Description of Caravan Policy Holders
国际经济学 (19)
C H A P T E R 19Macroeconomic Policy and Coordination under FloatingExchange Rates浮动汇率下的宏观经济政策和协调A s the Bretton Woods system of fixed exchange rates began to show signs of strain in the late 1960s, many economists recommended that countries allow currency values to be determined freely in the foreign exchange market. When the governments of the industrialized countries adopted floating exchange rates early in 1973, they viewed their step as a temporary emergency measure and were not consciously following the advice of the economists then advocating a permanent floating-rate system. So far, however, it has proved impossible to put the fixed-rate system back together again: The dollar exchange rates of the industrialized countries have continued to float since 1973.The advocates of floating saw ft as a way out of the conflicts between internal and external balance that often arose under the rigid Bretton Woods exchange rates. By the mid-1980s, however, economists and policymakers had become more skeptical about the benefits of an international monetary system based on floating rates. Some critics describe the post-1973 currency arrangements as an international monetary "nonsystem,"a freefor- all in which national macroeconomic policies are frequently at odds. Many observers now think that the current exchange rate system is badly in need of reform. Why has the performance of floating rates been so disappointing, and what direction should reform of the current system take? In this chapter our models of fixed and floating exchange rates are applied to examine the recent performance of floating rates and to compare the macroeconomic policy problems of different exchange rate regimes.Case for Floating Exchange RatesAs international currency crises of increasing scope and frequency erupted in the late 1960s, most economists began advocating greater flexibility of exchange rates. Many argued that a system of floating exchange rates (one in which central banks did not intervene in the foreign exchange market to fix rates) would not only automatically ensure exchange rate flexibility but would also produce several other benefits for the world economy. The case for floating exchange rates rested on three major claims:1. Monetary policy autonomy. If central banks were no longer obliged to intervene in currency markets to fix exchange rates, governments would be able to use monetary policy to reach internal and external balance. Furthermore, no country would be forced to import inflation (or deflation) from abroad.2. Symmetry. Under a system of floating rates the inherent asymmetries of Bretton Woods would disappear and the United States would no longer be able to set world monetary conditions all by itself. At the same time, the United States would have the same opportunity as other countries to influence its exchange rate against foreign currencies.3. Exchange rates as automatic stabilizers. Even in the absence of an active monetary policy, the swift adjustment of market-determined exchange rates would help countriesmaintain internal and external balance in the face of changes in aggregate demand. The long and agonizing periods of speculation preceding exchange rate realignments under the Bretton Woods rules would not occur under floating.Monetary Policy AutonomyUnder the Bretton Woods fixed-rate system, countries other than the United States had little scope to use monetary policy to attain internal and external balance. Monetary policy was weakened by the mechanism of offsetting capital flows (discussed in Chapter 17). A central bank purchase of domestic assets, for example, would put temporary downward pressure on the domestic interest rate and cause the domestic currency to weaken in the foreign exchange market. The exchange rate then had to be propped up through central bank sales of official foreign reserves. Pressure on the interest and exchange rates disappeared, however, only when official reserve losses had driven the domestic money supply back down to its original level. Thus, in the closing years of fixed exchange rates, central banks imposed increasingly stringent restrictions on international payments to keep control over their money supplies. These restrictions were only partially successful in strengthening monetary policy, and they had the damaging side effect of distorting international trade.Advocates of floating rates pointed out that removal of the obligation to peg currency values would restore monetary control to central banks. If, for example, the central bank faced unemployment and wished to expand its money supply in response, there would no longer be any legal barrier to the currency depreciation this would cause. As in the analysis of Chapter 16, the currency depreciation would reduce unemployment by lowering the relative price of domestic products and increasing world demand for them. Similarly, the central bank of an overheated economy could cool down activity by contracting the money supply without worrying that undesired reserve inflows would undermine its stabilization effort. Enhanced control over monetary policy would allow countries to dismantle their distorting barriers to international payments.Advocates of floating also argued that floating rates would allow each country to choose its own desired long-run inflation rate rather than passively importing the inflation rate established abroad. We saw in the last chapter that a country faced with a rise in the foreign price level will be thrown out of balance and ultimately will import the foreign inflation if it holds its exchange rate fixed: By the end of the 1960s many countries felt that they were importing inflation from the United States. By revaluing its currency—that is, by lowering the domestic currency price of foreign currency—a country can insulate itself completely from an inflationary increase in foreign prices, and so remain in internal and external balance. One of the most telling arguments in favor of floating rates was their ability, in theory, to bring about automatically exchange rate changes that insulate economies from ongoing foreign inflation.The mechanism behind this insulation is purchasing power parity (Chapter 15). Recall that when all changes in the world economy are monetary, PPP holds true in the long run: Exchange rates eventually move to offset exactly national differences in inflation. If U.S. monetary growth leads to a long-run doubling of the U.S. price level, while Germany's price level remains constant, PPP predicts that the long-run DM price of the dollar will be halved. This nominal exchange rate change leaves the real exchange rate between thedollar and DM unchanged and thus maintains Germany's internal and external balance. In other words, the long-run exchange rate change predicted by PPP is exactly the change that insulates Germany from U.S. inflation.A money-induced increase in U.S. prices also causes an immediate appreciation of foreign currencies against the dollar when the exchange rate floats. In the short run, the size of this appreciation can differ from what PPP predicts, but the foreign exchange speculators who might have mounted an attack on fixed dollar exchange rates speed the adjustment of floating rates. Since they know foreign currencies will appreciate according to PPP in the long run, they act on their expectations and push exchange rates in the direction of their long-run levels.Countries operating under the Bretton Woods rules were forced to choose between matching U.S. inflation to hold their dollar exchange rates fixed or deliberately revaluing their currencies in proportion to the rise in U.S. prices. Under floating, however, the foreign exchange market automatically brings about the exchange rate changes that shield countries from U.S. inflation. Since this outcome does not require any government policy decisions, the revaluation crises that occurred under fixed exchange rates are avoided.1SymmetryThe second argument put forward by the advocates of floating was that abandonment of the Bretton Woods system would remove the asymmetries that caused so much international disagreement in the 1960s and early 1970s. There were two main asymmetries, both the result of the dollar's central role in the international monetary system. First, because central banks pegged their currencies to the dollar and accumulated dollars as international reserves, the U.S. Federal Reserve played the leading role in determining the world money supply and central banks abroad had little scope to determine their own domestic money supplies. Second, any foreign country could devalue its currency against the dollar in conditions of "fundamental disequilibrium," but the system's rules did not give the United States the option of devaluing against foreign currencies. Thus, when the dollar was at last devalued in December 1971, it was only after a long and economically disruptive period of multilateral negotiation.A system of floating exchange rates, its proponents argued, would do away with these asymmetries. Since countries would no longer peg dollar exchange rates or need to hold dollar reserves for this purpose, each would be in a position to guide monetary conditions at home. For the same reason, the United States would not face any special obstacle to altering its exchange rate through monetary or fiscal policies. All countries' exchange rates would be determined symmetrically by the foreign exchange market, not by government decisions.2Exchange Rates as Automatic Stabilizers1Countries can also avoid importing undesired deflation by floating, since the analysis above goes through, in reverse, for a fall in the foreign price level.2The symmetry argument is not an argument against fixed-rate systems in general, but an argument against the specific type of fixed-exchange rate system that broke down in the early 1970s. As we saw in Chapter 17, a fixed-rate system based on a gold standard can be completely symmetric. The creation of an artificial reserve asset, the SDR, in the late 1960s was an attempt to attain the symmetry of a gold standard without the other drawbacks of that system.The third argument in favor of floating rates concerned their ability, theoretically, to promote swift and relatively painless adjustment to certain types of economic changes. One such change, previously discussed, is foreign inflation. Figure 19-1, which uses the DD-AA model presented in Chapter 16, examines another type of change by comparing the economy's response under a fixed and a floating exchange rate to a temporary fall in foreign demand for its exports.A fall in demand for the home country's exports reduces aggregate demand for every level of the exchange rate, E, and so shifts the DD schedule leftward from DD] to DD2. (Recall that the DD schedule shows exchange rate and output pairs for which aggregate demand equals aggregate output.) Figure 19-la shows how this shift affects the economy's equilibrium when the exchange rate floats. Because the demand shift is assumed to be temporary, it does not change the long-run expected exchange rate and so does not move the asset market equilibrium schedule A A1. (Recall that the/\/\ schedule shows exchange rate and output pairs at which the foreign exchange market and the domestic money market are in equilibrium.) The economy's short-run equilibrium is therefore at point 2; compared with the initial equilibrium at point 1, the currency depreciates (E rises) and output falls. Why does the exchange rate rise from El to E21 As demand and output fall, reducing the transactions demand for money, the home interest rate must also decline to keep the money market in equilibrium. This fall in the home interest rate causes the domestic currency to depreciate in the foreign exchange market, and the exchange rate therefore rises from El to E2.The effect of the same export