A Note on Anomaly Matching for Finite Density QCD
中英文对照英文版

Structural Systems to resist lateral loads Commonly Used structural SystemsWith loads measured in tens of thousands kips, there is little room in the design of high-rise buildings for excessively complex thoughts. Indeed, the better high-rise buildings carry the universal traits of simplicity of thought and clarity of expression.It does not follow that there is no room for grand thoughts. Indeed, it is with such grand thoughts that the new family of high-rise buildings has evolved. Perhaps more important, the new concepts of but a few years ago have become commonplace in today’ s technology.Omitting some concepts that are related strictly to the materials of construction, the most commonly used structural systems used in high-rise buildings can be categorized as follows:1.Moment-resisting frames.2.Braced frames, including eccentrically braced frames.3.Shear walls, including steel plate shear walls.4.Tube-in-tube structures.5.Tube-in-tube structures.6.Core-interactive structures.7.Cellular or bundled-tube systems.Particularly with the recent trend toward more complex forms, but in response also to the need for increased stiffness to resist the forces from wind and earthquake, most high-rise buildings have structural systems built up of combinations of frames, braced bents, shear walls, and related systems. Further, for the taller buildings, the majorities are composed of interactive elements in three-dimensional arrays.The method of combining these elements is the very essence of the design process for high-rise buildings. These combinations need evolve in response to environmental, functional, and cost considerations so as to provide efficient structures that provoke the architectural development to new heights. This is not to say that imaginative structural design can create great architecture. To the contrary, many examples of fine architecture have been created with only moderate support from the structural engineer, while only fine structure, not great architecture, can be developed without the genius and the leadership of a talented architect. In any event, the best of both isneeded to formulate a truly extraordinary design of a high-rise building.While comprehensive discussions of these seven systems are generally available in the literature, further discussion is warranted here .The essence of the design process is distributed throughout the discussion.Moment-Resisting FramesPerhaps the most commonly used system in low-to medium-rise buildings, the moment-resisting frame, is characterized by linear horizontal and vertical members connected essentially rigidly at their joints. Such frames are used as a stand-alone system or in combination with other systems so as to provide the needed resistance to horizontal loads. In the taller of high-rise buildings, the system is likely to be found inappropriate for a stand-alone system, this because of the difficulty in mobilizing sufficient stiffness under lateral forces.Analysis can be accomplished by STRESS, STRUDL, or a host of other appropriate computer programs; analysis by the so-called portal method of the cantilever method has no place in today’s technology.Because of the intrinsic flexibility of the column/girder intersection, and because preliminary designs should aim to highlight weaknesses of systems, it is not unusual to use center-to-center dimensions for the frame in the preliminary analysis. Of course, in the latter phases of design, a realistic appraisal in-joint deformation is essential.Braced Frame sThe braced frame, intrinsically stiffer than the moment –resisting frame, finds also greater application to higher-rise buildings. The system is characterized by linear horizontal, vertical, and diagonal members, connected simply or rigidly at their joints. It is used commonly in conjunction with other systems for taller buildings and as a stand-alone system in low-to medium-rise buildings.While the use of structural steel in braced frames is common, concrete frames are more likely to be of the larger-scale variety.Of special interest in areas of high seismicity is the use of the eccentric braced frame.Again, analysis can be by STRESS, STRUDL, or any one of a series of two –or three dimensional analysis computer programs. And again, center-to-center dimensions are used commonly in the preliminary analysis.Shear wallsThe shear wall is yet another step forward along a progression of ever-stiffer structural systems. The system is characterized by relatively thin, generally (but not always) concrete elements that provide both structural strength and separation between building functions.In high-rise buildings, shear wall systems tend to have a relatively high aspect ratio, that is, their height tends to be large compared to their width. Lacking tension in the foundation system, any structural element is limited in its ability to resist overturning moment by the width of the system and by the gravity load supported by the element. Limited to a narrow overturning, One obvious use of the system, which does have the needed width, is in the exterior walls of building, where the requirement for windows is kept small.Structural steel shear walls, generally stiffened against buckling by a concrete overlay, have found application where shear loads are high. The system, intrinsically more economical than steel bracing, is particularly effective in carrying shear loads down through the taller floors in the areas immediately above grade. The sys tem has the further advantage of having high ductility a feature of particular importance in areas of high seismicity.The analysis of shear wall systems is made complex because of the inevitable presence of large openings through these walls. Preliminary analysis can be by truss-analogy, by the finite element method, or by making use of a proprietary computer program designed to consider the interaction, or coupling, of shear walls.Framed or Braced TubesThe concept of the framed or braced or braced tube erupted into the technology with the IBM Building in Pittsburgh, but was followed immediately with the twin 110-story towers of the World Trade Center, New York and a number of other buildings .The system is characterized by three –dimensional frames, braced frames, or shear walls, forming a closed surface more or less cylindrical in nature, but of nearly any plan configuration. Because those columns that resist lateral forces are placed as far as possible from the cancroids of the system, the overall moment of inertia is increased and stiffness is very high.The analysis of tubular structures is done using three-dimensional concepts, or by two- dimensional analogy, where possible, whichever method is used, it must be capable of accounting for the effects of shear lag.The presence of shear lag, detected first in aircraft structures, is a serious limitation in the stiffness of framed tubes. The concept has limited recent applications of framed tubes to the shear of 60 stories. Designers have developed various techniques for reducing the effects of shear lag, most noticeably the use of belt trusses. This system finds application in buildings perhaps 40stories and higher. However, except for possible aesthetic considerations, belt trusses interfere with nearly every building function associated with the outside wall; the trusses are placed often at mechanical floors, mush to the disapproval of the designers of the mechanical systems. Nevertheless, as a cost-effective structural system, the belt truss works well and will likely find continued approval from designers. Numerous studies have sought to optimize the location of these trusses, with the optimum location very dependent on the number of trusses provided. Experience would indicate, however, that the location of these trusses is provided by the optimization of mechanical systems and by aesthetic considerations, as the economics of the structural system is not highly sensitive to belt truss location.Tube-in-Tube StructuresThe tubular framing system mobilizes every column in the exterior wall in resisting over-turning and shearing forces. The term‘tube-in-tube’is largely self-explanatory in that a second ring of columns, the ring surrounding the central service core of the building, is used as an inner framed or braced tube. The purpose of the second tube is to increase resistance to over turning and to increase lateral stiffness. The tubes need not be of the same character; that is, one tube could be framed, while the other could be braced.In considering this system, is important to understand clearly the difference between the shear and the flexural components of deflection, the terms being taken from beam analogy. In a framed tube, the shear component of deflection is associated with the bending deformation of columns and girders (i.e, the webs of the framed tube) while the flexural component is associated with the axial shortening and lengthening of columns (i.e, the flanges of the framed tube). In a braced tube, the shear component of deflection is associated with the axial deformation of diagonals while the flexural component of deflection is associated with the axial shortening and lengthening of columns.Following beam analogy, if plane surfaces remain plane (i.e, the floor slabs),then axial stresses in the columns of the outer tube, being farther form the neutral axis, will be substantiallylarger than the axial stresses in the inner tube. However, in the tube-in-tube design, when optimized, the axial stresses in the inner ring of columns may be as high, or even higher, than the axial stresses in the outer ring. This seeming anomaly is associated with differences in the shearing component of stiffness between the two systems. This is easiest to under-stand where the inner tube is conceived as a braced (i.e, shear-stiff) tube while the outer tube is conceived as a framed (i.e, shear-flexible) tube.Core Interactive StructuresCore interactive structures are a special case of a tube-in-tube wherein the two tubes are coupled together with some form of three-dimensional space frame. Indeed, the system is used often wherein the shear stiffness of the outer tube is zero. The United States Steel Building, Pittsburgh, illustrates the system very well. Here, the inner tube is a braced frame, the outer tube has no shear stiffness, and the two systems are coupled if they were considered as systems passing in a straight line from the “hat”structure. Note that the exterior columns would be improperly modeled if they were considered as systems passing in a straight line from the “hat”to the foundations; these columns are perhaps 15% stiffer as they follow the elastic curve of the braced core. Note also that the axial forces associated with the lateral forces in the inner columns change from tension to compression over the height of the tube, with the inflection point at about 5/8 of the height of the tube. The outer columns, of course, carry the same axial force under lateral load for the full height of the columns because the columns because the shear stiffness of the system is close to zero.The space structures of outrigger girders or trusses, that connect the inner tube to the outer tube, are located often at several levels in the building. The AT&T headquarters is an example of an astonishing array of interactive elements:1.The structural system is 94 ft (28.6m) wide, 196ft(59.7m) long, and 601ft (183.3m) high.2.Two inner tubes are provided, each 31ft(9.4m) by 40 ft (12.2m), centered 90 ft (27.4m) apart in the long direction of the building.3.The inner tubes are braced in the short direction, but with zero shear stiffness in the long direction.4. A single outer tube is supplied, which encircles the building perimeter.5.The outer tube is a moment-resisting frame, but with zero shear stiffness for the center50ft (15.2m) of each of the long sides.6. A space-truss hat structure is provided at the top of the building.7. A similar space truss is located near the bottom of the building8.The entire assembly is laterally supported at the base on twin steel-plate tubes, because the shear stiffness of the outer tube goes to zero at the base of the building.Cellular structuresA classic example of a cellular structure is the Sears Tower, Chicago, a bundled tube structure of nine separate tubes. While the Sears Tower contains nine nearly identical tubes, the basic structural system has special application for buildings of irregular shape, as the several tubes need not be similar in plan shape, It is not uncommon that some of the individual tubes one of the strengths and one of the weaknesses of the system.This special weakness of this system, particularly in framed tubes, has to do with the concept of differential column shortening. The shortening of a column under load is given by the expression△=ΣfL/EFor buildings of 12 ft (3.66m) floor-to-floor distances and an average compressive stress of 15 ksi (138MPa), the shortening of a column under load is 15 (12)(12)/29,000 or 0.074in (1.9mm) per story. At 50 stories, the column will have shortened to 3.7 in. (94mm) less than its unstressed length. Where one cell of a bundled tube system is, say, 50stories high and an adjacent cell is, say, 100stories high, those columns near the boundary between .the two systems need to have this differential deflection reconciled.Major structural work has been found to be needed at such locations. In at least one building, the Rialto Project, Melbourne, the structural engineer found it necessary to vertically pre-stress the lower height columns so as to reconcile the differential deflections of columns in close proximity with the post-tensioning of the shorter column simulating the weight to be added on to adjacent, higher columns。
