the US during the period, from a year ago, while Porsche saw growth of 21% and Bentley deliveries rose 28%.。

展望2021的英文作文

展望2021的英文作文2021 is going to be a year full of possibilities.People are eager to leave behind the challenges of 2020 and embrace a fresh start. There is a sense of hope andoptimism in the air, as we look forward to newopportunities and experiences.The COVID-19 pandemic has changed the way we live and work. It has forced us to adapt to new ways of doing things, from remote work to virtual socializing. As we move into 2021, we will continue to navigate these changes and find innovative solutions to the challenges we face.In 2021, we can expect to see advancements intechnology that will continue to shape the way we live our lives. From artificial intelligence to renewable energy,the possibilities are endless. It's an exciting time to be alive, as we witness the rapid pace of innovation and progress.2021 will also be a year of personal growth and self-discovery. Many people have used the past year toreevaluate their priorities and make positive changes in their lives. As we move forward, we will continue to focus on our mental and physical well-being, and strive to be the best versions of ourselves.The world of politics and international relations will also see significant developments in 2021. With new leadership in many countries, there is potential for change and progress on a global scale. It will be interesting to see how these changes unfold and impact the world around us.In conclusion, 2021 holds a lot of promise. It's a time for new beginnings, growth, and progress. As we look ahead, we can embrace the opportunities that come our way and make the most of the year ahead.。

高考英语二轮复习阅读理解提升选练80集之33试题

2021高考英语阅读理解二轮提升选练80集之〔33〕阅读理解。

The pound new Library of Birmingham〔LoB〕will be the most visible sign of the way the city is accepting the digitalization〔数字化〕of everyday life.Set to open in 2021, the £188 m LoB is already beginning to tale shape next to the Birmingham Repertory Theatre, with which it will share some equipment.As digital media〔媒介〕is important to its idea. the project is already providing chances for some of the many small new local companies working at the new technologies.Brian Gambles, the LoB project director, says it is about giving people the right tools for learning, “The aim is to mix the physical with the digital. Providing 24-hour services which can be used through many different ways. It is important to enable us to reach more people, more effectively.〞The digital library will, he says, be as important as the physical one, allowing the distant use of the services, making sure that it is never closed to the public. Even before the LoB is complete, the public has been able to go online to visit the Virtual〔虚拟的〕LoB, designed by Baden, the Birmingham virtual worlds specialists. Not only have the public been able to learn about LoB, but the virtual one has also enabled those working on the LoB to understand the building and how it will work before it even opens.Two other small Birmingham-based digital companies are working on the LoB projects. Substrat, a digital design company, is developing what it calls “enlarge reality〞project. It is about the use of an exciting smart phone, an important part of the LoB which is in the early stages of development is an online library of figures of the city being built by a digital content company in Cahoots, in which users will be encouraged to add to and comment on the material.Gambles says: “Technology will enable us to make the library’s content and services open to citizens as sever before.〞( ) 1. The underline part “its idea〞 in Paragraph 3 refers to the idea of____.A. the equipmentB. the projectC. the digital mediaD. the physical library( ) 2. While visiting the Virtual LoB, the public can_____.A. get a general idea of the LoBB. meet many world-famous expertsC. learn how to put up a library buildingD. understand how the specialists work on the project( ) 3. Which of the following is true of the LoB when it opens?A. a, b, dB. a, c, eC. b, c, dD. b, d, e ( ) 4. This text is most probably taken from .A. a put bookB. a library guideC. a handbookD. a newspaper report【答案与解析】【要点综述】本篇文章为新闻报道类文体。

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