demand disturbance under a fixed exchange rate is shown in Figure 19-1 b. Since the central bank must prevent the currency depreciation that occurs under a floating rate, it buys domestic money with foreign currency, an action that contracts the money supply and shifts AAl left to AA2. The new short-run equilibrium of the economy under a fixed exchange rate is at point 3, where output equals Y3. Figure 19-1 shows that output actually falls more under a fixed rate than under a floating rate, dropping all the way to K3 rather than Y2. In other words, the movement of the floating exchange rate stabilizes the economy by reducing the shock's effect on employment relative to its effect under a fixed rate. Currency depreciation in the floating rate case makes domestic goods and services cheaper when the demand for them falls, partially offsetting the initial reduction in demand. In addition to reducing the departure from internal balance caused by the fall in export demand, the depreciation reduces the current account deficit that occurs under fixed rates by making domestic products more competitive in international markets.We have considered the case of a transitory fall in export demand, but even stronger conclusions can be drawn when there is a permanent fall in export demand. In this case, the expected exchange rate Ee also rises and AA shifts upward as a result. A permanent shock causes a greater depreciation than a temporary one, and the movement of the exchange rate therefore cushions domestic output more when the shock is permanent. Under the Bretton Woods system, a fall in export demand such as the one shown in Figure 19-lb would, if permanent, have led to a situation of "fundamental disequilibrium" calling for a devaluation of the currency or a long period of domestic unemployment as export prices fell. Uncertainty about the government's intentions would have encouraged speculative capital outflows, further worsening the situation by depleting central bankreserves and contracting the domestic money supply at a time of unemployment. Advocates of floating rates pointed out that the foreign exchange market wouldautomatically bring about the required real currency depreciation through a movement in the nominal exchange rate. This exchange rate change would reduce or eliminate the need to push the price level down through unemployment, and because it would occurimmediately there would be no risk of speculative disruption, as there would be under a fixed rate.The Case Against Floating Exchange RatesThe experience with floating exchange rates between the world wars had left many doubts about how they would function in practice if the Bretton Woods rules were scrapped. Some economists were skeptical of the claims advanced by the advocates of floating and predicted instead that floating rates would have adverse consequences for the world economy. The case against floating rates rested on five main arguments:1. Discipline. Central banks freed from the obligation to fix their exchange rates might embark on inflationary policies. In other words, the "discipline" imposed on individual countries by a fixed rate would be lost.2. Destabilizing speculation and money market disturbances. Speculation on changes in exchange rates could lead to instability in foreign exchange markets, and this instability, in turn, might have negative effects on countries' internal and external balances. Further,disturbances to the home money market could be more disruptive under floating thanunder a fixed rate.3. Injury to international trade and investment. Floating rates would make relative international prices more unpredictable and thus injure international trade and investment.4. Uncoordinated economic policies. If the Bretton Woods rules on exchange rate adjustment were abandoned, the door would be opened to competitive currency practices harmful to the world economy. As happened during the interwar years, countries might adopt policies without considering their possible beggar-thy-neighbor aspects. All countries would suffer as a result.5. The illusion of greater autonomy. Floating exchange rates would not really give countries more policy autonomy. Changes in exchange rates would have such pervasive macroeconomic effects that central banks would feel compelled to intervene heavily in foreign exchange markets even without a formal commitment to peg. Thus, floating would increase the uncertainty in the economy without really giving macroeconomic policy greater freedom.DisciplineProponents of floating rates argue they give governments more freedom in the use of monetary policy. Some critics of floating rates believed that floating rates would lead to license rather than liberty: Freed of the need to worry about losses of foreign reserves, governments might embark on overexpansionary fiscal or monetary policies, falling into the inflation bias trap discussed in Chapter 16 (p. XXX). Factors ranging from political objectives (such as stimulating the economy in time to win an election) to simple incompetence might set off an inflationary spiral. In the minds of those who made the discipline argument, the German hyperinflation of the 1920s epitomized the kind of monetary instability that floating rates might allow.The pro-floaters' response to the discipline criticism was that a floating exchange rate would bottle up inflationary disturbances within the country whose government was misbehaving; it would then be up to its voters, if they wished, to elect a government with better policies. The Bretton Woods arrangements ended up imposing relatively little discipline on the United States, which certainly contributed to the acceleration of worldwide inflation in the late 1960s. Unless a sacrosanct link between currencies and a commodity such as gold were at the center of a system of fixed rates, the system would remain susceptible to human tampering. As discussed in Chapter 17, however, commodity-based monetary standards suffer from difficulties that make them undesirable in practice.Destabilizing Speculation and Money Market DisturbancesAn additional concern arising out of the experience of the interwar period was the possibility that speculation in currency markets might fuel wide gyrations in exchange rates. If foreign exchange traders saw that a currency was depreciating, it was argued, they might sell the currency in the expectation of future depreciation regardless of the currency's longer-term prospects; and as more traders jumped on the bandwagon by selling the currency the expectations of depreciation would be realized. Suchdestabilizing speculation would tend to accentuate the fluctuations around the exchange rate's long-run value that would occur normally as a result of unexpected economic disturbances. Aside from interfering with international trade, destabilizing sales of a weak currency might encourage expectations of future inflation and set off a domestic wage-price spiral that would encourage further depreciation. Countries could be caught in a "vicious circle" of depreciation and inflation that might be difficult to escape. Advocates of floating rates questioned whether destabilizing speculators could stay in business. Anyone who persisted in selling a currency after it had depreciated below its longrun value or in buying a currency after it had appreciated above its long-run value was bound to lose money over the long term. Destabilizing speculators would thus be driven from the market, the pro-floaters argued, and the field would be left to speculators who had avoided long-term losses by speeding the adjustment of exchange rates toward their longrun values.Proponents of floating also pointed out that capital flows could behave in a destabilizing manner under fixed rates. An unexpected central bank reserve loss might set up expectations of a devaluation and spark a reserve hemorrhage as speculators dumped domestic currency assets. Such capital flight might actually force an unnecessary devaluation if government measures to restore confidence proved insufficient.A more telling argument against floating rates is that they make the economy more vulnerable to shocks coming from the domestic money market. Figure 19-2 uses theDD-AA model to illustrate this point. The figure shows the effect on the economy of a rise in real domestic money demand (that is, a rise in the real balances people desire to hold at each level of the interest rate and income) under a floating exchange rate. Because a lower level of income is now needed (given E) for people to be content to hold the available real money supply, A A1 shifts leftward to AA2: Income falls from Y] to Y2 as thecurrency appreciates from E1 to E2. The rise in money demand works exactly like a fall in the money supply, and if it is permanent it will lead eventually to a fall in the home price level.Under a fixed exchange rate, however, the change in money demand does not affect the economy at all. To prevent the home currency from appreciating, the central bank buys foreign reserves with domestic money until the real money supply rises by an amount equal to the rise in real money demand. This intervention has the effect of keeping AA[ in its original position, preventing any change in output or the price level.A fixed exchange rate therefore automatically prevents instability in the domestic money market from affecting the economy. This is a powerful argument in favor of fixed rates if most of the shocks that buffet the economy come from the home money market (that is, if they result from shifts in AA). But as we saw in the previous section, fixing the exchange rate will worsen macroeconomic performance on average if output market shocks (that is, shocks involving shifts in DD) predominate.Injury to International Trade and InvestmentCritics of floating also charged that the inherent variability of floating exchange rates would injure international trade and investment. Fluctuating currencies make importers more uncertain about the prices they will have to pay for goods in the future and make exporters more uncertain about the prices they will receive. This uncertainty, it was claimed, would make it costlier to engage in international trade, and as a result trade volumes—and with them the gains countries realize through trade—would shrink. Similarly, greater uncertainty about the payoffs on investments might interfere with productive international capital flows.Supporters of floating countered that international traders could avoid exchange rate risk through transactions in the forward exchange market (see Chapter 13), which would grow in scope and efficiency in a floating-rate world. The skeptics replied that forward exchange markets would be expensive to use and that it was doubtful that forward transactions could be used to cover all exchange-rate risks.At a more general level, opponents of floating rates feared that the usefulness of each country's money as a guide to rational planning and calculation would be reduced. A currency becomes less useful as a unit of account if its purchasing power over imports becomes less predictable. Uncoordinated Economic PoliciesSome defenders of the Bretton Woods system thought that its rules had helped promote orderly international trade by outlawing the competitive currency depreciations that occurred during the Great Depression. With countries once again free to alter their exchange rates at will, they argued, history might repeat itself. Countries might again follow self-serving macroeconomic policies that hurt all countries and, in the end, helped none. In rebuttal, the pro-floaters replied that the Bretton Woods rules for exchange rate adjustment were cumbersome.In addition, the rules were inequitable because, in practice, it was deficit countries that came under pressure to adopt restrictive macroeconomic policies or devalue. Thefixed-rate system had "solved" the problem of