河北省唐山市第二中学2024-2025学年高三上学期第一次月考英语试题

河北省唐山市第二中学2024-2025学年高三上学期第一次月考英语试题一、阅读理解Fine Arts Students Deliver Magical PerformancesAs the winter holidays approach,Brookhaven School students presented an array of extraordinary performances showcasing immense talent within our fine arts community. From the band concert to the choral concerts, each event highlighted the dedication and exceptional gifts of our students.The December 12 Eagles Band Concert filled Woodruff Auditorium with melodies that captured the festive spirit.On December 14, the Foundations Christmas Choral Concert featured spirited performances by our 7th graders. The finale of seasonal fine arts showcases occurred on December 18 in Brady Theater with the Senior Chior Concert,spotlighting high school singers.A highly anticipated tradition,the school-wide Holiday Assembly on December 19, hosted by esteemed Fine Arts Department Chair Mr.Kaminer, embodied the true essence of the holiday season. Angelic songs filled Young Gym, followed by joyous laughter and cheers as the “best costume” winners received their awards. Even the youngest War Eagles,the children in the Brookhaven Early Learning Center, attended the celebrations.Following the event, students merrily left school for the holiday break.Looking toward 2024, anticipation builds for the Brookhaven theater spring productions. “Something Rotten!” promises high-energy comedic performances by theater students, while “Tuck Everlasting” assures a moving portrayal by talented Foundations students. Furthermore,the Brookhaven Dance Company will hold their showcase April 11-12 in Woodruff Auditorium. Tickets will soon be available for purchase.1.What did the students at Brookhaven School do before the winter holidays?A.They performed magic tricks.B.They participated in community service.C.They gave holiday concerts.D.They presented new theatre productions. 2.What can we learn about Holiday Assembly on December 19?A.It was a large celebration within the school.B.It was an award presentation for beststudents.C.It featured various fun music and sports events.D.It was held on the first day of the winter holiday.3.What is the text?A.A fine arts brochure.B.A school announcement.C.A school newsletter.D.A concert advertisement.Education in 2080 is distinctive from education in the 2020s. Until about 2035, the main function of education systems was to supply the economy with the next generation of workers. In 2080, the purpose of education is the well-being of society and all its members. To make this a bit more tangible for you, I would like to give an example of what a child’s education looks like in 2080. Her name is Shemsy. Shemsy is 13, and she is confident and loves learning.Shemsy does not go to school in the morning because schools as you know them no longer exist. The institution was abolished as it was widely thought of as more like a prison or a factory than a creative learning environment. Schools have been replaced with “Learning Hubs” that are not restricted to certain ages. They are where intergenerational learning happens, in line with the belief that learning is a lifelong pursuit.Every year, Shemsy designs her learning journey for the year with a highly attentive “teacher-citizen”. Shemsy is actively engaged in designing her education and has to propose projects she would like to be involved in to contribute to and serve her community. She also spends lots of time playing as the role of play in learning has finally been recognized as essential and core to our humanity. Shemsy works a lot collaboratively. Access to education is universal, and higher education institutions no longer differentiate themselves by how many people they reject yearly. Variability between students is expected and leveraged (利用) as young people teach one another and use their differences as a source of strength. Shemsy naturally explores what she is curious about at a pace she sets. She still has some classes to take that are mandatory for children globally: Being Human and the History of Humanity.We invite you to think about your vision for education in the year 2080, what does it look like, who does it serve,and how does it transform our societies?4.What does paragraph 1 mainly tell us?A.There are different types of education.B.The present education needs improvements.C.Education and economy are closely associated.D.The goal of future education is fundamentally different.5.What do we know about the Learning Hub that Shemsy goes to?A.It accepts students of all ages.B.It promotes competition.C.It discourages individualized learning.D.It is all about play-based learning. 6.What does the underlined word “mandatory” in paragraph 3 mean?A.Tough.B.Satisfactory.C.Optional.D.Required. 7.What is the suitable title for the text?A.An Example to All B.A Vision for EducationC.A Challenge for Education D.A Journey into the FutureAny schoolchild knows that a whale breathes through its blowhole. Fewer know that a blowhole is a nostril (鼻孔) slightly changed by evolution into a form more useful for a mammal that spends its life at sea. And only a dedicated expert would know that while toothed whales, such as sperm whales, have one hole, baleen (鲸须) whales, such as humpback and Rice whales, have two.Even among the baleen whales, the placing of those nostrils differs. In some species they are close together. In others, they are much further apart. In a paper published in Biology Letters Conor Ryan, a marine biologist at the Scottish Association for Marine Science, suggests why that might be. Having two nostrils, he argues, helps whales smell in stereo (立体空间).Many types of baleen whales eat tiny animals known as zooplankton (浮游动物), which they catch by filtering (过滤) them from seawater using the sheets of fibrous baleen that have replaced teeth in their mouths. But to eat something you first have to find it. Toothed whales do not hunt by scent. In fact, the olfactory bulb—the part of the brain that processes smell—is absent in such creatures. But baleen whales still have olfactory bulbs, which suggests smell remains important. And scent can indeed give zooplankton away. Zooplankton like to eat other tiny creatures called phytoplankton (浮游植物). When these are under attack, they release a special gas called dimethyl sulphide, which in turn attracts baleen whales.Most animals have stereoscopic senses. Having two eyes, for instance, allows an animal to compare the images from each in order to perceive depth. Having two ears lets them locate the direction from which a sound is coming. Dr Ryan theorized that paired blowholes might bring baleen whales the same sorts of benefits.The farther apart the sensory organs are, the more information can be extracted by the animal that bears them. The researchers used drones to photograph the nostrils of 143 whales belonging to 14 different species. Sure enough, baleen whales that often eat zooplankton, such as the North Atlantic right whale, have nostrils that are farther apart than do those, such as humpback whales, that eat zooplankton occasionally. Besides allowing them to breathe, it seems that some whales use their blowholes to determine in which direction dinner lies.8.What do we know about whales’ nostrils according to the first two paragraphs?A.They are adapted ones.B.They are developed merely for smell.C.They are not easy to detect.D.They are fixed universally in numbers. 9.What plays a role when baleen whales hunt zooplankton?A.The teeth that baleen whales have.B.The smell that phytoplankton send.C.The sound waves that zooplankton create.D.The chemical signals that zooplankton give off.10.How is the concept of stereoscopic senses explained in paragraph 4?A.By quoting a theory.B.By using examples.C.By making contrast.D.By making inferences.11.What is the position of nostrils related to according to the last paragraph?A.The sense of smell.B.The possibility to attract food.C.The ability to locate food.D.The ability to communicate.Is forgiveness against our human nature? To answer our question, we need to ask a further question: What is the essence of our humanity? For the sake of simplicity, people consider two distinctly different views of humanity.The first view involves dominance and power. In an early paper on the psychology of forgiveness, Droll (1984) made the interesting claim that humans’ essential nature is moreaggressive than forgiving allows. Those who forgive are against their basic nature, much to their harm. In his opinion, forgivers are compromising their well-being as they offer mercy to others, who might then take advantage of them.The second view involves the theme of cooperation, mutual respect, and even love as the basis of who we are as humans. Researchers find that to fully grow as human beings, we need both to receive love from and offer love to others. Without love, our connections with a wide range of individuals in our lives can fall apart. Even common sense strongly suggests that the will to power over others does not make for harmonious interactions. For example, how well has slavery worked as a mode of social harmony?From this second viewpoint of who we are as humans, forgiveness plays a key role in the biological and psychological integrity of both individuals and communities because one of the outcomes of forgiveness, shown through scientific studies, is the decreasing of hate and the restoration of harmony. Forgiveness can break the cycle of anger. At least to the extent the people from whom you are estranged (不和的) accept your love and forgiveness and are prepared to make the required adjustments. Forgiveness can heal relationships and reconnect people.As an important note, when we take a classical philosophical perspective, we see the distinction between potentiality and actuality. We are not necessarily born with the capacity to forgive, but instead with the potential to learn about it and to grow in our ability to forgive. The actuality of forgiving, in real situations, develops with practice.12.What is Droll’s idea about forgiveness?A.People should offer mercy to others.B.Aggressive people should learn to forgive.C.Forgiveness depends on the nature of humanity.D.People who forgive can have their own welfare affected.13.What does the example in Paragraph 3 illustrate?A.To fight is to grow.B.To give is to receive.C.To forgive is to abuse.D.To dominate is to harm.14.What is the writer’s attitude toward forgiveness?A.Favorable.B.Reserved.C.Objective.D.Skeptical. 15.What message does the last paragraph convey?A.Forgiveness is in our nature.B.Forgiveness grows with time.C.It takes practice to forgive.D.Actuality is based on potentiality.It’s no secret that reading good news feels a lot better than reading bad news. Like, would you rather bite into a lemon, or sip on a fresh glass of lemonade?16 The world is full of problems and conflicts and we need to stay informed and alert (警觉的) to what’s going on around us. While reading traditional, more negative news is important, consuming good news is also part of staying informed. 17 And it also brings meaningful benefits, like reduced stress and anxiety, higher rates of engagement, community building skills, and inspiration for creating a better world. Plus, knowing what to look for in the good news landscape is a key part of improving our media literacy skills and being thoughtful news consumers.In fact, good news, known as solutions journalism, is becoming more popular, as publishers and news stations discover the benefits of sharing positive stories. Good Good Good is one of them. 18 A team of reporters and editors there work daily to deliver stories that make readers feel hopeful and equipped to do more good with possible solutions.“If it bleeds, it leads.” has long been a saying used in the media to describe how news stories about violence, death and destruction draw readers’ attention.19 The thing is, however, there’s also good stuff out there—the delightful and kind parts of humanity. “Beautiful stories are happening worldwide. 20 When you do find them, the world can suddenly feel like a very different place. Good news is a vital part of how we learn about the world and solving the world’s problems.” Hervey, one of Good Good Good’s editors said.A.Share good news with people around you.B.It’s just that we don’t hear as much about them.C.But the “bad news” has its place in the world.D.It provides a more balanced view of the world.E.And so, negative news stories are everywhere on news media.F.Heartwarming stories make you cry and feel good.G.The news media company is devoted to providing good news intentionally.二、完形填空For the past 18 years, my daughter has been around me all the time. Now that she is in college, the 21 of our relationship has totally changed and our relationship is completely 22 . I’m not going to be there every morning to have breakfast with her. I won’t know when she’s mad or when she’s happy. Here’s a little story of our new 23 .A week ago, my daughter wanted to 24 so she called me during the day as I was in meetings. I 25 her later on, but she was in class. At midnight, she reached out 26 to ask if we could talk. Well, guess what? I was 27 . I thought we would talk the next day, but she was not28 .Research shows that parents are 29 when their children are grown up, but for me that is when I start to get concerned. I am always left to 30 , how can I, as a parent, remain 31 to my daughter to guide, support and love through life's changes?We may have to 32 the way we communicate. My daughter encouraged me to go digital. That’s how I ventured into the world of social media, following her updates and occasionally sharing my own experiences. Through this33 presence, the physical gap is34 and I feel I still have an active role in her life. This experience serves as a reminder that35 , however scary, holds the promise of growth in our shared journey.21.A.problem B.progress C.goal D.context 22.A.cold B.special C.different D.casual 23.A.normal B.idea C.approach D.solution 24.A.catch up B.take over C.check out D.break away 25.A.visited B.touched C.tried D.emailed 26.A.by taxi B.by text C.in private D.in person 27.A.stupid B.angry C.excited D.asleep 28.A.available B.interested C.ready D.guilty 29.A.saddest B.busiest C.happiest D.best 30.A.decide B.wonder C.investigate D.distinguish 31.A.kind B.appreciative C.sensitive D.relevant 32.A.voice B.ignore C.shift D.continue33.A.human B.virtual C.physical D.permanent 34.A.widened B.formed C.broken D.bridged 35.A.college B.relationship C.change D.communication三、语法填空阅读下面短文,在空白处填入1个适当的单词或括号内单词的正确形式。
2025届高考英语培优外刊阅读学案:芯片行业话题

高三英语培优外刊阅读班级:____________学号:____________姓名:____________外刊精选|这家芯片业隐形巨头,拿下全球年内最大IPO 很多人没有听说过Arm这家公司,但都在用它的产品。
9月14日,这家芯片公司在美国纳斯达克证券交易所成功上市,一夜市值突破650亿美元,融资近50亿美元。
这是今年以来美股以及全球最大规模IPO,同时也是继阿里巴巴、Facebook之后,科技公司史上第三大IPO。
Arm是一家什么样的公司?为什么媒体会用“春天到来”形容它的IPO?Arm Soars 25% in the Year's Biggest Initial Public OfferingBy Erin Griffith and Don ClarkCall it Wall Street's Groundhog Day. When shares of Arm, the British chip designer, began trading on the Nasdaq stock exchange on Thursday in the year's biggest initial public offering, investors, tech executives, bankers and start-up founders were watching closely for how it performed.They quickly got their answer: It was an early spring. Arm's shares opened trading at $56.10, up 10 percent from its initial offering price of $51. Shares quickly soared further, rising 25 percent by the end of trading to close at $63.59 and giving the company a valuation of $67.9 billion.That stands out in a year that has been the worst for I.P.O.s since 2009. Arm is a particularly interesting test of the public market because it provides an essential technology that is geopolitically and strategically coveted, which also means it faces challenges.Founded in 1990 in Cambridge, England, the company sells blueprints of a part of a chip known as a processor core. Its customers include many of the world's largest tech companies, like Apple, Google, Samsung and Nvidia.Arm's chip designs are primarily used in smartphones, but the company has pitched itself as able to ride the wave of artificial intelligence sweeping Silicon Valley. Many A.I. companies need the most advanced computer chips to do the sophisticated calculations required to develop the tech.【词汇过关】请写出下面文单词在文章中的中文意思。
常用语言学术语

常用语言学词汇表abbreviation缩写法acculturation语言文化移入acoustic phonetics声学语言学acronym词首字母缩略词address term称谓语addresser发话人addressee受话人adjacency毗邻Adjacency Condition毗邻条件Adjacency Parameter毗邻参数Affix词缀Affixation加词缀法Affricate塞擦音Afroasiatic非亚语系agreement rule一致关系规则allophone音位变体alveolar齿龈音alveolus齿龈angular gyrus角形脑回antonymy反义现象antonym反以词apocope词尾音脱落aphasia失语症aphasic失语症患者applied linguistics应用语言学arbitrariness任意性argument论元articulatory phonetics发音语音学articulatory variable发音变项aspiration送气assimilation同化approximation近似化auditory phonetics听觉语音学Austronesian…语系Babbling咿呀学语back-formation逆向构词法back vowel后元音Behaviorism行为主义Behaviorist learning theory行为主义学习理论Behaviorist Psychology行为主义心理学Bilabial双唇音Bilingualism双语现象Black English黑人英语Blending混合法Borrowing借用bound morpheme黏着语素brain lateralization大脑左右半球侧化branching node分叉点broad transcription宽式音标Broca’s area布罗卡区caretaker speech保姆语case格Case Condition格条件case marking格标志causative verb使役动词central vowel中元音cerebral cortex大脑皮层cerebral plasticity大脑弹性channel渠道classical language古典语言clipping略写法closed class word封闭类词code代码code-switching代码切换cognate同源词co-hyponyms并列下义词coinage创新词color word色彩词combinational rule组合规则commissives承诺类词communicative competence交际能力comparative reconstruction比较重建法competence语言能力complement补语complement construction补足语complementarity互补性反义现象complementary distribution互补分布complex sentence复合句componential analysis成分分析法components of meaning意义成分compound word复合词compounding复合法computational linguistics计算语言学concept概念conceptualist view意念观consonant辅音constituent成分constituent structure成分结构constraint制约construction结构content word实词context语境;上下文contextualism语境论Contrastive Analysis对比分析法conversational implicature会话含义co-operative principle合作原则coordinate sentence并列句creativity创造性critical period关键期;临界期cultural transmission文化传播declaration宣告类deep structure深层结构dental齿音derivation派生法derivational morpheme派生语素derivative派生词descriptive linguistics描写语言学design feature识别特征determiner限定词diachronic linguistics历时语言学diacritics变音符号dialect方言dialectal synonym方言同义词dichotic listening test两耳分听测试diglossia双言现象diphthong复合元音Directionalilty Parameter方位参数Directives指令类Displacement不受时空限制的特性distinctive feature区别性特征D-structure深层结构duality of structure结构二重性e double articulation结构二重性embedded clause嵌入句emotive meaning表情意义entailment含义entity实体epenthesis插入音Error Analysis错误分析法euphemism委婉语evaluative meaning评价意义expressives表达类factive predicate叙述性谓词family tree谱系树feature symbol特征标记features of meaning意义特征finite clause 限定小句finite verb限定动词formalize形式化fossilization语言僵化framework框架free morpheme自由语素fricative擦音front vowel前元音function word虚词functional shift功能性转换functor element起功能作用成分gender性Generative Grammar生成语法Generative Semantics生成语义学genetic predisposition基因先天条件genetic relationship亲缘关系glide滑音glottal喉音glottis声门gradable antonym/opposites可分等级的反义词grammaticality语法性grammatical meaning语法意义Great V owel Shift元音大变位hard palate硬腭head 中心词,核心词hemispheric dominance for language大脑半球的语言优势hierarchical structure层次结构high variety高层次变体historical comparative linguistics历史比较语言学historical linguistics历史语言学holophrastic sentence独词句homography同形homonymy同音异义;同形异义homophony同音异义hyponymy下义关系hyponym下义词idiolect个人语言特点illocutionary act言外形为inconsistency自相矛盾Indo-European印欧语系infinitive marker不定式标记inflection曲折变化inflectional morpheme曲折语素input输入instrumental motivation工具性学习动机intake接受integrative motivation介入性学习动机interference干扰interlanguage中介语,语际语internalize内在化International Phonetic Alphabet国际音标interpersonal communication人际交际intonation 语调intuition 直觉labeled (unlabeled) tree diagram加标记树形图labial唇音LAD 语言习得机制Language Acquisition Device language acquisition语言习得language behavior语言行为language center语言中枢language faculty语言机制language family语系language perception语言感知language planning语言规划language variation语言变异larynx喉lax vowel松元音level层;平面level of language语言层次lexical category词类lexical structure词汇结构lexicology词汇学lexicon词汇linear structure线性结构linguistic competence语言能力linguistic determinism语言决定论linguistic lateralization语言侧化linguistic performance语言运用linguistic relativism语言相对论linguistic repertoire全部语言知识linguistic taboo禁忌语linguistics语言学liquid流音loan word外来词localization定位locutionary act言内行为low variety低层次语言变体manner of articulation发音方法matrix clause主句maxim of manner方式准则maxim of quality质量准则maxim of quantity数量准则maxim of relation关联准则meaning意义meaningfulness有意义meaning relation意义关系mentalism心理主义mentalistic theory精神论message信息metathesis语音变位Middle English中世纪英语minimal pair最小对立对Modern English现代英语Monophthong单元音Morpheme词素morphlogical rule形态学规则morphology形态学mother tongue母语Move α移动α规则movement rule移位规则naming theory命名论narrow transcription严式音标narrowing of meaning词义缩小nasal cavity鼻腔nasality鼻音化nasalize鼻音化natural route of development自然发展轨道negator否定词neurolinguist神经语言学家neuron神经元no-place predication空位述谓结构object宾语Old English古英语one-place predication一位述谓结构optimum age最佳学习年龄oral cavity口腔overextension扩展过度overgeneralization概括过度overt thought有声思维palatal腭音paralinguistic副语言学的parameter参数performance语言运用performance error语言运用错误perlocutionary act言后行为pharyngeal cavity咽腔phone音素phoneme音位phonemic contrast音位对立phonetic feature语音特征phonetics语音学phonological rule音位规则phonology音位学phrasal category词组类phrase structure rule短语结构规则pidgin洋泾浜语place of articulation发音部位plosive爆破音polysemy多义性postpone后移prepose前移postvocalic元音后的pragmatics语用学predicate谓语predication述谓结构predication analysis述谓结构分析prefix前缀presprictive (grammar)规定语法presupposition前提proposition命题prepositional content命题内容protolanguage原始语psycholinguistics心理语言学puberty青春期qualifying predication修饰性述谓结构Received Pronunciation标准发音Recursiveness循环性Reference所指语义referring expression所指名词register语域relational opposites关系反义词representation表达;呈现representatives阐述类response反应retroflex卷舌音rewrite rule重写规则rounded vowel圆唇元音SAE标准美国英语Sapir-Whorf hypothesis 萨皮尔-沃尔夫假设second language acquisition第二语言习得segment切分成分semantic anomaly语义异体semantic deviation语义变异semantic broadening语义广义化semantic narrowing语义狭义化semantic shift语义演变semantics语义学semantic structure语义结构semantic triangle语义三角sense意义sequential rule序列规则setting背景;环境sexist language性别歧视语sibilant咝音simple sentence简单句Sino-Tibetan汉藏语系situational dialect语域方言sociolect社会方言sociolinguistics社会语言学soft palate软腭species-specific capacity物种特有能力specifier指示语spectrograph频谱仪speech act言语行为speech community言语社区speech variety言语变体S-structure表层结构standard language标准语stem词干stimulus刺激stop爆破音stress重音structural constituency结构成分性structural linguistics结构主义语言学subject主语subordinate predication主从述谓性结构subscript下标subvocal predication无声言语suffix后缀superordinate上坐标词suprasegmental feature超切分特征surface structure表层结构synchronic linguistics共时语言synonymy同义词syntactic ambiguity句法歧义syntactic category句法类型syntactic rule句法规则syntax句法taboo word禁忌词target language目标语tautology同义反复teeth ridge齿龈隆骨telegraphic speech电报式言语tense and aspect时和体tense vowel紧元音tone音调;声调tone language声调语言topic话题;主题transfer转移Transformational-Generative Grammar转换生成语法transformational rule转换规则tree diagram树形图two-place predication双位述谓结构unaspirated不送气underextension扩展不足Universal Grammar普遍语法Utterance话语utterance meaning话语意义uvula小舌validity有效性variable变项velar软腭音velum软腭vernacular本地话;本国语vocal cord声带voiced浊音化的voiceless不带音的,清音的voicing带音化,浊音化vowel元音Wernicke’s area韦尼克区widening of meaning词义扩大X-bar theory X标杆理论。
《人工智能英语》试卷(含答案)

参考试卷一、写出以下单词的中文意思(每小题0.5分,共10分)1 accuracy 11 customize2 actuator 12 definition3 adjust 13 defuzzification4 agent 14 deployment5 algorithm 15 effector6 analogy 16 entity7 attribute 17 extract8 backtrack 18 feedback9 blockchain 19 finite10 cluster 20 framework二、根据给出的中文意思,写出英文单词(每小题0.5分,共10分)1 v.收集,搜集11 n.神经元;神经细胞2 adj.嵌入的,内置的12 n.节点3 n.指示器;指标13 v.运转;操作4 n.基础设施,基础架构14 n.模式5 v.合并;集成15 v.察觉,发觉6 n.解释器,解释程序16 n.前提7 n.迭代;循环17 adj.程序的;过程的8 n.库18 n.回归9n.元数据19 adj.健壮的,强健的;结实的10 v.监视;控制;监测20 v.筛选三、根据给出的短语,写出中文意思(每小题1分,共10分)1 data object2 cyber security3 smart manufacturing4 clustered system5 data visualization6 open source7 analyze text8 cloud computing9 computation power10 object recognition四、根据给出的中文意思,写出英文短语(每小题1分,共10分)1 数据结构2 决策树3 演绎推理4 贪婪最佳优先搜索5 隐藏模式,隐含模式6 知识挖掘7 逻辑推理8 预测性维护9 搜索引擎10 文本挖掘技术五、写出以下缩略语的完整形式和中文意思(每小题1分,共10分)缩略语完整形式中文意思1 ANN2 AR3 BFS4 CV5 DFS6 ES7 IA8 KNN9 NLP10 VR六、阅读短文,回答问题(每小题2分,共10分)Artificial Neural Network (ANN)An artificial neural network (ANN) is the piece of a computing system designed to simulate the way the human brain analyzes and processes information. It is the foundation of artificial intelligence (AI) and solves problems that would prove impossible or difficult by human or statistical standards. ANNs have self-learning capabilities that enable them to produce better results as more data becomes available.Artificial neural networks are built like the human brain, with neuron nodes interconnected like a web. The human brain has hundreds of billions of cells called neurons. Each neuron is made up of a cell body that is responsible for processing information by carrying information towards (inputs) and away (outputs) from the brain.An ANN has hundreds or thousands of artificial neurons called processing units, which are interconnected by nodes. These processing units are made up of input and output units. The input units receive various forms and structures of information based on an internal weighting system, and the neural network attempts to learn about the information presented to produce one output report. Just like humans need rules and guidelines to come up with a result or output, ANNs alsouse a set of learning rules called backpropagation, an abbreviation for backward propagation of error, to perfect their output results.An ANN initially goes through a training phase where it learns to recognize patterns in data, whether visually, aurally, or textually. During this supervised phase, the network compares its actual output produced with what it was meant to produce — the desired output. The difference between both outcomes is adjusted using backpropagation. This means that the network works backward, going from the output unit to the input units to adjust the weight of its connections between the units until the difference between the actual and desired outcome produces the lowest possible error.A neural network may contain the following 3 layers:Input layer – The activity of the input units represents the raw information that can feed into the network.Hidden layer – To determine the activity of each hidden unit. The activities of the input units and the weights on the connections between the input and the hidden units. There may be one or more hidden layers.Output layer – The behavior of the output units depends on the activity of the hidden units and the weights between the hidden and output units.1. What is an artificial neural network (ANN)?2.What is each neuron made up of?3.Wha do the input units do?4.What does an ANN initially go through?5.How many layers may a neural network contain? What are they?七、将下列词填入适当的位置(每词只用一次)。
英语写作之Paragraph

When providing detailed explanations or long arguments, use long paragraphs Longer paragraphs allow for a more comprehensive and nuanced discussion, giving the reader more information to consider
Summary
Examples
Importance
The relationship between paragraphs should be clear and logical, with each paragraph building on the previous one
Paragraphs can be organized in a linear fashion, with each paragraph discussing a different aspect of the overall topic Alternately, paragraphs can be grouped theoretically, with each group discussing similar ideas or concepts