international cooperation on monetary policy only by giving the United States a dominant position that it ultimately abused.The Illusion of Greater AutonomyA final line of criticism held that the policy autonomy promised by the advocates of floating rates was, in part, illusory. True, a floating rate could in theory shut out foreign inflation over the long haul and allow central banks to set their money supplies as they pleased. But, it was argued, the exchange rate is such an important macroeconomic variable that policymakers would find themselves unable to take domestic monetary policy measures without considering their effects on the exchange rate.Particularly important to this view was the role of the exchange rate in the domestic inflation process. A currency depreciation that raised import prices might induce workers to demand higher wages to maintain their customary standard of living. Higher wage settlements would then feed into final goods prices, fueling price level inflation and further wage hikes. In addition, currency depreciation would immediately raise the prices of imported goods used in the production of domestic output. Therefore, floating rates could be expected to quicken the pace at which the price level responded to increases in the money supply. While floating rates implied greater central bank control over the nominal money supply, M s, they did not necessarily imply correspondingly greater control over the policy instrument that affects employment and other real economic variables, the real money supply, M S IP. The response of domestic prices to exchange rate changes would be particularly rapid in economies where imports make up a large share of the domestic consumption basket: In such countries, currency changes have significant effects on the purchasing power of workers' wages.The skeptics also maintained that the insulating properties of a floating rate are very limited. They conceded that the exchange rate would adjust eventually to offset foreign price inflation due to excessive monetary growth. In a world of sticky prices, however, countries are nonetheless buffeted by foreign monetary developments, which affect real interest rates and real exchange rates in the short run. Further, there is no reason, even in theory, why one country's fiscal policies cannot have repercussions abroad.Critics of floating thus argued that its potential benefits had been oversold relative toits costs. Macroeconomic policymakers would continue to labor under the constraint of avoiding excessive exchange rate fluctuations. But by abandoning fixed rates, they would have forgone the benefits for world trade and investment of predictable currency values. CASE STUDYExchange Rate Experience Between the Oil Shocks, 1973-1980 Which group was right, the advocates of floating rates or the critics? In this Case Study and the next we survey the experience with floating exchange rates since 1973 in an attempt to answer this question. To avoid future disappointment, however, it is best to state up front that, as is often the case in economics, the data do not lead to a clear verdict. Although a number of predictions made by the critics of floating were borne out by subsequent events, it is also unclear whether a regime of fixed exchange rates would have survived the series of economic storms that has shaken the world economy since 1973. The First Oil Shock and Its Effects, I973-I975As the industrialized countries' exchange rates were allowed to float in March 1973, an official group representing all IMF members was preparing plans to restore world monetary order. Formed in the fall of 1972, this group, called the Committee of Twenty, had been assigned the job of designing a new system of fixed exchange rates free of the asymmetries of Bretton Woods. By the time the committee issued its final "Outline of Reform" in July 1974, however, an upheaval in the world petroleum market had made an early return to fixed exchange rates unthinkable.Energy Prices and the 1974-1975 Recession.In October 1973 war broke out between Israel and the Arab countries. To protest support of Israel by the United States and the Netherlands, Arab members of the Organization of Petroleum Exporting Countries (OPEC), an international cartel including most large oil producers, imposed an embargo on oil shipments to those two countries. Fearing more general disruptions in oil shipments, buyers bid up market oil prices as they tried to build precautionary inventories. Encouraged by these developments in the oil market, OPEC countries began raising the price they charged to their main customers, the large oil companies. By March 1974 the oil price had quadrupled from its prewar price of $3 per barrel to $ 12 per barrel.The massive increase in the price of oil raised the energy prices paid by consumers and the operating costs of energy-using firms and also fed into the prices of nonenergy petroleum products, such as plastics. To understand the impact of these price increases, think of them as a large tax on oil importers imposed by the oil producers of OPEC. The oil shock had the same macroeconomic effect as a simultaneous increase in consumer and business taxes: Consumption and investment slowed down everywhere, and the world economy was thrown into recession. The current account balances of oil-importing countries worsened.The Acceleration of Inflation. The model we developed in Chapters 13 through 17 predicts that inflation tends to rise in booms and fall in recessions. As the world went into deep recession in 1974, however, inflation accelerated in most countries. Table 19-1 shows how inflation in the seven largest industrial countries spurted upward in that year. In a number of these countries inflation rates came close to doubling even though unemployment was rising.What happened? An important contributing factor was the oil shock itself: By directly raising the prices of petroleum products and the costs of energy-using industries, the increase in the oil price caused price levels to jump upward. Further, the worldwide inflationary pressures that had built up since the end of the 1960s had become entrenched in the wage-setting process and were continuing to contribute to inflation in spite of the deteriorating employment picture. The same inflationary expectations that were driving new wage contracts were also putting additional upward pressure on commodity prices as speculators built up stocks of commodities whose prices they expected to rise.Finally, the oil crisis, as luck would have it, was not the only supply shock troubling the world economy at the time. From 1972 on, a coincidence of adverse supply disturbances pushed farm prices upward and thus contributed to the general inflation.。
关于贸易壁垒英语作文初一
Trade barriers are measures imposed by governments to protect domestic industries from foreign competition.They come in various forms,including tariffs,quotas,and nontariff barriers.Heres a detailed composition on trade barriers suitable for a junior high school level:Title:Understanding Trade BarriersIntroduction:In the global economy,trade barriers are a common phenomenon.They are implemented by governments to shield their local industries from the intense competition posed by international markets.These barriers can be both beneficial and detrimental,depending on the perspective from which they are viewed.Tariffs:Tariffs are taxes imposed on imported goods,making them more expensive for consumers.This,in turn,encourages consumers to buy domestically produced goods. Tariffs can protect local industries from being overwhelmed by cheaper foreign alternatives,thus preserving jobs and supporting the domestic economy.Quotas:Quotas are limitations on the quantity of a particular product that can be imported into a country within a specific time frame.By restricting the amount of foreign goods,quotas protect domestic producers from being flooded by an excess of imports,which could lead to the collapse of local businesses.Nontariff Barriers:Nontariff barriers encompass a wide range of measures that do not involve direct taxes or quotas.These can include regulations,standards,and licensing requirements that make it more difficult for foreign goods to enter the market.While these barriers can protect consumers from potentially harmful products,they can also be used to unfairly discriminate against foreign goods.Positive Aspects of Trade Barriers:1.Job Protection:By supporting local industries,trade barriers can help preserve jobs and maintain employment levels within the country.2.Industry Development:They can provide a nurturing environment for domestic industries to grow and innovate without the pressure of immediate foreign competition.3.National Security:In some cases,trade barriers can be used to protect strategic industries that are vital to national security.Negative Aspects of Trade Barriers:1.Increased Prices:Tariffs and quotas can lead to higher prices for consumers,as the cost of imported goods increases.2.Limited Choices:Consumers may have fewer options to choose from,as the variety of goods available in the market is reduced.3.Strained International Relations:Trade barriers can lead to trade wars and strained relations between countries,as they may retaliate with their own barriers. Conclusion:While trade barriers can offer shortterm protection to domestic industries,they are not a sustainable solution for longterm economic growth.Encouraging fair competition and fostering innovation within industries can lead to more robust and competitive economies. It is essential for governments to strike a balance between protecting their economies and promoting international trade for mutual benefit.Recommendations:1.Gradual Reduction:Governments should consider gradually reducing trade barriers to allow for a smoother transition to a more open market.2.International Cooperation:Working with international partners to establish fair trade agreements can help minimize the negative impacts of trade barriers.3.Domestic Industry Support:Instead of relying solely on trade barriers,governments should invest in education,research,and development to strengthen domestic industries. Understanding trade barriers is crucial for students as it helps them grasp the complexities of international trade and the role of government policies in shaping economic outcomes.。
新西兰为实现碳中和采取的措施英语文章
新西兰为实现碳中和采取的措施英语文章New Zealand's national climate change Commission released its draft proposal on reducing carbon emissions on January 31 and began to solicit public opinions. The draft includes phasing out fuel vehicles and accelerating the development of renewable energy. The Commission warned that New Zealand must accelerate its actions if it is to be carbon neutral by 2050. The New Zealand government will make a final decision on whether to take these measures before the end of 2021. Prime Minister Aden said, "as we adapt to a zero carbon economy, New Zealand enterprises will usher in new opportunities". Chinese enterprises may also pay attention to these opportunities.According to the proposal of the New Zealand National Climate Change Commission in the draft, the emission reduction will start at a fairly moderate rate, with an average annual reduction of 5.6% over 2018 in the next four years, but then the emission reduction rate will gradually rise to 26% per year from 2031 to 2035. The chairman of the committee, rodCarr, admitted that this proposal was ambitious, but said it was achievable and made it clear that "decisive action was needed immediately".新西兰国家气候变化委员会1月31日公布该国减少碳排放的建议草案，并开始征求公众意见。
BIG ASS FANS商品说明书
AirGo 2.0Black Jack Yellow Jacket AirEyePivot 2.0WHAT IS THE PERIOD OF COVERAGE?To obtain warranty service, you will be required to provide documentation verifying the date the product was received and installed.Period of Coverage1AirEye2AirGo Black Jack Basic 6Essence Isis Pivot 2.0Powerfoil 8Powerfoil 8PlusPowerfoil X3.0Powerfoil X3.0Plus Y ellow Jacket Hub andAirfoils7 years Lifetime3Lifetime3Lifetime3Lifetime3Lifetime 3Lifetime3Lifetime3Lifetime3 3 years Parts7 years 3 years3 years 12 years45 years 5 years3 years12 years47 years 3 years1. Warranty information provided here applies to new units only and does not pertain to refurbished units.2. The Warranty Period for the AirEye Occupancy Sensor is limited to 5 years. The Warranty Period for painted surfaces is limited to 1 year.3. “Lifetime” means a period ending seven (7) years after Big Ass Fans discontinues manufacturing the product, as such period is defined by Big Ass Fans, but in no event shall this period be less than 12 yearsfrom the date that the Warranty Period commences, as defined above.4. The first three (3) years are warranted at 100% and prorated thereafter.WHAT IS COVERED?This Warranty is provided by Big Ass Fans of 2348 Innovation Drive, Lexington, KY, USA, and covers any defects in materials or workmanship under normal use and maintenance that adversely affect the ability of the fan to operate properly when the product is installed correctly according to Big Ass Fans’ written installation instructions by a state qualified or licensed electrical contractor and operated pursuant to these instructions, and when such fans are purchased directly from Big Ass Fans or a Big Ass Fans Authorized Dealer. This Limited Warranty is subject to all provisions, conditions, limitations, and exclusions described within this document. This Warranty is limited solely to products purchased directly from the Big Ass Fans family of companies or from one ofits authorized dealers. Under no circumstances will warranty coverage extend to products purchased through eBay, craigslist, or other internet auction or internet-based retail sites. This Warranty is valid for products installed outside of the 50 states of the United States and District of Colombia, the 10 Canadian Provinces and Territories, Australia, Singapore, and Malaysia.WHO IS COVERED?This Warranty extends to the original purchaser and subsequent owners, but only while the fan remains at the site of the original installation unless not permanently installed (portable). This Warranty extends through the first installation of the fan and terminates if the fan is moved or reinstalled at a new location if the fan is permanently installed.WHAT WILL BIG ASS FANS DO?During the Warranty Period, Big Ass Fans will, at its option and cost:1. Repair or replace the affected component(s) of any defective motor, component, or accessory;Basic 6 Powerfoil X3.0Powerfoil8Isis Essence2. Repair or replace the defective product; or3. Refund the price you paid for the product upon return of the product to Big Ass Fans, shipping and insurance prepaid by you.The foregoing constitutes your exclusive remedy and the limit of liability for Big Ass Fans, and for any and all losses in connection with this product.WHAT STEPS ARE REQUIRED TO OBTAIN WARRANTY SERVICE?1. If the fan is operating, immediately turn off the fan.2. Contact Big Ass Fans’ Technical Support Department as soon after the issue is discovered as possible by:a. Calling the Technical Support phone number listed for your region; orb. Visiting the Big Ass Fans website and submitting a technical support form.3. Once the Technical Support Representative has received your warranty claim, a case will be processed. In order to process this case, please have thefollowing information available:a. Your name, address, phone number, and installation address;b. Product brand name, serial number, purchase price, and verification of product installation or premises possession date;c. Detailed description of the problem you have experienced.4. If the Technical Support Representative determines that the warranty claim is valid and that a replacement part is required, the Representative will processthe claim and the replacement part will be shipped to you. Included in the shipment of the replacement part will be any shipping labels and documents needed to return the original part, including a Return Materials Authorization (RMA) number.Note: Your receipt of the replacement part constitutes your agreement to return the failed part to Big Ass Fans within 15 days of the receipt of the replacement part delivery. If Big Ass Fans does not receive the original part, you will be invoiced for the retail cost of the replacement part, and you will be responsible for payment for the replacement part upon receipt of the invoice. Big Ass Fans reserves all rights it retains under law to collect the retail cost of the replacement part if the original is not returned as specified above.5. Obtaining service may involve contacting a contractor to remove, repair, or replace the fan, or to remove the fan and return it to us.Please be patient while we arrange for or undertake the necessary warranty service. We will provide you with regular status updates, as well as shipment dates, if appropriate, until your fan is back in service.CONDITIONS1. Big Ass Fans reserves the right to make the final determination, based on its own evaluation of the fan and all components, as to whether:a. The problem in question is the result of a defect in design, workmanship, or materials, and not a result of error, misuse, or abuse on the part of thecustomer as set forth under the exclusions detailed in this Warranty;b. Noise heard during operation is within normal operating levels, in which case this Warranty would be inapplicable. Note: Certain electrical, motor, orother operating noise may be impossible to eliminate due to the fan design and/or site conditions. Dissatisfaction with normal operating noise levels is not covered by this Warranty, and return of any fans for this reason will be subject to Big Ass Fans’ Return Policy (see below).c. Adverse site conditions, (including, but not limited to, excessive dust, heat, humidity, unstable electric service, or any other unknown or unforeseencondition that affects the proper operation of the products) improper application, or improper installation is determined to be the basis for the failure.d. The problem or defect is material and requires action under this warranty; ande. The remedy of repair, replacement, or refund is appropriate.2. If Big Ass Fans determines, in its sole discretion, that the appropriate remedy under the Warranty is a refund, the refund amount will be limited to theprice paid by the customer for the product alone, and under no circumstances will it include the cost of labor, shipping, handling, packaging, or any other incidental or consequential costs incurred or anticipated by the customer.3. With respect to replacement or repair rendered, Big Ass Fans reserves the right to use replacement parts that are refurbished. Big Ass Fans warrantsthat the parts replaced or repaired, whether or not they have been refurbished or are original equipment, will operate properly and be free from defects in materials and workmanship for a period of 90 days from the date of shipment to the customer, or for the remainder of the original warranty period, whichever is longer.4. A service fee, parts replacement fee, and shipping charges may be imposed if any fan is returned for warranty service that is missing components or thathas been modified in any way. Such fees and charges will vary based upon the actual material and labor costs necessary to replace missing or modified parts and to return the fan to its original factory condition.RETURN POLICYReturns must be received within 90 days of shipment. The customer will be responsible for return freight charges. A restocking fee of 25% for unopened boxes and 50% for opened boxes applies to all returns.WHAT IS NOT COVERED (EXCLUSIONS)?This Warranty is valid outside of the United States, Canada, Australia, Singapore, and Malaysia. No other written or oral warranties apply, and no employee, agent, dealer, or other person is authorized to give any warranties on behalf of Big Ass Fans.ATTENTION: Under no circumstances will the Big Ass Fans be responsible for remedial work necessary to correct installation procedures by others that do not conform to those established by the instructions, codes, and standards described under items 2 through 3d below.1. Units purchased from any entity other than Big Ass Fans, Big Ass Fans Affiliated Companies in Australia or Asia, or a Big Ass Fans Factory AuthorizedDealer.2. Units or components where the serial number or part number sticker has been removed or defaced.3. Defects, malfunctions, failure or physical damage caused by unauthorized service/parts and improper installation, adverse site conditions (including, butnot limited to, excessive heat, dust or humidity, unstable electric service, or any other unknown or unforeseen condition that affects the proper operation of the products), mishandling, modifications, or damage while in your possession including failure to provide reasonable and necessary maintenance, which shall include, but not be limited to:a. Failure to follow the required installation procedures specified in the Big Ass Fans-supplied Installation Manual and in all other documentation suppliedwith the fans and related equipment;b. Failure to follow all relevant codes and ordinances including, but not limited to, any applicable electric codes or similar codes and other jurisdictional(including provinces and localities) local building codes;c. Failure to follow electrical engineering industry standards regarding the approved method of installing solid-state electrical equipment having thecharacteristics of the fan, the fan control, and their related components, even if such standards are not specifically referenced in any instructions or literature supplied by Big Ass Fans;d. Failure to properly use all installation and mounting hardware supplied by Big Ass Fans;e. Any modification or alteration of, or adjustment to the fans, fan control, and/or mounting and installation hardware and/or any disassembly of the majorcomponents of the fans and fan controls for any purpose whatsoever, including any attempt to diagnose and/or repair any problem, without prior written authorization from Big Ass Fans’ Technical Support Department;f. Misuse, abuse, accidents, unreasonable use, or Acts of God;g. Incorrect electric current, voltage, or supply;h. Failure to use fan controls supplied by Big Ass Fans unless:i. Big Ass Fans’ Technical Support Department has provided written permission prior to installation; andii. The fan controls are built, operated, and maintained according to specifications provided to and approved by Big Ass Fans’ Technical Support Department.i. Failure to perform periodic maintenance as detailed in the Big Ass Fans-supplied Installation Manual.4. Consequential or incidental damages sustained by any person, entity, or structure as a result of any breach of these warranties, except where suchdamages may not be excluded by law.5. Claims made for products that have not been paid for in full.6. Damage caused by premises structural defects, structural movement or settlement, exposure to chemicals, salt water, acid rain or other corrosiveelements, excessive humidity, and/or wind.7. Normal changes to the finish caused by ordinary use or damage to non-factory applied finishes.8. Damage or failure caused by subjection of the product to conditions outside its design limitations.9. Defects reported more than 90 days from when they were discovered or should have been discovered.10. With regard to electrical and electronic components provided by Big Ass Fans that comprise part of the products, including motors, motor drives, andvariable frequency drives, Big Ass Fans relies on the determination by the original manufacturer as to whether the failure of such component was the result of a defect. If the manufacturer of such component determines that there was no defect and therefore refuses to cover it under warranty, Big Ass Fans likewise will not warranty such item unless Big Ass Fans determines that the failure of such electrical or electronic component was the result of a defect of design, workmanship, or material within some other part of the products.DEFINITIONS“Operate properly” applies to mechanical, electrical, and structural functions only. No guarantee, unless and except by separate written agreement, is made regarding the dimensions or air movement generated or the appropriateness of the effectiveness of any product for its intended purpose or for the customer’s particular application.ADDITIONAL RIGHTSThe benefits given to you under this Warranty are in addition to and do not affect any other rights or remedies that you have under any law which relates to this product.THIS WARRANTY IS EXPRESSLY IN LIEU OF ALL OTHER WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE, AND OF ALL OTHER OBLIGATIONS AND LIABILITIES ON BIG ASS FANS’ PART, AND BIG ASS FANS NEITHER ASSUMES NOR AUTHORIZES ANY PERSON TO ASSUME FOR IT ANY OTHER LIABILITY IN CONNECTION WITH THE SALE OF THE PRODUCTS. NO OTHER WARRANTY, EXPRESSED OR IMPLIED, WHETHER OF FITNESS FOR A PARTICULAR PURPOSE OR OF MERCHANTABILITY OR OF ANY OTHER KIND, WHETHER OR NOT SIMILAR IN NATURE TO ANY PREVIOUSLY SPECIFIED, SHALL EXIST WITH RESPECT TO SUCH PRODUCTS, ALL SUCH WARRANTIES BEING HEREBY DISCLAIMED BY BIG ASS FANS AND WAIVED BY CUSTOMER. UNDER NO CIRCUMSTANCES SHALL BIG ASS FANS COMPANY BE LIABLE FOR ANY LOSS, DAMAGE, COST OF REPAIR, OR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND IN CONNECTION WITH THE USE, SALE, OR REPAIR OF ANY PRODUCTS PURCHASED FROM BIG ASS FANS, UNLESS SUCH DAMAGES CANNOT BE EXCLUDED BY LAW.Big Ass Fans reserves the right to change this warranty at any time without advance notice.。