It should not simply repeat the theme presence, but rather synthesize the
main points and give readers a sense of closure
02
The organizational structure of Paragraphs
专八英语阅读

英语专业八级考试TEM-8阅读理解练习册(1)(英语专业2012级)UNIT 1Text AEvery minute of every day, what ecologist生态学家James Carlton calls a global ―conveyor belt‖, redistributes ocean organisms生物.It’s planetwide biological disruption生物的破坏that scientists have barely begun to understand.Dr. Carlton —an oceanographer at Williams College in Williamstown,Mass.—explains that, at any given moment, ―There are several thousand marine species traveling… in the ballast water of ships.‖ These creatures move from coastal waters where they fit into the local web of life to places where some of them could tear that web apart. This is the larger dimension of the infamous无耻的,邪恶的invasion of fish-destroying, pipe-clogging zebra mussels有斑马纹的贻贝.Such voracious贪婪的invaders at least make their presence known. What concerns Carlton and his fellow marine ecologists is the lack of knowledge about the hundreds of alien invaders that quietly enter coastal waters around the world every day. Many of them probably just die out. Some benignly亲切地,仁慈地—or even beneficially — join the local scene. But some will make trouble.In one sense, this is an old story. Organisms have ridden ships for centuries. They have clung to hulls and come along with cargo. What’s new is the scale and speed of the migrations made possible by the massive volume of ship-ballast water压载水— taken in to provide ship stability—continuously moving around the world…Ships load up with ballast water and its inhabitants in coastal waters of one port and dump the ballast in another port that may be thousands of kilometers away. A single load can run to hundreds of gallons. Some larger ships take on as much as 40 million gallons. The creatures that come along tend to be in their larva free-floating stage. When discharged排出in alien waters they can mature into crabs, jellyfish水母, slugs鼻涕虫,蛞蝓, and many other forms.Since the problem involves coastal species, simply banning ballast dumps in coastal waters would, in theory, solve it. Coastal organisms in ballast water that is flushed into midocean would not survive. Such a ban has worked for North American Inland Waterway. But it would be hard to enforce it worldwide. Heating ballast water or straining it should also halt the species spread. But before any such worldwide regulations were imposed, scientists would need a clearer view of what is going on.The continuous shuffling洗牌of marine organisms has changed the biology of the sea on a global scale. It can have devastating effects as in the case of the American comb jellyfish that recently invaded the Black Sea. It has destroyed that sea’s anchovy鳀鱼fishery by eating anchovy eggs. It may soon spread to western and northern European waters.The maritime nations that created the biological ―conveyor belt‖ should support a coordinated international effort to find out what is going on and what should be done about it. (456 words)1.According to Dr. Carlton, ocean organism‟s are_______.A.being moved to new environmentsB.destroying the planetC.succumbing to the zebra musselD.developing alien characteristics2.Oceanographers海洋学家are concerned because_________.A.their knowledge of this phenomenon is limitedB.they believe the oceans are dyingC.they fear an invasion from outer-spaceD.they have identified thousands of alien webs3.According to marine ecologists, transplanted marinespecies____________.A.may upset the ecosystems of coastal watersB.are all compatible with one anotherC.can only survive in their home watersD.sometimes disrupt shipping lanes4.The identified cause of the problem is_______.A.the rapidity with which larvae matureB. a common practice of the shipping industryC. a centuries old speciesD.the world wide movement of ocean currents5.The article suggests that a solution to the problem__________.A.is unlikely to be identifiedB.must precede further researchC.is hypothetically假设地,假想地easyD.will limit global shippingText BNew …Endangered‟ List Targets Many US RiversIt is hard to think of a major natural resource or pollution issue in North America today that does not affect rivers.Farm chemical runoff残渣, industrial waste, urban storm sewers, sewage treatment, mining, logging, grazing放牧,military bases, residential and business development, hydropower水力发电,loss of wetlands. The list goes on.Legislation like the Clean Water Act and Wild and Scenic Rivers Act have provided some protection, but threats continue.The Environmental Protection Agency (EPA) reported yesterday that an assessment of 642,000 miles of rivers and streams showed 34 percent in less than good condition. In a major study of the Clean Water Act, the Natural Resources Defense Council last fall reported that poison runoff impairs损害more than 125,000 miles of rivers.More recently, the NRDC and Izaak Walton League warned that pollution and loss of wetlands—made worse by last year’s flooding—is degrading恶化the Mississippi River ecosystem.On Tuesday, the conservation group保护组织American Rivers issued its annual list of 10 ―endangered‖ and 20 ―threatened‖ rivers in 32 states, the District of Colombia, and Canada.At the top of the list is the Clarks Fork of the Yellowstone River, whereCanadian mining firms plan to build a 74-acre英亩reservoir水库,蓄水池as part of a gold mine less than three miles from Yellowstone National Park. The reservoir would hold the runoff from the sulfuric acid 硫酸used to extract gold from crushed rock.―In the event this tailings pond failed, the impact to th e greater Yellowstone ecosystem would be cataclysmic大变动的,灾难性的and the damage irreversible不可逆转的.‖ Sen. Max Baucus of Montana, chairman of the Environment and Public Works Committee, wrote to Noranda Minerals Inc., an owner of the ― New World Mine‖.Last fall, an EPA official expressed concern about the mine and its potential impact, especially the plastic-lined storage reservoir. ― I am unaware of any studies evaluating how a tailings pond尾矿池,残渣池could be maintained to ensure its structural integrity forev er,‖ said Stephen Hoffman, chief of the EPA’s Mining Waste Section. ―It is my opinion that underwater disposal of tailings at New World may present a potentially significant threat to human health and the environment.‖The results of an environmental-impact statement, now being drafted by the Forest Service and Montana Department of State Lands, could determine the mine’s future…In its recent proposal to reauthorize the Clean Water Act, the Clinton administration noted ―dramatically improved water quality since 1972,‖ when the act was passed. But it also reported that 30 percent of riverscontinue to be degraded, mainly by silt泥沙and nutrients from farm and urban runoff, combined sewer overflows, and municipal sewage城市污水. Bottom sediments沉积物are contaminated污染in more than 1,000 waterways, the administration reported in releasing its proposal in January. Between 60 and 80 percent of riparian corridors (riverbank lands) have been degraded.As with endangered species and their habitats in forests and deserts, the complexity of ecosystems is seen in rivers and the effects of development----beyond the obvious threats of industrial pollution, municipal waste, and in-stream diversions改道to slake消除the thirst of new communities in dry regions like the Southwes t…While there are many political hurdles障碍ahead, reauthorization of the Clean Water Act this year holds promise for US rivers. Rep. Norm Mineta of California, who chairs the House Committee overseeing the bill, calls it ―probably the most important env ironmental legislation this Congress will enact.‖ (553 words)6.According to the passage, the Clean Water Act______.A.has been ineffectiveB.will definitely be renewedC.has never been evaluatedD.was enacted some 30 years ago7.“Endangered” rivers are _________.A.catalogued annuallyB.less polluted than ―threatened rivers‖C.caused by floodingD.adjacent to large cities8.The “cataclysmic” event referred to in paragraph eight would be__________.A. fortuitous偶然的,意外的B. adventitious外加的,偶然的C. catastrophicD. precarious不稳定的,危险的9. The owners of the New World Mine appear to be______.A. ecologically aware of the impact of miningB. determined to construct a safe tailings pondC. indifferent to the concerns voiced by the EPAD. willing to relocate operations10. The passage conveys the impression that_______.A. Canadians are disinterested in natural resourcesB. private and public environmental groups aboundC. river banks are erodingD. the majority of US rivers are in poor conditionText CA classic series of experiments to determine the effects ofoverpopulation on communities of rats was reported in February of 1962 in an article in Scientific American. The experiments were conducted by a psychologist, John B. Calhoun and his associates. In each of these experiments, an equal number of male and female adult rats were placed in an enclosure and given an adequate supply of food, water, and other necessities. The rat populations were allowed to increase. Calhoun knew from experience approximately how many rats could live in the enclosures without experiencing stress due to overcrowding. He allowed the population to increase to approximately twice this number. Then he stabilized the population by removing offspring that were not dependent on their mothers. He and his associates then carefully observed and recorded behavior in these overpopulated communities. At the end of their experiments, Calhoun and his associates were able to conclude that overcrowding causes a breakdown in the normal social relationships among rats, a kind of social disease. The rats in the experiments did not follow the same patterns of behavior as rats would in a community without overcrowding.The females in the rat population were the most seriously affected by the high population density: They showed deviant异常的maternal behavior; they did not behave as mother rats normally do. In fact, many of the pups幼兽,幼崽, as rat babies are called, died as a result of poor maternal care. For example, mothers sometimes abandoned their pups,and, without their mothers' care, the pups died. Under normal conditions, a mother rat would not leave her pups alone to die. However, the experiments verified that in overpopulated communities, mother rats do not behave normally. Their behavior may be considered pathologically 病理上,病理学地diseased.The dominant males in the rat population were the least affected by overpopulation. Each of these strong males claimed an area of the enclosure as his own. Therefore, these individuals did not experience the overcrowding in the same way as the other rats did. The fact that the dominant males had adequate space in which to live may explain why they were not as seriously affected by overpopulation as the other rats. However, dominant males did behave pathologically at times. Their antisocial behavior consisted of attacks on weaker male,female, and immature rats. This deviant behavior showed that even though the dominant males had enough living space, they too were affected by the general overcrowding in the enclosure.Non-dominant males in the experimental rat communities also exhibited deviant social behavior. Some withdrew completely; they moved very little and ate and drank at times when the other rats were sleeping in order to avoid contact with them. Other non-dominant males were hyperactive; they were much more active than is normal, chasing other rats and fighting each other. This segment of the rat population, likeall the other parts, was affected by the overpopulation.The behavior of the non-dominant males and of the other components of the rat population has parallels in human behavior. People in densely populated areas exhibit deviant behavior similar to that of the rats in Calhoun's experiments. In large urban areas such as New York City, London, Mexican City, and Cairo, there are abandoned children. There are cruel, powerful individuals, both men and women. There are also people who withdraw and people who become hyperactive. The quantity of other forms of social pathology such as murder, rape, and robbery also frequently occur in densely populated human communities. Is the principal cause of these disorders overpopulation? Calhoun’s experiments suggest that it might be. In any case, social scientists and city planners have been influenced by the results of this series of experiments.11. Paragraph l is organized according to__________.A. reasonsB. descriptionC. examplesD. definition12.Calhoun stabilized the rat population_________.A. when it was double the number that could live in the enclosure without stressB. by removing young ratsC. at a constant number of adult rats in the enclosureD. all of the above are correct13.W hich of the following inferences CANNOT be made from theinformation inPara. 