2024版联合国国际货物销售合同公约(英文)
2024 United Nations Convention onInternational Sale of Goods (CISG)1. Scope and ApplicationThe CISG applies to contracts for the sale of goods between parties from different countries, provided that these countries are Contracting States. The 2024 version clarifies the criteria for determining the applicable law when the parties' places of business are in different countries.2. Formation of the Contract3. Obligations of the Seller4. Obligations of the BuyerThe buyer's obligations include taking delivery of the goods, paying the price, and examining the goods upon receipt. The 2024 CISG emphasizes the buyer's responsibility toprovide timely notice of any defects or nonconformities.5. Passing of RiskThe CISG addresses the transfer of risk from the sellerto the buyer. The 2024 edition includes provisions thatclarify the circumstances under which risk passes,particularly in cases of carriage of goods and delivery to a carrier.6. Remedies for Breach of ContractThe CISG provides remedies for both sellers and buyers in the event of a breach of contract. The 2024 version introduces additional remedies, such as the right to recover consequential damages and the option to demand specific performance in certain cases.7. Exemptions from LiabilityThe CISG recognizes certain circumstances that may exempt a party from liability for nonperformance. The 2024 edition expands the scope of these exemptions to include force majeure events and other unforeseeable circumstances.8. Validity of the ContractThe CISG acknowledges that contracts may be subject to the mandatory laws of the Contracting States. The 2024 version reinforces the principle that the CISG does notaffect the validity of a contract under these laws.9. Settlement of DisputesThe CISG encourages the resolution of disputes through mediation and arbitration. The 2024 edition provides additional guidance on the choice of forum and the recognition and enforcement of foreign judgments and arbitral awards.10. Modification and Termination of the ContractThe CISG acknowledges that contracts may need to be modified or terminated due to changing circumstances. The2024 version introduces clearer guidelines on the process for amending contracts, ensuring that any changes are agreed upon both parties and are consistent with the original contract's intent. Additionally, the convention provides rules for the termination of a contract, specifying the rights and obligations of each party upon termination.11. battle of the Forms12. Incorporation of Standard TermsThe convention addresses the use of standard terms and conditions either party. The 2024 edition emphasizes the need for such terms to be explicitly incorporated into the contract and provides guidance on how to determine whether standard terms have been effectively included.13. Interpretation of the CISGUnderstanding the intent behind the CISG is crucial forits proper application. The 2024 version includesinterpretive guidance to assist courts and arbitrators in construing the convention's provisions. This section underscores the importance of interpreting the CISG in a manner that furthers its purpose of facilitatinginternational trade.14. Good Faith and Fair DealingThe principle of good faith is a cornerstone of the CISG. The 2024 edition reinforces the obligation of parties to actin good faith and fair dealing in all their contractual relations. This includes a duty to disclose information thatis material to the contract and to refrain from engaging in deceptive practices.15. Electronic Commerce16. Sustainability and Environmental Considerations17. Final ProvisionsThe final provisions of the 2024 CISG address the convention's entry into force, the procedure for denunciation, and the settlement of disputes related to the interpretationor application of the CISG. These provisions are designed to ensure the smooth operation of the convention and to providea clear path for resolving any issues that may arise.18. The Role of Warranties and RepresentationsThe 2024 CISG delves deeper into the role of warranties and representations in the context of international sales contracts. It provides clearer guidance on the distinction between the two, and how they can impact the obligations ofthe parties. The convention specifies that warranties are affirmations of fact or promises that form part of the basisof the contract, while representations are statements that induce the other party to enter into the contract. Theupdated CISG ensures that these terms are given due weight in the event of disputes.19. Impact of National Laws on the CISG20. The CISG and Developing CountriesRecognizing the unique challenges faced developing countries in international trade, the 2024 CISG includes provisions that aim to level the playing field. These provisions offer support and guidance to businesses and governments in developing nations, helping them to better understand and utilize the CISG to their advantage. The convention encourages the sharing of knowledge and best practices to facilitate the integration of these countries into the global economy.21. The CISG and Consumer ProtectionThe 2024 CISG acknowledges the growing importance of consumer protection in international transactions. While the convention primarily governs businesstobusiness contracts, the updated version includes provisions that address the interface between the CISG and consumer protection laws. It aims to ensure that the principles of the CISG do not undermine the protection afford to consumers national legislation.22. The CISG and Intellectual Property RightsWith the increasing value of intellectual property in international trade, the 2024 CISG addresses the relationship between the convention and intellectual property rights. Theupdated text clarifies that the CISG does not affect the rights and obligations arising from intellectual property laws, and it encourages parties to consider IP issues when drafting their contracts.23. The CISG and Transport DocumentsThe CISG recognizes the importance of transport documents in the sale of goods across borders. The 2024 version includes provisions that provide more detailed guidance on the use and transfer of transport documents, such as bills of lading. These provisions aim to streamline the shipping process and reduce the risk of disputes related to the transportation of goods.24. The CISG and the Future of International Trade。
关于CISG“补缺”规则的探析
关于CISG“补缺”规则的探析
刘珂;魏轶东
【期刊名称】《中外企业家》
【年(卷),期】2011(000)014
【摘要】《联合国国际货物销售合同公约》作为长期以来国际贸易统一法运动的产物,反映了统一法运动的发展趋势,对国际贸易产生了巨大影响.统一国际贸易法律的有效实施,依赖于对《公约》的统一解释,并补充《公约》可能存在的漏洞.对此,《联合国国际货物销售合同公约》的第七条做了开创性的规定.本文将探讨第七条第二款漏洞填补规则的适用,以期对其有一个清晰的理解.
【总页数】6页(P163-168)
【作者】刘珂;魏轶东
【作者单位】北京市中伦律师事务所,北京100022;北京市中伦律师事务所,北京100022
【正文语种】中文
【中图分类】D996.1
【相关文献】
1.CISG减损规则及其在中国的适用 [J], 刘瑛
2.CISG——违约损害赔偿之减损规则的适用 [J], 胡棕
3.论CISG损害可预见性规则的适用要件分析 [J], 梁晓丽
4.基于逻辑梳理的CISG货物相符规则研究 [J], 向前
5.国际贸易一般原则与CISG漏洞补缺 [J], 罗洁
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2021-2022学年上海交大附中高一(上)期末英语试卷
2021-2022学年上海交大附中高一（上）期末英语试卷1.（问答题，1.5分）A.Go to sleep.B.Watch the film later.C.Change the channel.D.Set the alarm clock.2.（问答题，1.5分）A.The man is mistaken.B.The man should prepare for the test.C.She needs to read the page carefully.D.She's working on a long book.3.（问答题，1.5分）A.He is lucky to escape the storm.B.He isn't surprised at the news at all.C.He doesn't understand what the man means.D.He wonders how many roofs were damaged.4.（问答题，1.5分）A.The textbook she needs isn't in yet.B.She hopes to get a good deal on textbooks.C.The books there are too expensive.D.She cannot get the book before class.5.（问答题，1.5分）A.She forgot to bring her money.B.She didn't have the tickets with her.C.She won't be able to get the discount.D.She doesn't want to attend the concert.6.（问答题，1.5分）A.By ferry.B.By bus.C.By taxi.D.On foot.7.（问答题，1.5分）A.WeirB.Handsome.C.Funny.D.Diligent.8.（问答题，1.5分）A.He has just left the company.B.He is the new manager of the company.C.He is getting better gradually.D.He will run the company in a different way.9.（问答题，1.5分）A.He doesn't want to live in the student flat.B.He would rather find a place near the university.C.Living at home is convenient but costs much.D.Looking for a student flat is not as difficult as thought.10.（问答题，1.5分）A.The man should plan the week for the revision.B.The man needs to confirm the date of the exams.C.She is also under great stress due to the coming exams.D.It's impossible to complete the revision before the exams.11.（问答题，3分）（1）A.How tents were used in wars.B.How the sick were brought to hospital.C.Where the Spanish drove the Moors out.D.Where doctors treated wounded soldiers.（2）A.The first civilian ambulance was put to use.B.The first two-wheeled ambulance came into being.C.The first organized ambulance service was started.D.The first motorized ambulance appeared on the market.（3）A.The services of the ambulance.B.The history of the ambulance.C.The types of the ambulance.D.The application of the ambulance.12.（问答题，3分）（1）A.They make it possible to follow swimmers' progress.B.They help swimmers to perform better.C.They first appeared in the 1970s.D.They are electronically tagged.（2）A.Their design stayed the same for long.B.They could hardly help players win.C.Their materials remain a mystery.D.They used to be made of wood.（3）A.Why technology has improved sports so much.B.How technology has changed the world of sports.C.Whether he/she is for or against technological developments in sports.D.What opinion studio guests hold as to the effect of technology on sports.13.（问答题，4分）（1）A.She spent some time recovering from the tiring flight.B.She encountered several lovely and helpful people.C.She met with some pleasant and amazing things.D.She tried to get familiar with the directions.（2）A.Well worth the price.B.Full of surprises.C.Friendly to the environment.D.Unique but tiresome.（3）A.It helped her get a true picture of the city.B.It made her fed up with the place.C.It reminded her of another trip.D.It was beyond her expectation.（4）A.A city.B.A flight.C.A journey.D.A book.14.（单选题，1分）I picked up my phone and was about to call you；_____________the battery was dead.（）A.findingB.only to findC.foundD.having found15.（单选题，1分）She walked away from me,and I was left_____________ what to do next.（）A.decidingB.decideC.to decidingD.to decide16.（单选题，1分）George Floyd's killing was such a moment when white America finally understood how dangerous________ a Black man in the United States.（）A.it wasB.was it to beC.it was to beD.it was being17.（单选题，1分）The researcher puts these impolite behaviors under a microscope in an attempt to explain why we seem_____________ so much ruder these years.（）A.to be becomingB.becomingC.to becomingD.that we become18.（单选题，1分）---He can speak English because he once lived in London.---Really？How long ____ there？（）A.does he liveB.is he livingC.has he livedD.did he live19.（单选题，1分）The purpose of the research is_____________ more about the causes of the disease.（）A.trying to find outB.to try to find outC.trying finding outD.to try finding out20.（单选题，1分）If you_____________ in good relationship with your best friend,you should tell him the truth.（）A.are to stayB.are stayingC.will stayD.stay21.（单选题，1分）Rather than_____________ less out of their pocket,researchers at the Peking University find that whenevaluating two deals,consumers prefer ____________more.（）A.take...getB.taking...gettingC.take...to setD.to take...getting22.（单选题，1分）I didn't mean_____________ anyone but the remark were so mean that Ijust_________.（）A.to/hurt…burst out cryingB.to hurt…burst out tearsC.hurting…burst out cryingD.hurting…burst out tears23.（单选题，1分）Behind the door_____________ my raincoat.（）A.hangedB.hangingC.is hangingD.is hung24.（单选题，1分）Scientists observed that an unexplained burst of light _____________600，000 suns in brightness occurred from a star in the universe.（）A.equaling toB.was equalC.equaledD.equaling25.（单选题，1分）Octacore allows cell phone users to run multiple applications at the same time without the phone_____________ to stand still.（）ingB.having comeC.to comee26.（单选题，1分）In 1965，it was the first time that African-Americans in USA_____________ to vote,and a higher percentage of blacks than whites voted in a presidential election_____________ in history in 2012.（）A.had had the right…the first timeB.had had the right…for the first timeC.had the right…for the first timeD.had the right…the first time27.（单选题，1分）She is going to deliver a speech at the conference _____________next week.（）A.to holdB.to take placeC.occurredD.held28.（单选题，1分）The new department of the organization which_____________ the existing problems,produced even more troubles however.（）A.had intended to have solvedB.intended to be solvingC.had been intended to be solvingD.intended to have solved29.（单选题，1分）_____________by the belief that every life has equal value,the foundation works to help people lead healthy,and productive lives.（）A.GuidingB.To be guidedC.GuidedD.Being guided30.（单选题，1分）_____________2 gold medals and 5 silver medals in 2016，2019 and 2020，and it proved its great attention to continuous efforts to strengthen the reputation in the international wine market.（）A.The company has wonB.Having winningC.WinningD.The company won31.（单选题，1分）According to CBC news,the female candidate led the race with few votes_____________.（）A.remaining to be countedB.remained to be countedC.remaining to countD.remained to count32.（单选题，1分）The committee will meet tomorrow,with experts_____________ the national cyber security in the context of the cyber attacks.（）A.discussingB.having discussedC.to discussD.discussed33.（单选题，1分）WHO recommends_____________ an alcohol-based handrub in most clinical situations,so I also recommend you_____________ it to clean your hands.（）ing…usingB.to use…usingC.to use…to useing…to use34.（单选题，1分）I would never consider_____________ sleeping tablets regularly,but myfather_____________ the medicine for three years.（）ing…had takenB.to use…had takening…tookD.to use…took35.（单选题，1分）The farm has been transformed into a school for one class of difficult students.And it's the job of one man _____________these students something in two weeks.（）A.to teachB.teachingC.teachD.to teaching36.（单选题，1分）To recruit more people,they have_____________ the spare room into a new office.（）A.conversedB.convertedC.conservedD.convinced37.（单选题，1分）It was believed that medical negligence _____________her death.Which one is NOT correct？（）A.contributed toB.arose inC.brought aboutD.resulted in38.（单选题，1分）The news has _____________an emerging scandal involving the police department of Alabama.（）A.recoveredB.discoveredC.overheardD.covered39.（单选题，1分）The pamphlet gives all the details on how to claim benefits for a（n）_____________spouse.（）A.survivingB.aliveC.survivalD.lively40.（单选题，1分）These measures have been taken with a（n）_____________to increasing the company's profits.（）A.viewB.intentionC.purposeD.aim41.（单选题，1分）The manager was_____________ as saying that regardless of the final outcome,they would move the company forward.（）A.reportedB.recitedC.quotedD.pointed42.（单选题，1分）_____________several occasions the Special Representative asked for official statistics in this regard,but has so far received no response.（）A.InB.OnC.UnderD.During43.（单选题，1分）Will they go ahead with their plans,even_________ offending their important business partners？（）A.as the result ofB.on behalf ofC.at the risk ofD.on the cost of44.（单选题，1分）Although the news reports focused on the relationship between Williams and Woods,one minor detail_____________ my attention.Which one is NOT correct？（）A.caughtB.arousedC.broughtD.attracted45.（问答题，10分）A.expedition B.evidently C.developed D.facility E.accommodationF.isolatedG.enhancedH.hardlyI.practicallyJ.honorK.housedAmericans have occupied the geographic South Pole continuously since November 1956.The station stands at an elevation of 2，835 meters on Antarctica's nearly featureless icesheet,which is about 2，700 meters thick at that location and recorded temperature varies between -13.6℃ and -82.8℃.The station's name is in（1）___ of Roald Amundsen and Robert F.Scott,who reached the South Pole in 1911 and 1912.The original Amundsen-Scott Station,built to support the scientific goals of the International Geophysical Year,was begun in November 1956.As interest in polar research increased,a new design and a larger station was（2）___ necessary.Before November 1956，there was no permanent artificial structure at the pole,and（3）___ no human presence in the interior of Antarctica.The few scientific stations in Antarctica were near its coast.In 1975 the central area of the station was rebuilt.Detached buildings（4）___ instruments for monitoring the upper and lower atmosphere and for numerous projects in astronomy.In 1997，a redevelopment plan to upgrade the station began.The new station,which was dedicated in 2008，is one elevated and connected（5）___ .To cater to changes in population from winter to summer,certain areas can be closed.Remote science facilities are being （6）___ ，and are located away from the main station to minimize interference between necessary operations and science.As part of the elevated station,the existing arch（拱顶）was used for fuel storage and waste management.New arches provide（7）___ for the power plant and garage shops.The benefits of elevated structures include reduced snow drifting,increased building life,smaller environmental impact,（8）___ safety,and more cost-effective construction.Some 50 scientists and support personnel winter at the station,and up to 150 people work there during the summer.The station's winter personnel are （9）___ between mid-February and late October.The station has collected the longest continuous set of meteorological data from Antarctica's vast interior ice area,and it is well located for（10）___ and research.Astronomy and astrophysics have flourished in recent years,taking advantage of excellent properties of the atmosphere.Other areas of interest include glaciology,ocean and climatesystems,astrophysics,astronomy,and biology.46.（问答题，10分）A.historical B.rationing C.original D.regulated E.reflected F.refugeG.stored H.removal I.typical J.character K.restoredThe 1940s HouseThe house is at 17 Braemar Gardens,West Wickham,Kent,now a suburb of Greater London.Series art director Lia Kramer,who had helped create The 1900 House,identified the property and oversaw its restoration.The（1）___ house was built in 1932 by Bradfield Bros ＆Murphy,and was retrofitted（翻新）so that the technology and fashions of a middle-class English home of the late 1930s were （2）___ .It is a three-bedroomed home,with a boiler fueled by coke providing hot water,and there was no telephone or refrigerator.The retrofit included the （3）___ of central heating,the custom-fitted kitchen cabinets and appliances,and the carpeting as well.The carpeting had been used to cover the original checkerboard floor tiles.Fireplaces were（4）___ to working condition,and the original French doors which led outside were reinstalled.The existing beds were replaced by iron bedsteads,including twin beds for Michael and Lyn.When neighbours learned of the project,many donated period home furnishings for free.The garden was changed to be（5）___ of a victory garden,which was also called war garden or food garden for defenseThe family's work in the show was demanding.The family had to act like a typical family of the time,which included the sewing of curtains,building an air-raid shelter,and facing wartime food （6）___ .Air raids were like real during the show,forcing the family to take （7）___ in its air-raid shelter.The near-nightly sound of the air-raid siren（fixed in a hallway in the home）left the family upset,even after they returned to their regular lives.The family had to stay in（8）___ all the time,including when the boys went to school.Even minor aspects of life,such as the depth of water in the bath tub,which could be no deeper than five inches,were （9）___ .Filming began on 15 April 2000，and lasted nine weeks.Unlike other （10）___ reality television shows,the Hymers were not isolated.Their neighbours helped them dig their air-raid shelter,the family also visited a retirement home.Nonetheless,Lyn Hymers later said that the family did feel isolated,and seldom got the sense of community spirit that people living in the 1940s would have felt.47.（填空题，15分）Adolescents are generally more likely to lean into risk and uncertainty than children or adults—and that's a good thing.Recent research（1）___ adolescent risk taking helps us understand why we' re more likely to（2）___ things that feel uncertain or scary during these years,and why these risks are so important to learning and development.It also provides insights into how this desire for exciting experiences can promote healthy versions of risk taking that adults can support.Adolescence is particularly filled with uncertainty,as young people figure out who they are in the （3）___ of shifting social landscapes,new responsibilities,and more challenging schoolwork.Research has shown that adolescents are more willing than adults to enjoy uncertainty and explore situations in which there is a potential for a reward（in whatever form），but the outcome is not assured.This（4）___ for uncertain outcomes is essential to learning and development during adolescence.Meanwhile,our brains （5）___ significant changes during adolescence,adding new connections and strengthening frequently used pathways in response to experience.One of the ways the brain responds to experiences that matter is through dopamine.Dopamine is involved in how the brain processes （6）___ ，but it's not just a "feel good" chemical.Every time we dosomething with an uncertain outcome - taking a "risk" - increased dopamine is released.This release （7）___ other parts of the brain that the activity or situation is new and deserves attention.This is a kind of amplified learning that's actively shaping the connections between neural systems in our brains.Because adolescent brains release more dopamine compared to children oradults,adolescents are more sensitive to the rewards and their reward system is more （8）___ by risks which tends to make young people more interested in exploring.Risk taking doesn't take place in a vacuum.Research has shown that when （9）___ are in the room,or if adolescents even think they may be observed from another room or online,they are more likely to take risks,and the reward response from risk-taking behavior become stronger.It's not so much that friends（10）___ each other to do things risky,but that the rewarding feelings are more （11）___ when their friends are present.Adults often（12）___ peers with more dangerous risk-taking behavior.