1?A. Calhoun's experiment is still considered important today.B. Overpopulation causes pathological behavior in rat populations.C. Stress does not occur in rat communities unless there is overcrowding.D. Calhoun had experimented with rats before.14. Which of the following behavior didn‟t happen in this experiment?A. All the male rats exhibited pathological behavior.B. Mother rats abandoned their pups.C. Female rats showed deviant maternal behavior.D. Mother rats left their rat babies alone.15. The main idea of the paragraph three is that __________.A. dominant males had adequate living spaceB. dominant males were not as seriously affected by overcrowding as the otherratsC. dominant males attacked weaker ratsD. the strongest males are always able to adapt to bad conditionsText DThe first mention of slavery in the statutes法令,法规of the English colonies of North America does not occur until after 1660—some forty years after the importation of the first Black people. Lest we think that existed in fact before it did in law, Oscar and Mary Handlin assure us, that the status of B lack people down to the 1660’s was that of servants. A critique批判of the Handlins’ interpretation of why legal slavery did not appear until the 1660’s suggests that assumptions about the relation between slavery and racial prejudice should be reexamined, and that explanation for the different treatment of Black slaves in North and South America should be expanded.The Handlins explain the appearance of legal slavery by arguing that, during the 1660’s, the position of white servants was improving relative to that of black servants. Thus, the Handlins contend, Black and White servants, heretofore treated alike, each attained a different status. There are, however, important objections to this argument. First, the Handlins cannot adequately demonstrate that t he White servant’s position was improving, during and after the 1660’s; several acts of the Maryland and Virginia legislatures indicate otherwise. Another flaw in the Handlins’ interpretation is their assumption that prior to the establishment of legal slavery there was no discrimination against Black people. It is true that before the 1660’s Black people were rarely called slaves. But this shouldnot overshadow evidence from the 1630’s on that points to racial discrimination without using the term slavery. Such discrimination sometimes stopped short of lifetime servitude or inherited status—the two attributes of true slavery—yet in other cases it included both. The Handlins’ argument excludes the real possibility that Black people in the English colonies were never treated as the equals of White people.The possibility has important ramifications后果,影响.If from the outset Black people were discriminated against, then legal slavery should be viewed as a reflection and an extension of racial prejudice rather than, as many historians including the Handlins have argued, the cause of prejudice. In addition, the existence of discrimination before the advent of legal slavery offers a further explanation for the harsher treatment of Black slaves in North than in South America. Freyre and Tannenbaum have rightly argued that the lack of certain traditions in North America—such as a Roman conception of slavery and a Roman Catholic emphasis on equality— explains why the treatment of Black slaves was more severe there than in the Spanish and Portuguese colonies of South America. But this cannot be the whole explanation since it is merely negative, based only on a lack of something. A more compelling令人信服的explanation is that the early and sometimes extreme racial discrimination in the English colonies helped determine the particular nature of the slavery that followed. (462 words)16. Which of the following is the most logical inference to be drawn from the passage about the effects of “several acts of the Maryland and Virginia legislatures” (Para.2) passed during and after the 1660‟s?A. The acts negatively affected the pre-1660’s position of Black as wellas of White servants.B. The acts had the effect of impairing rather than improving theposition of White servants relative to what it had been before the 1660’s.C. The acts had a different effect on the position of white servants thandid many of the acts passed during this time by the legislatures of other colonies.D. The acts, at the very least, caused the position of White servants toremain no better than it had been before the 1660’s.17. With which of the following statements regarding the status ofBlack people in the English colonies of North America before the 1660‟s would the author be LEAST likely to agree?A. Although black people were not legally considered to be slaves,they were often called slaves.B. Although subject to some discrimination, black people had a higherlegal status than they did after the 1660’s.C. Although sometimes subject to lifetime servitude, black peoplewere not legally considered to be slaves.D. Although often not treated the same as White people, black people,like many white people, possessed the legal status of servants.18. According to the passage, the Handlins have argued which of thefollowing about the relationship between racial prejudice and the institution of legal slavery in the English colonies of North America?A. Racial prejudice and the institution of slavery arose simultaneously.B. Racial prejudice most often the form of the imposition of inheritedstatus, one of the attributes of slavery.C. The source of racial prejudice was the institution of slavery.D. Because of the influence of the Roman Catholic Church, racialprejudice sometimes did not result in slavery.19. The passage suggests that the existence of a Roman conception ofslavery in Spanish and Portuguese colonies had the effect of _________.A. extending rather than causing racial prejudice in these coloniesB. hastening the legalization of slavery in these colonies.C. mitigating some of the conditions of slavery for black people in these coloniesD. delaying the introduction of slavery into the English colonies20. The author considers the explanation put forward by Freyre andTannenbaum for the treatment accorded B lack slaves in the English colonies of North America to be _____________.A. ambitious but misguidedB. valid有根据的but limitedC. popular but suspectD. anachronistic过时的,时代错误的and controversialUNIT 2Text AThe sea lay like an unbroken mirror all around the pine-girt, lonely shores of Orr’s Island. Tall, kingly spruce s wore their regal王室的crowns of cones high in air, sparkling with diamonds of clear exuded gum流出的树胶; vast old hemlocks铁杉of primeval原始的growth stood darkling in their forest shadows, their branches hung with long hoary moss久远的青苔;while feathery larches羽毛般的落叶松,turned to brilliant gold by autumn frosts, lighted up the darker shadows of the evergreens. It was one of those hazy朦胧的, calm, dissolving days of Indian summer, when everything is so quiet that the fainest kiss of the wave on the beach can be heard, and white clouds seem to faint into the blue of the sky, and soft swathing一长条bands of violet vapor make all earth look dreamy, and give to the sharp, clear-cut outlines of the northern landscape all those mysteries of light and shade which impart such tenderness to Italian scenery.The funeral was over,--- the tread鞋底的花纹/ 踏of many feet, bearing the heavy burden of two broken lives, had been to the lonely graveyard, and had come back again,--- each footstep lighter and more unconstrained不受拘束的as each one went his way from the great old tragedy of Death to the common cheerful of Life.The solemn black clock stood swaying with its eternal ―tick-tock, tick-tock,‖ in the kitchen of the brown house on Orr’s Island. There was there that sense of a stillness that can be felt,---such as settles down on a dwelling住处when any of its inmates have passed through its doors for the last time, to go whence they shall not return. The best room was shut up and darkened, with only so much light as could fall through a little heart-shaped hole in the window-shutter,---for except on solemn visits, or prayer-meetings or weddings, or funerals, that room formed no part of the daily family scenery.The kitchen was clean and ample, hearth灶台, and oven on one side, and rows of old-fashioned splint-bottomed chairs against the wall. A table scoured to snowy whiteness, and a little work-stand whereon lay the Bible, the Missionary Herald, and the Weekly Christian Mirror, before named, formed the principal furniture. One feature, however, must not be forgotten, ---a great sea-chest水手用的储物箱,which had been the companion of Zephaniah through all the countries of the earth. Old, and battered破旧的,磨损的, and unsightly难看的it looked, yet report said that there was good store within which men for the most part respect more than anything else; and, indeed it proved often when a deed of grace was to be done--- when a woman was suddenly made a widow in a coast gale大风,狂风, or a fishing-smack小渔船was run down in the fogs off the banks, leaving in some neighboring cottage a family of orphans,---in all such cases, the opening of this sea-chest was an event of good omen 预兆to the bereaved丧亲者;for Zephaniah had a large heart and a large hand, and was apt有…的倾向to take it out full of silver dollars when once it went in. So the ark of the covenant约柜could not have been looked on with more reverence崇敬than the neighbours usually showed to Captain Pennel’s sea-chest.1. The author describes Orr‟s Island in a(n)______way.A.emotionally appealing, imaginativeB.rational, logically preciseC.factually detailed, objectiveD.vague, uncertain2.According to the passage, the “best room”_____.A.has its many windows boarded upB.has had the furniture removedC.is used only on formal and ceremonious occasionsD.is the busiest room in the house3.From the description of the kitchen we can infer that thehouse belongs to people who_____.A.never have guestsB.like modern appliancesC.are probably religiousD.dislike housework4.The passage implies that_______.A.few people attended the funeralB.fishing is a secure vocationC.the island is densely populatedD.the house belonged to the deceased5.From the description of Zephaniah we can see thathe_________.A.was physically a very big manB.preferred the lonely life of a sailorC.always stayed at homeD.was frugal and saved a lotText BBasic to any understanding of Canada in the 20 years after the Second World War is the country' s impressive population growth. For every three Canadians in 1945, there were over five in 1966. In September 1966 Canada's population passed the 20 million mark. Most of this surging growth came from natural increase. The depression of the 1930s and the war had held back marriages, and the catching-up process began after 1945. The baby boom continued through the decade of the 1950s, producing a population increase of nearly fifteen percent in the five years from 1951 to 1956. This rate of increase had been exceeded only once before in Canada's history, in the decade before 1911 when the prairies were being settled. Undoubtedly, the good economic conditions of the 1950s supported a growth in the population, but the expansion also derived from a trend toward earlier marriages and an increase in the average size of families; In 1957 the Canadian birth rate stood at 28 per thousand, one of the highest in the world. After the peak year of 1957, thebirth rate in Canada began to decline. It continued falling until in 1966 it stood at the lowest level in 25 years. Partly this decline reflected the low level of births during the depression and the war, but it was also caused by changes in Canadian society. Young people were staying at school longer, more women were working; young married couples were buying automobiles or houses before starting families; rising living standards were cutting down the size of families. It appeared that Canada was once more falling in step with the trend toward smaller families that had occurred all through theWestern world since the time of the Industrial Revolution. Although the growth in Canada’s population had slowed down by 1966 (the cent), another increase in the first half of the 1960s was only nine percent), another large population wave was coming over the horizon. It would be composed of the children of the children who were born during the period of the high birth rate prior to 1957.6. What does the passage mainly discuss?A. Educational changes in Canadian society.B. Canada during the Second World War.C. Population trends in postwar Canada.D. Standards of living in Canada.7. According to the passage, when did Canada's baby boom begin?A. In the decade after 1911.B. After 1945.C. During the depression of the 1930s.D. In 1966.8. The author suggests that in Canada during the 1950s____________.A. the urban population decreased rapidlyB. fewer people marriedC. economic conditions were poorD. the birth rate was very high9. When was the birth rate in Canada at its lowest postwar level?A. 1966.B. 1957.C. 1956.D. 1951.10. The author mentions all of the following as causes of declines inpopulation growth after 1957 EXCEPT_________________.A. people being better educatedB. people getting married earlierC. better standards of livingD. couples buying houses11.I t can be inferred from the passage that before the IndustrialRevolution_______________.A. families were largerB. population statistics were unreliableC. the population grew steadilyD. economic conditions were badText CI was just a boy when my father brought me to Harlem for the first time, almost 50 years ago. We stayed at the hotel Theresa, a grand brick structure at 125th Street and Seventh avenue. Once, in the hotel restaurant, my father pointed out Joe Louis. He even got Mr. Brown, the hotel manager, to introduce me to him, a bit punchy强力的but still champ焦急as fast as I was concerned.Much has changed since then. Business and real estate are booming. Some say a new renaissance is under way. Others decry责难what they see as outside forces running roughshod肆意践踏over the old Harlem. New York meant Harlem to me, and as a young man I visited it whenever I could. But many of my old haunts are gone. The Theresa shut down in 1966. National chains that once ignored Harlem now anticipate yuppie money and want pieces of this prime Manhattan real estate. So here I am on a hot August afternoon, sitting in a Starbucks that two years ago opened a block away from the Theresa, snatching抓取,攫取at memories between sips of high-priced coffee. I am about to open up a piece of the old Harlem---the New York Amsterdam News---when a tourist。
Anomalies and financial distress.