（13）___ ，peers can also motivate youth to take positive risks.Engaging in environmental campaigns,or standing up for the（14）___ that they are devoted to happen in peer contexts.Adults should know that adolescents can benefit from healthy social opportunities to try new things,without knowing for sure how they will（15）___ .（1）A.looking at B.looking up C.looking from D.lookingover（2）A.avoid B.ensure C.achieve D.approach （3）A.contest B.context C.text D.test （4）A.disgust petition C.tolerance D.adaption （5）A.go through B.go over C.go in for D.go after （6）rmation B.problems C.rewards D.reactions （7）A.relaxes B.breeds C.fills D.alerts （8）A.excited anized plicated D.adopted （9）A.parents B.peers C.teachers D.relatives （10）A.force B.pressure C.instruct D.oblige （11）A.inviting B.interactive C.beneficial D.intense （12）A.associate B.charge C.appreciate bine （13）A.By comparison B.In other words C.On the contrary D.Worsestill（14）A.course B.condition C.cause D.caution （15）A.turn out B.put out C.give out D.bring out 48.（填空题，8分）If we look at education in our own society,we see two sharply different factors.First of all,there is the overwhelming majority of teachers,principals,curriculum planners,school superintendents,who are devoted to passing on the knowledge that childrenneed in order to live in our industrialized society.Their chief concern is with efficiency,thatis,with implanting the greatest number of facts into the greatest possible number ofchildren,with a minimum of time,expense,and effort.Children in the usual classroom learn very quickly that creativity is not rewarded,while repeating a memorized response is,and then concentrate on what the teacher wants them to say,rather than understanding the problem.The difference between the intrinsic（内在的）and the extrinsic aspects of a college education is illustrated by the following story about Upton Sinclair.When Sinclair was a young man,he found that he was unable to raise the tuition money needed to attend college.Upon careful reading of the college catalogue,however,he found that if a student failed a course,he received no credit for the course,but was obliged to take another course in its place.The college did not charge the student for the second course,reasoning that he had already paid once for his credit.Sinclair took advantage of this policy and not a free education by deliberately failing allhis courses.In the ideal college,there would be no credits,no degrees,and no required courses.A person would learn what he wanted to learn.A friend and I attempted to put this ideal into action by starting a serials of seminars at Brandeis called "Freshman Seminars Introduction to the Intellectual Life." In the ideal college,intrinsic education would be available to anyone who just wanted it,and that should be enough - since anyone can improve and learn.The student body might include creative,intelligent children as well as adults；morons as well as geniuses（for even morons can learn emotionally and spiritually）.The college would be ubiquitous - thatis,not restricted to particular buildings at particular times,and teachers would be any human beings who had something that they wanted to share with others.The college would be lifelong,for learning can take place all through life.Even dying can be a philosophically illuminating,highly educative experience.The ideal college would be a kind of education retreat in which you could try to find yourself；find out what you like and want；what you are and are not good at.The chief goals of the ideal college,in other words,would be the discovery of identity,and with it,the discovery of vocation.（1）In the author's opinion,the majority of education workers ___ .A.emphasize independent thought rather than well-memorized responsesB.tend to reward children with better understanding rather than with a goal for creditsC.implant children with a lot of facts at the expense of understanding the problemD.are imaginative,creative and efficient in keeping up with our industrialized society（2）An extrinsically oriented education is one that ___ .A.focuses on oriented educationys emphases on earning a degreeC.takes students' need into accountD.emphasizes learning through discussion（3）To enter the author's ideal college,a student ___ .A.will enjoy learning all though his lifeB.should be very intelligent and diligentC.needn't worry about the admission testD.can be best stimulated for creative work（4）The author's purpose of writing the article is ___ .A.to publicize his viewsB.to criticize college studentsC.to stress self-teaching attitudeD.to advocate technological education49.（填空题，6分）Explore some of New Zealand's best skiing ＆ snowboardingfield.Whatever your ability,Cardrona has the snow for you!The 2018 winter season runs from June 16-October 14，2018.Half Day ＆ 1 Day lift passes are split into Peak ＆ Off Peak pricing：Peak-July,August ＆ September Off Peak-June ＆ October*Rocky Mountain Super Pass holders must book lodging with Cardrona to be eligible for free *******************************************************************************＆ the lift ticket benefit request.What pass am I eligible for？Read our lift pass age definitions below to find out.*Multi passes are valid for both consecutive ＆ non-consecutive days ＆ can be used any time throughout the 2018 winter season at Cardrona only.Your lift pass will be stored on an electronic RFID pass.To make the most of your clever pass,activate your personal profile online.Once you' re logged into your profile you can：•Top up your card with lift passes,rental gear,lift ＆ rental packages and lessons.•Keep track of your on-slope stats at Cardrona（days spent,run count,activities taken,etc.） Definitions for Lift Passes：Student：18+yrs enrolled full time（minimum 32 weeks in a calendar year）with a New Zealand or Australian tertiary institution.Student ID ＆ proof of full time status（letter from institution）is required.ID card must be in English ＆ include a valid expiry date.Child：Currently attending school,6-17 yrs inclusive.Kids under 6 ski for free in winter, ＆kids under 9 bike for free in summer!Photo ID will be required.Senior：65-74 yrs of age.Photo ID will be required.Under 6 yrs ＆75 Years+：Under 6 yrs ＆ over 75 yrs,as at June 1，2018，ski for free.Please collect a complimentary lift pass from the ticket office.Photo ID will be required.（1）After activation of your online profile,what can you do to maximize the value of your pass？___A.You can open up the online account of your clever pass.B.You can store your lift pass on an electronic RFID pass.C.You can monitor what activities you have done at Cardrona.D.You can participate in most tutor lessons without any charge.（2）Which of the following statement is true according to the passage？ ___A.Cardrona is only open to those who are skilled at snowing or skiing.B.Anyone with Rocky Mountain Super Pass can have free access to Cardrona.C.Those with 1 Day Off Peak pass are entitled to ski at Cardrona on Oct.24thD.One can get in Cardrona from 8.30am to 4pm with 1 Day Peak pass.（3）How much will the Half Day Peak passes cost for a family of two parents,one 12-year-old boy,one freshman at Auckland University,one 5 year old,and one grandmother of 76？ ___A. ﹩295.B. ﹩275.C. ﹩320.D. ﹩270.50.（填空题，8分）Without question,2020 was a year for innovative teaching.The teachers experimented with blended learning,hoping the models would increase student engagement,creativity,and higher-order thinking.Tyler Douglas,a history teacher,admitted that prior to the pandemic,he considered technology-assisted instruction optional in conjunctionwith in-person teaching；now,he believes blended learning is here to stay.But he has a question to us：Did that year of innovative teaching result in students learning to be more innovative,too？ Innovative teaching means the teacher is the creator,but unfortunately it does not necessarily mean the same for the students.How can educators like Tyler teach students to become betterinnovators themselves？There are some key adjustments to traditional lesson planning that help.Teaching thinking skills explicitly（明确地）is the first one of them.Humans,uniquely,can create models of something that does not yet exist but that one wants to bring into existence.You do not need to use your frontal lobes to make a mental image of a bird,but you do have to use your pre-frontal cortex to think of how to design a way for humans to fly.When we think,we generate new ideas.We innovate.In their daily lives,students are exposed to volumes of stimulation and information and are already thinking naturally to process the world around them,but many of students' assignments ask them to remember information,but not to compare,analyze,or make associations about the topics in the same way they do in their daily lives.To teach innovation,teachers can explicitly teach thinking skills by encouraging students to further think about the declarative knowledge within the lesson's goal.Adapting this approach,a history teacher like Tyler Douglas might plan a lesson about the settlement of the West in the United States.After the traditional lecture about its basic facts,he could teach students to apply the newly acquired declarative knowledge by using analysis.Tyler could then frame the time period as a system and suggest that certain changes,such as relocating the Transcontinental Railroad,would result in different settlement patterns and the potential influence on the current life.This type of thinking task allows students to deepen their understanding of history while generating different insights about historical concepts.Of course,teachers from all disciplines can teach thinking skills.A math teacher can use classifying as a method for 1st graders to learn the differences among shapes；a middle school science teacher can teach students to use analogy to describe the endocrine（内分泌）system like a vending machine；in physics,students can be asked to investigate ways people recover from types of exercise and sports injuries.To think deeply,students should learn to use thinking skills with abundant information about the topics.（1）What is true about teaching innovation according to the passage？ ___A.When teachers becomes innovative,students are sure to learn in a more creative way.B.The functions of pre-frontal cortex enable teachers to give lessons on thinking skills directly.C.The main purpose of innovative teaching is to bring in reality some imaginary things.D.Teachers must change their lesson plans in order to deliver an innovative class.（2）What does declarative knowledge（in Para.4＆5）probably mean？ ___A.The procedures of how particular things can be finished.B.The information about various categories of facts.C.Freshly new ideas about the ways to solve problems.D.A mix of decision-making,problem-solving and reasoning.（3）What is an example of the desired approach to teaching innovation？ ___A.Ask students to learn several well written and famous essays by heart.B.Lecture in the basic points of British and American literature history.pare the body immunity to the mechanism of castle defence.D.Urge students to do different kinds of maths questions using one skill.（4）What would the author most probably talk about in the following text？ ___A.The difference between declarative knowledge and procedural knowledge.B.Explore the influence of stimulation of frontal cortex on our learning behavior.C.How students access enough information that can lead to deep thinking.D.Why innovative teaching is a must in the current school education system.51.