Anomalies andfinancial distress$Doron Avramov a,Tarun Chordia b,Gergana Jostova c,Alexander Philipov d,na School of Business,The Hebrew University of Jerusalem,Jerusalem,Israelb Goizueta Business School,Emory University,Atlanta,GA30322,USAc School of Business,George Washington University,Washington,DC20052,USAd School of Management,George Mason University,MSN5F5,4400University Drive,Fairfax,VA22030,USAa r t i c l e i n f oArticle history:Received14November2011Received in revised form5January2012Accepted15January2012Available online23October2012JEL classification:G14G12G11Keywords:Asset pricing anomaliesFinancial distressCredit ratingsa b s t r a c tThis paper explores commonalities across asset pricing anomalies.In particular,we assess implications offinancial distress for the profitability of anomaly-based tradingstrategies.Strategies based on price momentum,earnings momentum,credit risk,dispersion,idiosyncratic volatility,and capital investments derive their profitabilityfrom taking short positions in high credit riskfirms that experience deteriorating creditconditions.In contrast,the value-based strategy derives most of its profitability fromtaking long positions in high credit riskfirms that survivefinancial distress andsubsequently realize high returns.The accruals anomaly is an exception.It is robustamong high and low credit riskfirms in all credit conditions.&2012Elsevier B.V.All rights reserved.1.IntroductionAsset pricing theories prescribe that riskier assetsshould command higher returns.Existing theories,how-ever,leave unexplained a host of empirically documentedcross-sectional patterns in stock returns,classified asanomalies.Specifically,the literature has shown that,in the cross section,future stock returns are positivelyrelated to past returns(Jegadeesh and Titman,1993,pricemomentum),unexpected earnings(Ball and Brown,1968,earnings momentum),and book-to-market(BM;Fama andFrench,1992,value effect).Further,stock returns are nega-tively related tofirm size(Fama and French,1992),accruals(Sloan,1996),credit risk(Dichev,1998;Campbell,Hilscher,and Szilagyi,2008;Avramov,Chordia,Jostova,and Philipov,2009a),dispersion in analysts’earnings forecasts(Diether,Malloy,and Scherbina,2002),capital investments(Titman,Wei,and Xie,2004),asset growth(Cooper,Gulen,and Schill,2008),and idiosyncratic volatility(Ang,Hodrick,Xing,andZhang,2006).Contents lists available at SciVerse ScienceDirectjournal homepage:/locate/jfecJournal of Financial Economics0304-405X/$-see front matter&2012Elsevier B.V.All rights reserved./10.1016/j.jfineco.2012.10.005$We are grateful forfinancial support from the Q-Group and theFederal Deposit Insurance Corporation Center for Financial Research.Wethank Eugene F.Fama(the referee),G.William Schwert(the editor),CemDemiroglu,Amit Goyal,Jens Hilscher,Stefan Jacewitz,Michael J.Schill,Andreas Schrimpf,Matthew Spiegel,Avanidhar Subrahmanyam,andseminar participants at the Adam Smith Asset Pricing conference(University of Oxford),University of Alberta,the2011,Asian FinanceAssociation conference,Bar Ilan University,Burridge Center InvestmentConference,2010Conference on Financial Economics and Accounting,Deakin University,FDIC,Florida International University,2010FinancialManagement Association(FMA)conference,2010FMA Asian conference,Goldman Sachs Asset Management,Hebrew University of Jerusalem,Indian School of Business,Interdisciplinary Center Herzlia,2011JacksonHole Finance conference,Koc University,National University of Singa-pore,SAC Capital,Singapore Management University,State Street GlobalAdvisors,Tel Aviv University,and Texas A&M University for usefulcomments andsuggestions.n Corresponding author.Tel.:þ17039939762.E-mail addresses:davramov@huji.ac.il(D.Avramov),Tarun.Chordia@(T.Chordia),jostova@(G.Jostova),aphilipo@(A.Philipov).Journal of Financial Economics108(2013)139–159This paper examines the price momentum,earnings momentum,credit risk,dispersion,idiosyncratic volatility,asset growth,capital investments,accruals,and value anoma-lies in a unified framework.We explore commonalities across anomalies and,in particular,assess the implications of financial distress for the profitability of anomaly-based trad-ing strategies.Financial distress leads to sharp responses in stock and bond prices,and this pattern could potentially be related to the dynamics of anomalies.1Our motivation to examine financial distress follows Fama and French (1993),who suggest that the size and value factors proxy for a priced distress factor.However,Campbell,Hilscher,and Szilagyi (2008)find that while distressed firms have high loadings on the small-minus-big (SMB)and high-minus-low (HML)factors,they generate lower,not higher,returns,and the authors argue against the existence of a priced distress factor.Moreover,consis-tent with the anomalies literature,Daniel and Titman (1997)argue that it is the size and value characteristics,not SMB and HML factor loadings,that impact stock returns.In this paper,we consider financial distress to be a characteristic and examine its impact on stock returns and the profitability of anomalies.The potential implications of financial distress for asset pricing anomalies have not yet been comprehensively explored.This paper attempts to fill this gap.We focus on financial distress,instead of other possibly correlated characteristics,because it has direct implications for a firm’s future performance.For example,triggers in bond covenants could stipulate coupon rate increases if rating drops below a certain grade.Creditors could abandon low-rated firms.2Financial distress could result in loss of customers,suppliers,and key employees.Further,manage-rial time could be spent on dealing with financial distress instead of focusing on value-enhancing projects.There are also regulatory restrictions on the minimum ratings of firms,which some institutions can invest in.These restric-tions could be difficult to tie to other firm characteristics such as size,illiquidity,or volatility.In addition,a credit rating downgrade offers a directly observable measure of deteriorating firm conditions.Thus,financial distress,as proxied by rating downgrades,is likely to be a primary ex ante indicator of a firm’s future performance.The evidence,based on portfolio sorts and cross-sectional regressions as in Fama and French (2008),shows that the profitability of strategies based on price momentum,earnings momentum,credit risk,dispersion,idiosyncratic volatility,asset growth,and capital investments is concentrated in the worst-rated stocks.Their profitability disappears when firms rated BB þor below are excluded from the investment universe.Strikingly,these low-rated firms represent only 9.7%of the market capitalization of rated firms.Yet credit risk is not merely a proxy for size or illiquidity.Results from double sorts on rating and size (or illiquidity)show that theanomalies are reasonably robust across size (and illiquidity)groups.The results also suggest that the profitability of the anomaly-based trading strategies is generated almost entirely by the short side of the strategy among the worst-rated firms.The value effect is also significant only among low-rated stocks.The accruals strategy is an exception.While more profitable among low-rated firms,it is robust across all credit risk groups.The profitability of the price momentum,earnings momentum,credit risk,dispersion,idiosyncratic volati-lity,and capital investments anomalies derives exclu-sively from periods of financial distress.None of these strategies is profitable when periods around credit rating downgrades are excluded from the sample.In contrast,the value anomaly derives most of its profitability during stable or improving credit conditions from long positions in low-rated stocks.Accruals is again an exception.It is profitable during deteriorating,stable,and improving credit conditions.The distinct patterns of the accruals and value effects suggest that these effects emerge from different economic premises.Accruals are based on managerial discretion about the desired gap between net profits and operating cash flows,and this target gap appears insensitive to credit conditions.The value effect emerges from long positions in low-rated firms that survive financial distress and realize relatively high subsequent returns.All other anomalies derive their profitability from low-rated firms experiencing falling stock prices during periods of financial distress.We find that financial distress causes these anomalies’conditioning variables for the low-rated stocks to take extreme values,which in turn puts these distressed low-rated stocks on the short side of the trading strategies.These distressed stocks subsequently realize extremely low returns,thus producing the anomalous profits from the short side of the trading strategy.Financial distress provides the link between the anomalies’condi-tioning variables and the subsequent profitability of the anomaly-based trading strategy.The paper proceeds as follows.The next section describes the data.Section 3discusses the methodology.Section 4presents the results,and Section 5concludes.2.DataThe full sample consists of the intersection of all US firms listed on NYSE,Amex,and Nasdaq with available monthly returns in the Center for Research in Security Prices (CRSP)and monthly Standard &Poor’s (S&P)Long-Term Domestic Issuer Credit Rating available on Compustat North America or S&P Credit Ratings (also called RatingsXpress)on Wharton Research Data Services.The total number of rated firms with available return observations is 4,953with an average of 1,931per month.There are 1,232rated firms in October 1985,when the sample begins,and 2,196in December 2008,when the sample ends.The maximum number of firms,2,497,is recorded in April 2000.The asset pricing anomalies we study require data on stock return,credit rating,and a variety of equity characteristics.The sample size changes based on the conditioning variable for each anomaly.1See Hand,Holthausen,and Leftwich (1992)and Dichev and Piotroski (2001).2Our analysis uses Standard &Poor’s (S&P)entity ratings,which are based on the firm’s overall ability to service its financial commitments.Section 2provides more details about the S&P definition of a company’s rating.D.Avramov et al./Journal of Financial Economics 108(2013)139–159140Afirm’s long-term issuer credit rating is provided in both Compustat and RatingsXpress directly by S&P.As defined by S&P,the‘‘long-term issuer credit rating is a current opinion of an issuer’s overall creditworthiness,apart from its ability to repay individual obligations.This opinion focuses on the obligor’s capacity and willingness to meet its long-term financial commitments(those with maturities of more than one year)as they come due.’’We transform the S&P ratings into numeric scores.Specifically,1represents a AAA rating and22reflects a D rating.3Hence,a higher numeric score reflects higher credit risk.Numeric ratings of10or below (BBBÀor better)are considered investment-grade,and ratings of11or higher(BBþor worse)are labeled high-yield or non-investment grade.Some stocks in our sample are delisted during the holding period.Delisting returns from CRSP are used whenever stocks are delisted.We check that our results are not driven by the delisting returns either by setting the delisting returns to zero or by eliminating the delisting returns from the sample.Stocks priced less than a dollar at the beginning of the month are excluded from the analysis.Summary statistics are reported in Table1.Each month t,all stocks rated by S&P are sorted into terciles based on their credit rating.For each tercile,we compute the cross-sectional median characteristic for month tþ1. Table1reports the time series average of the monthly median cross-sectional characteristic.The best-rated stock tercile(C1)has an average rating of Aþ,the medium-rated tercile(C2)has an average rating of BBBÀ,and the worst-rated tercile(C3)has an average rating of Bþ.Worse-ratedfirms tend to be smaller.The average market capitalization of the best-rated stocks is$3.30 billion,and that of the worst-rated is$0.35billion.The book-to-market ratio increases monotonically from0.52 in C1to0.64in C3.The average stock price decreases monotonically from$38.07in C1to$12.47in C3.Institu-tions hold on average59%of the shares outstanding of the best-rated stocks(an average holding of$1.95billion)and 49%of those of the worst-rated stocks(an average holding of$0.17billion).The worst-ratedfirms are considerably less liquid than the best-ratedfirms.The average monthly dollar trading volume decreases from$284million for the best-rated to$53 million for the worst-rated NYSE/Amex stocks and from$73 million for the best-rated to$40million for the worst-rated Nasdaq stocks.The Amihud(2002)illiquidity measure is0.02 and0.12for the best-rated NYSE/Amex and Nasdaq stocks, respectively.For the lowest-rated stocks,the illiquidity measure is0.44and0.48for NYSE/Amex and Nasdaq, respectively.This measure is computed as the absolute return per dollar of daily trading volume:ILLIQ it¼1it X D itt¼19Ritd9itdn107,ð1Þwhere R itd is the return,DVOL itd is the dollar trading volumeof stock i on day d in month t,and D it is the number of dayswith positive DVOL itd for stock i in month t(a minimum often days is required).Next,we analyze several variables that proxy for uncer-tainty about afirm’s future fundamentals.In particular,theaverage number of analysts following afirm decreasesmonotonically from14for the highest-tofive for thelowest-rated stocks.Analysts’revisions of earnings per share(EPS)forecasts are negative and much larger in absolutevalue for the low-versus high-rated stocks.Standardizedunexpected earnings(SUE)decrease monotonically from0.58for C1to0.14for C3stocks.4Dispersion in analysts’EPS forecasts increases from0.03in C1to0.11in C3stocks.Leverage,computed as the book value of long-term debt tocommon equity,increases monotonically from0.54for C1to1.17for C3stocks.Worse-rated stocks have more systematic risk andearn lower risk-adjusted returns than better-rated stocks.Market betas increase monotonically from0.82forthe highest-rated to 1.31for the lowest-rated stocks.The Fama and French SMB betas also increase fromÀ0.06for C1to0.82for C3stocks.However,the CapitalAsset Pricing Model(CAPM)alphas decrease from0.30%per month for C1toÀ0.60%for C3stocks,and the Famaand French alphas decrease from0.11%toÀ0.80%.This isthe credit risk puzzle—one of the anomalies we address inthis paper.3.MethodologyOur analysis of anomalies is based on portfolio sorts andcross-sectional regressions.Focusing on the former,portfolioreturns are value-weighted as well as equally weightedacross stocks.Equally weighted portfolio returns can bedominated by tiny(microcap)stocks that account for a verylow fraction of the market capitalization but a vast majorityof the stocks in the extreme anomaly-sorted portfolios.Value-weighted returns can be dominated by a few bigstocks.Separately,either case could result in an unrepre-sentative picture of the importance of an anomaly.Thus,wepresent both.Portfolio returns and cross-sectional regressions arebased on size-and BM-adjusted stock returns,as in Famaand French(2008).5In particular,using all stocks in CRSP,we form5Â5independently sorted size and BM portfo-lios based on NYSE size and BM quintile cutoffs as ofDecember of year tÀ1.Value-weighted monthly portfolioreturns are then calculated for each of the25size-andBM-sorted portfolios from July of year t to June of yeartþ1.We then subtract the monthly return of the match-ing size and BM portfolio from each individual monthlystock return to obtain the stock’s size-and BM-adjustedreturn.3The entire spectrum of ratings is as follows:AAA¼1,AAþ¼2, AA¼3,AAÀ¼4,Aþ¼5,A¼6,AÀ¼7,BBBþ¼8,BBB¼9,BBBÀ¼10, BBþ¼11,BB¼12,BBÀ¼13,Bþ¼14,B¼15,BÀ¼16,CCCþ¼17, CCC¼18,CCCÀ¼19,CC¼20,C¼21,and D¼22.4SUE is the difference between current quarterly EPS and EPS reported four quarters ago,divided by the standard deviation of quarterly EPS changes over the preceding eight quarters.5We check that our results are robust to using raw,instead of size-and BM-adjusted,returns.In fact,the raw anomaly profits are stronger and are again concentrated in high credit riskfirms.D.Avramov et al./Journal of Financial Economics108(2013)139–159141We perform the analysis across all rated stocks as well as within subsets based on credit ratings and market capitalization.In particular,we implement the analysis within credit rating terciles (C1:best-rated,C2:medium-rated,C3:worst-rated),as well as within microcap,small,and big firms.The anomalies are also studied within subsamples based on an independent sort by the three size and three credit rating groups.Following Fama and French (2008),microcap firms are those with market cap below the 20th percentile of NYSE firms,measured as of June of the prior year.Small firms are those between the 20th and 50th percentile and big firms are those above the median NYSE capitalization.While microcap stocks represent 17.78%of the total number of rated stocks,they account for only 0.46%of the market capitalization of all rated stocks.Small stocks comprise 27.26%of the total number of rated stocks and 3.03%of the market capita-lization.Big stocks represent 54.97%of the total number of rated stocks and an overwhelming 96.51%of the market capitalization.Fama and French (2008)report that microcap stocks account for 3.07%,small stocks for 6.45%,and big stocks for 90.48%of the market capitalization of all CRSP stocks.Our percentages are different because large firms are more likely to be rated.Our portfolio formation methodology is consistent across anomalies.Each month t ,stocks are sorted into quintile portfolios on the basis of the anomaly-specific conditioning variable.P1(P5)denotes the portfolio containing stocks with the lowest (highest)value of the conditioning variable.Each anomaly-based tradingTable 1Stock characteristics,alphas,and betas by credit rating tercile.Each month t ,all stocks rated by Standard &Poor’s (S&P)are divided into terciles based on their credit rating.Stocks priced below $1are removed.Panel A reports the average S&P numeric (and letter equivalent)rating for each group.The numeric rating is 1¼AAA,2¼AA þ,y ,21¼C,22¼D.For each tercile,we compute the cross-sectional median characteristic for month t þ1.The sample period is October 1985to December 2008.Panel A reports the time series average of these monthly medians.Institutional share is the percentage of shares outstanding owned by institutions.Dollar volume is the monthly dollar trading volume.Amihud’s illiquidity is computed,as in Amihud (2002)[see Eq.(1)].Analysts’EPS revisions is the change in mean earnings per share forecast since the prior month divided by the absolute value of the prior month mean EPS forecast.Standardized unexpected earnings (SUE)are the EPS reported this quarter minus the EPS four quarters ago,divided by the standard deviation of EPS changes over the last eight quarters.Dispersion is the standard deviation in analysts’EPS forecasts standardized by the absolute value of the consensus forecast.Leverage is the ratio of book value of long-term debt to common equity.Panel B reports capital asset pricing model (CAPM)and Fama and French (1993)alphas and betas from time series regressions of the credit risk tercile portfolio excess returns on the factor returns.SMB ¼small minus big,HML ¼high minus low.t -statistics are in parentheses (bold if significant at the 5%level).Panel A:Stock characteristicsRating tercile (C1¼lowest,C3¼highest risk)CharacteristicC1C2C3Average S&P letter rating A þBBB ÀB þAverage S&P numeric rating5.559.6414.39Market capitalization (billions of dollars) 3.30 1.260.35Book-to-market ratio 0.520.620.64Price (dollars)38.0726.4012.47Institutional share0.590.610.49Dollar volume -NYSE/Amex (millions of dollars)284.34147.2753.28Dollar volume -Nasdaq (millions of dollars)73.0784.6439.57Illiquidity -NYSE/Amex (Â107)0.020.050.44Illiquidity -Nasdaq (Â107)0.120.190.48Number of analysts14.049.30 5.28Analysts’EPS revisions (percent)À0.02À0.11À0.14SUE0.580.330.14Dispersion in analysts’EPS forecasts 0.030.050.11Long-term debt to common equity 0.540.771.17Panel B:Portfolio alphas and betasC1C2C3C1–C3CAPM alpha (percent per month)0.300.21À0.600.90(2.96)(1.71)(À3.06)(4.12)CAPM beta0.820.95 1.31À0.48(37.46)(34.68)(30.17)(À10.06)FF93alpha (percent per month)0.11À0.05À0.800.91(1.69)(À0.58)(À6.49)(6.81)Market beta 0.96 1.08 1.32À0.37(59.33)(56.48)(44.78)(À11.42)SMB beta À0.060.280.82À0.89(À3.00)(11.07)(21.12)(À20.88)HML beta0.410.600.47À0.06(16.47)(19.95)(10.24)(À1.16)D.Avramov et al./Journal of Financial Economics 108(2013)139–159142strategy involves buying one of the extreme portfolios (P1or P5),selling the opposite extreme portfolio(P5or P1), and holding both portfolios for the following K months. Each quintile portfolio return is calculated as the equally or value-weighted average return of its constituent stocks. When the holding period,K,is longer than a month,the monthly return is based on an equally weighted average of portfolio returns from strategies implemented in the prior K months.While this methodology applies to all strategies, strategies differ with respect to their conditioning variable and their holding period,consistent with the literature on each anomaly.The price momentum strategy is constructed as in Jegadeesh and Titman(1993).Stocks are sorted on their cumulative return over the formation period(months tÀ6 to tÀ1).The momentum strategy involves buying the winner portfolio(P5),selling the loser portfolio(P1),and holding both positions for six months(tþ1to tþ6). We skip a month between the formation and holding periods to avoid the potential impact of short-run reversal.The earnings momentum strategy conditions on SUE, based on the latest quarterly EPS announced over months tÀ4to tÀ1.The strategy involves buying the highest SUE portfolio(P5),selling the lowest SUE portfolio(P1),and holding both portfolios for six months.The credit risk strategy conditions on the prior month credit rating.It involves buying the best-rated portfolio (P1),selling the worst-rated portfolio(P5),and holding both for a month.As in Diether,Malloy,and Scherbina(2002),the dis-persion strategy conditions on the prior month standard deviation of analysts’EPS forecasts for the upcomingfiscal year-end,standardized by the absolute value of the mean forecast.Observations based on less than two analysts are excluded.The strategy involves buying P1(lowest disper-sion),selling P5(highest dispersion),and holding them for one month.Idiosyncratic volatility(IV)is computed as the sum of the stock’s squared daily returns minus the sum of the squared daily returns on the value-weighted CRSP index, as in Campbell,Lettau,Malkiel,and Xu(2001).The strategy conditions on prior month IV and involves buying P1(lowest volatility),selling P5(highest volatility),and holding both for one month.Following Cooper,Gulen,and Schill(2008),the asset growth anomaly conditions on the percentage change in total assets from December of year tÀ2to December of year tÀ1.The strategy involves buying P1(lowest growth),selling P5(highest growth),and holding both from July of year t to June of year tþ1.As in Titman,Wei and Xie(2004),the capital invest-ments strategy conditions on the ratio of capital expen-ditures for year tÀ1to the amount of property,plant,and equipment as of December of year tÀ2.It involves buying P1(lowest investments),selling P5(highest investments), and holding both positions from July of year t through June of year tþ1.Accruals are computed following Sloan(1996)using quarterly Compustat data.There is a four-month lag between formation and holding periods to ensure that all accounting variables to calculate accruals are in the investor’s information set.The strategy involves buying P1(lowest accruals),selling P5(highest accruals),and holding them for12months.As in Fama and French(1992),the value strategy conditions on the BM ratio as of December of year tÀ1. It involves buying P5(highest BM:value stocks),selling P1(lowest BM:growth stocks),and holding both portfo-lios from July of year t to June of year tþ1.4.ResultsOne concern we address upfront is whether the sample of ratedfirms is representative.For each anomaly,we compute the fraction of market capitalization captured by our sample of ratedfirms relative to the entire CRSP sample.Our sample captures89.35%of market capitaliza-tion of the overall CRSP sample for price momentum;90.72%for earnings momentum;90.44%for the dispersion anomaly;89.30%for the idiosyncratic volatility anomaly;88.64%for the asset growth anomaly;88.60%for the investments anomaly;86.84%for the accruals anomaly; and88.43%for the value anomaly.On average we capture about89.04%of the overall CRSP market capitalization, suggesting that our sample of ratedfirms is reasonably representative.In addition,we compare anomaly profits in ratedfirms(Table2)and in all CRSPfirms(Table A1in the Appendix).Anomaly profits are comparable,suggest-ing that our sample of ratedfirms adequately represents the overall CRSP universe.This paper focuses on credit rating as a proxy for credit conditions,as the rating provides a publicly available,non-model-specific,mea-sure of credit risk andfinancial distress.6Table2presents for each anomaly monthly returns for the extreme portfolios,P1and P5,as well as return differentials,P5-P1or P1-P5,as noted at the top of each column.Panel A exhibits the size-and BM-adjusted equally weighted portfolio returns.Panel B presents the corresponding value-weighted returns.Wefirst examine anomaly-based profitability for all ratedfirms based on equally weighted returns.The price momentum strategy yields a winner-minus-loser return of100basis points(bps)per month with the loser stocks earningÀ74bps and the winner stocks earning27bps. The monthly profits are44bps for the earnings momen-tum strategy,71bps for the credit risk strategy,62bps for the dispersion strategy,81bps for the idiosyncratic vola-tility strategy,54bps for the asset growth strategy,45bps for the capital investments strategy,and27bps for the accruals strategy.All these anomalies’profits are statisti-cally significant.The value strategy delivers the lowest return—a statistically insignificantÀ15bps per month. Given that we use size-and BM-adjusted returns,it is not 6In Table A1,we use Altman’s Z-score instead of credit ratings to proxy forfinancial distress.One caveat with using Altman’s Z-score is that it uses past returns and is,thus,somewhat endogenous.Moreover, not allfirms have accounting data in Compustat to compute Z-scores,so the reduction in number offirms from Z-score is even larger.Wefind ratings to be a much betterfilter than Z-scores when isolating thefirms driving most anomalies.In any case,we show in Fig.2that the Z-score and downgrades are highly correlated.D.Avramov et al./Journal of Financial Economics108(2013)139–159143。
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a rXiv:h ep-ph/2277v322Mar2YCTP-P-02-00A Note on Anomaly Matching for Finite Density QCDFrancesco Sannino ∗Department of Physics,Yale University,New Haven,CT 06520-8120,USA.Abstract We note that the QCD phases at large finite density respect ’t Hooft anomaly matching conditions.Specifically the spectrum of the light excita-tions possesses the correct quantum numbers required to obey global anomalyconstraints.We argue that ’t Hooft constraints can be used at finite densityalong with non perturbative methods to help selecting the correct phase.I.INTRODUCTIONRecently quark matter at very high density has attracted a greatflurry of interest[1–4]. In this regime quark matter is expected to behave as a color superconductor[1,2].Possible phenomenological applications are associated with the description of neutron star interiors, neutron star collisions and the physics near the core of collapsing stars.A better under-standing of highly squeezed nuclear matter might also shed some light on nuclear matter at low density,i.e.densities close to ordinary nuclear matter where some model already exist. See for example Ref.[5]where a rather complete soliton model at low density is constructed containing along with the Goldstone bosons also vector-bosons.In a superconductive phase,the color symmetry is spontaneously broken and a hierarchy of scales,for given chemical potential,is generated.Indicating with g the underlying coupling constant the relevant scales are:the chemical potentialµitself,the dynamically generated gluon mass m gluon∼gµand the gap parameter∆∼µe−1We also observe that QCD atfinite density can be envisioned,from a global symmetry and anomaly point of view,as a chiral gauge theory[8,9]for which at least part of the matter field content is in complex representations of the gauge group.Indeed an important distinc-tion from,zero density,vector-like theories is that these theories,when strongly coupled,can exist in the Higgs phase by dynamically breaking their own gauge symmetries[8,9].This is also the striking feature of the superconductive phase allowed for QCD at high density. In fact atfinite density vector like symmetries are no longer protected against spontaneous breaking by the Vafa-Witten theorem[10].As for a chiral gauge and in general for any gauge theory we expect the low energy mass-less spectrum of afinite density phase(fermions associated to intact chiral global anomalies and Goldstones for spontaneously broken symmetries)to possess the quantum numbers re-quired by the’t Hooft anomaly matching conditions.This further global constraint,when appropriately taken into account,can help selecting the low energy phase atfinite density.II.ANOMALY MATCHING AT FINITE DENSITYWe now show that the recently discussed superconductive QCD phases at high density do respect’t Hooft anomaly matching conditions.Specifically the spectrum of the light exci-tations possesses the correct quantum numbers needed to satisfy global anomaly constraints. The underlying gauge group is SU(3)while the quantumflavor group isSU L(N f)×SU R(N f)×U V(1),(2.1)and the classical U A(1)symmetry is destroyed at the quantum level by the Adler-Bell-Jackiw anomaly.We indicate with qα;c,i the two component left spinor whereα=1,2is the spin index,c=1,...,3is the color index while i=1,...,N f represents theflavor. qα;c,j is the two component conjugated right spinor.We summarize the transformation properties in the following table.[SU(3)]SU L(N f)SU R(N f)U V(1)q11 q−1.(2.2)The theory is subject to the following global anomalies:SU L/R(N f)3,SU L/R(N f)2×U V(1).(2.3)2For a vector like theory there are no further global anomalies.The cubic anomaly factor,for fermions in fundamental representations,is1for q and−1for˜q while the quadratic anomaly factor is always1leading toSU L/R(N f)3∝±3,SU L/R(N f)2U V(1)∝±3.(2.4) Wefirst consider the case N f=2which has only the SU L/R(2)2×U V(1)anomaly.Atzero density we have two possible phases compatible with the anomaly conditions.Thefirst is the ordinary Goldstone phase associated with the spontaneous breaking of the underlying global symmetry to SU V(2)×U V(1).The other is the Wigner-Weyl phase where,assuming confinement,the global symmetry at low energy is intact and the needed massless spectrum consists of massless baryons with the following quantum numbers:[SU(3)]SU L(2)SU R(2)U V(1)B113B11†We consider theories withoutflat directions.The possibility to extend our criterion to these theories is presently under investigation.3to f IR=7.Indeed,in this case,nature chooses to minimize S(T)at the approach to freeze out‡.This guide,although at a very speculative level,has been used in[9]to select the infrared phase of chiral gauge theories.What happens to the’t Hooft anomaly conditions when we squeeze nuclear matter?At very low baryon density compared to afixed intrinsic scale of the theoryΛ,it is reasonable to expect that the Goldstone phase persists.Hence’t Hooft anomaly conditions are still satisfied.On the other hand at very large densities it is seen,via dynamical calculations[1,2], that the ordinary Goldstone phase is no longer favored compared with a superconductive one associated with the following type of quark condensate:ǫαβǫabcǫij<qα;b,i qβ;c,j>,(2.7)likewise for the tilded quarks.In the following we set a=3.This condensate is not allowed at zero density by the Vafa-Witten theorem.One can ask if the spectrum of low energy excitations still possesses the correct quantum numbers to satisfy’t Hooft anomaly conditions.The previous condensate breaks the gauge symmetry while leaving intact the following group:[SU(2)]×SU L(2)×SU R(2)× U V(1),(2.8) where[SU(2)]is the unbroken part of the gauge group.The U V(1)generator is the following linear combination of the previous U V(1)generator Q V and the broken diagonal generatorof the SU(3)gauge group Q8=diag{1,1,−2}Q=Q V−Q8,(2.9) Then the Q charge of the quarks with color1and2is zero.The low energy massless excitations are the quarks not participating in the condensate. We summarize their symmetry properties as follows:[SU(2)]SU L(2)SU R(2) U V(1) qα;3,i113qα;3,j11˜Q SU L/R (2)SU L/R (2)=Q V SU L/R (2)SU L/R (2)−Q 8SU L/R (2)SU L/R (2)FIG.1.the effective Lagrangian level.The Vafa-Witten theorem for vector-like theories prohibits the breaking of vector like symmetries like U V (1).Turning on low baryon density we expect to remain in the confined phase with the same number of Goldstone bosons (i.e.8).Evidently the ’t Hooft anomaly conditions are satisfied.At very high density,dynamical computations suggest [3]that the preferred phase is a superconductive one and the following ansatz for a quark-quark type of condensate is energetically favored:ǫαβ<q α;a,i q β;b,j >∼k 1δai δbj +k 2δaj δbi ,(2.11)where we have a similar expression for the tilded fields.The condensate breaks completely the gauge group while locking together the left/right transformations to color.The final global symmetry group isSU c +L +R (3),(2.12)and the low energy spectrum consists of 9Goldstone bosons.The effective Lagrangian at low energies [15]for the Goldstones is similar to the ordinary effective Lagrangian for QCD at zero density except for an extra Goldstone boson associated with the spontaneously broken U V (1)symmetry.In this case we expect the underlying global anomalies to be matched at low energies via the Wess-Zumino term.It is instructive to explicitly construct this term.This term is also been discussed together with its relation with flavor anomalies at finite6density in Ref.[16].However in this paper,the twoflavors QCD case is not investigated and the possibility to envision QCD atfinite density as a chiral gauge theory is not discussed.The Goldstone bosons are encoded in the unitary matrix U transforming linearly under the left-rightflavor rotationsU→g L Ug†R.(2.13)with g L/R∈SU L/R(N f).In our notation U is the transpose ofΣdefined in Ref.[15].U satisfies the non linear realization constraint UU†=1.We also require det U=1.In this way we avoid discussing the axial U A(1)anomaly at the effective lagrangian level.(see Ref.[17]for a general discussion of trace and U A(1)anomaly).We haveU=e iΦ2Φa T a representing the8Goldstone bosons.T a are the generators of SU(3), with a=1,...,8and Tr T a T b =1Tr ∂µU∂µU† .(2.15)2The Wess-Zumino term[18]can be compactly written using the language of differential forms.It is useful to introduce the algebra valued Maurer-Cartan one form:α=(∂µU)U−1dxµ≡(dU)U−1.(2.16) The Wess-Zumino effective action isΓW Z[U]=C M5Tr α5 .(2.17) The price to pay in order to make the action local is to augment by one the space dimensions. 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