（填空题，8分）There's a loud bang,and then it starts：A battery of an electric car is onfire in the test tunnel.A video of the test impressively shows the energy stored in such batteries：meter-long flames flee in disorder and produce enormous amounts of thick,black smoke.The visibility in the previously brightly lit tunnel section quickly approaches zero.After a few minutes,ashes have spread throughout the room."In our experiment we were considering in particular private and public operators of small and large underground or multi-storey car parks," says project leader Lars Derek Mellert,"all these existing underground structures are being used to an increasing extent by electriccars.And the operators ask themselves："（1）___ ？" But until now there has been hardly any meaningful technical literature,let alone practical experience for such a case.So Mellert developed three test scenarios（场景），the results of which were published in a final reportin August 2020."（2）___ .Besides,they are possibly fatal regardless of the type of drive or energy storage system." says the final report.The primary objective has to be to get everyone out of the danger zone as quickly as possible.The highly poisonous hydrofluoric（氢氟）acid has often been discussed as a particular danger in burning batteries.（3）___ .The real problem,however,is the extinguishing and cooling water that is produced when fighting such a fire and storing a burnt-out battery in a water basin.The analyses showed that some chemical substances in the extinguishing water goes beyond the limit values for industrial wastewater by a factor of 70；the cooling water is even up to 100-times above limit values.（4）___ .Firefighters know that the battery of an electric car is impossible to extinguish and that it can only be cooled with large amounts of water.But this is already known to the。
公司理财第24章
Chapter 24: Warrants and ConvertiblesCONCEPT QUESTIONS - CHAPTER 2424.2 ∙What is the key difference between a warrant and a traded call options?When a warrant is exercised, the number of shares increases. Also, the Warrant is an option sold by the firm.∙Why does dilution occur when warrants are exercised?Because additional shares of stock are sold to warrant holders at a below marketprice.∙How can the firm hurt warrant holders?The firm can hurt warrant holders by taking any action that reduces the value ofthe stock. A typical example would be the payment of abnormally high dividends.24.4 ∙What are the conversion ratio, the conversion price, and the conversionpremium?The conversion ratio is the number of shares received for each debenture. Theconversion price is equivalent to the price which the holders of convertible bondspay for each share of common stock they receive. The conversion premium is the excess of the conversion price over the common stock price.24.5 ∙What three elements make up the value of a convertible bond.Convertible bond value = Greater of (straight bond value and conversion value)plus option value.∙Describe the payoff structure of convertible bonds?It is the value of the firm if the value of the firm is less than total face value. It isthe face value if the total face value is less that the value of the firm but greaterthan its conversion value. It is the conversion value if the value of the firm andthe conversion value are greater than total face value.24.6 ∙What is wrong with the simple view that it is cheaper to issue a bond with awarrant or a convertible feature because the required coupon is lower?In an efficient capital market the difference between the market value of aconvertible bond and the value of straight bond is the fair price investors pay forthe call option that the convertible or the warrant provides.∙What is wrong with the Free Lunch story?This story compares convertible financing to straight debt when the price falls and to common stock when price rises.24.7 ∙Why do firms issue convertible bonds?1.To match cash flows, that is, they issue securities whose cash flows matchthose of the firm.2.To bypass assessing the risk of the company (risk synergy). The risk ofcompany start-ups is hard to evaluate.3.To reduce agency costs associated with raising money by providing a packagethat reduces bondholder-stockholder conflicts.24.8 ∙Why will convertible bonds not be voluntarily converted to stock before expiration?Because the holder of the convertible has the option to wait and perhaps do better than what is implied by current stock prices.∙When should firms force conversion of convertibles? Why?Theoretically conversion should be forced as soon as the conversion value reaches the call price because other conversion policies will reduce shareholder value. Ifconversion is forced when conversion values are above the call price, bondholders will be allowed to exchange less valuable bonds for more valuable common stock.In the opposite situation, shareholders are giving bondholders the excess value.Answers to End-of-Chapter Problems24.1 a. Warrant is a security which gives its holder the right, though not the obligation, tobuy common stock from the issuing firm at a fixed price for a given period of time.(Note that some warrants are perpetual.)b. A convertible is a security, usually a bond, which gives its holder the right, thoughnot the obligation, to exchange the security for common stock at a fixed ratio for aspecific period.24.2 a. If the stock price is below the exercise price, it would be foolish to exercise thewarrant. Exercise would require payment of the high exercise price. For that priceyou would receive a share of stock worth less than what you paid. If you want toown the stock it is cheaper to buy the shares in the market. Thus, the warrant isworthless at expiration; its value is zero. Prior to expiration, the warrant will havevalue as long as there is some probability that the stock price will rise above theexercise price in the time remaining until expiration.b. If the stock price is above the exercise price, the warrant has a value. That value isthe difference between the stock price and the exercise price. If the warrant werepriced below [stock price - exercise price], an investor could earn arbitrage profit byacquiring the warrant for less than [stock price - exercise price], exercising it forexercise price, and immediately selling the stock for stock price.c. Even when the exercise price is zero, if the warrant is priced above the stock price, itwould be cheaper to purchase the stock than to exercise the warrant.24.3 a. The primary difference between warrants and calls is that the firm issues warrantswhile calls are issued between individuals.b. The implication of the difference is that when a call is exercised, the number ofshares outstanding does not change. There is simply a transfer of the shares betweendifferent parties. Also, when the call is exercised, the firm receives no additionalfunds. Neither of these facts is true about warrants. When a warrant is exercised,the number of outstanding shares increases by one. This effect is called dilution.The firm also receives the exercise price of the warrant.24.4 a. Before the warrant is sold, the price of GR stock is the value of its assets, sevenounces of platinum, divided by the two shares outstanding.(7 ⨯ $500) / 2 = $1,750b. Mrs. Fiske will exercise when the price of a share of GR Company reaches theexercise price of the warrant, $1,800. Solve for the price of platinum.(7 ⨯ Price of platinum) / 2 = $1,800Price of platinum = $514.29c. i. 7 ⨯ $520 = $3,640ii. Mrs. Fiske will exercise her warrant.iii. The new price of GR stock will be the new value of the firm divided by the number of shares outstanding. The number of shares outstanding rose tothree when Mrs. Fiske exercised her warrant. There are two ways to computethe value of the firm.Method one: The new value of the firm is the old value plus the exercise pricethat Mrs. Fiske paid to receive her share of stock.Value of GR = (7 ⨯ $520) + $1,800= $5,440Thus, the price per share is $1,813.33 [= $5,440 / 3].Method two: With the $1,800 from Mrs. Fiske, GR Company will buy3.46154 [= $1,800 / $520] ounces of platinum. The total holdings of platinumby GR Company are 7 + 3.46154 = 10.46154 ounces. After the purchase thevalue of the firm is 10.46154 ⨯ $520 = $5,440. Again, the price per share is$1,813.33 [= $5,440 / 3].iv. Mrs. Fiske’s gain is the value of the share she now owns less theexercise price that she paid.Gain = $1,813.33 - $1,800= $13.33d.If Mrs. Fiske had bought a call from Mr. Gould, she would have exercised it whenthe price of platinum jumped to $520 per ounce. Mrs. Fiske would have receivedMr. Gould’s share of stock, so the number of shares outstanding would remainunchanged. When platinum is $520 per ounce, the price of GR stock is(7 ⨯ $520) / 2 = $1,820. Upon exercise of her call, Mrs. Fiske would receive stockworth $1,820 for which she paid $1,800. Thus, her gain would have been $20.e. The reason the gains are different is that the warrant dilutes the value of the stock.After exercise of a warrant, there are more shareholders making claims against theassets of the firm. Dilution does not occur with the exercise of a call.24.5 a. Lower limit = $0Upper limit = 0.25 ⨯ $8 = $2b. Lower limit = 0.25 ⨯ ($12 - $10) = $0.5Upper limit = 0.25 ⨯ $12 = $324.6 Total value of equity before the exercise= 10 million ⨯ $17 = $170 millionNumber of shares being increased= 5 ⨯ 200,000 = 1 millionTotal value of equity after the exercise= $170 million + 200,000 ⨯ $15 x 5= $185 millionThus, stock price after the exercise= $185 million / (10 + 1) million= $16.8224.7 No, the market price of the warrant will not be zero. Unless the warrant will expiremomentarily, the remaining period to expiration has value. If there is a positive probability that the market price of the stock will rise above $21 during the remaining period toexpiration, the warrant is still valuable. Thus, the market price of the warrant would begreater than zero.24.8 Warrant price = [4 million / (4 + 0.5) million] ⨯ call price= 0.8889 call priced1 = [ln($22 / $20) + (0.05 + 0.005 / 2)] / 0.0050.5= 2.0904d2 = 2.0904 - 0.0050.5= 2.0197N(d1) = 0.9817N(d2) = 0.9783C = $22 ⨯ 0.9817 - $20 e-0.05⨯ 0.9783= $2.9856Thus, warrant price = 0.8889 ⨯ $2.9856= $2.65424.9 #sh = 1.5 million#w = 100,000 ⨯ 5 = 0.5 million#sh / (#sh + #w) = 1.5 / (1.5 + 0.5) = 0.75Therefore, warrant price = $4.70 ⨯ 0.75= $3.52524.10 a. Minimum value of warrant X= 3 ⨯ ($30 - $20) = $30b. Minimum value of warrant Y= 2 ⨯ ($40 - $30) = $2024.11 B is more likely.Convertible bond price is the maximum of straight bond value and the conversion value.Bond A’s conversion value = $1,000 > Bond A’s offering price. This is not feasible. 24.12 a. Conversion value:Conversion ratio = $1,000 / $25 = 40Conversion value = 40 ⨯ $24 = $960Straight bond value < $950.Therefore, minimum value = conversion value = $960b. Since the bond is not callable, the option of being able to wait to convert the bondhas value. Bondholders can wait until it is most advantageous to convert theirbonds without the fear that the firm will call the bonds. That feature has value andwill account for the premium of the market value of the convertible debentureover its conversion value.24.13 Ownership before the call = 500,000 / 4,000,000 = 0.125= 12.5%Total number of shares outstanding after the call:4 million + ($1,000 / $20) ⨯ ($20 million / $1,000) =5 millionTherefore, ownership after the call= 500,000 / 5,000,000 = 0.10= 10%Her ownership dropped from 12.5% to 10%.24.14 a. i.The conversion ratio is the number of shares a bondholder receives if heconverts. For the Ryan bonds, that is 28. ii.The conversion price is the face value, $1,000, divided by the conversionratio. It is $35.71. iii.The conversion premium is the conversion price divided by the stock priceminus one. For Ryan it is $35.71 / $31.25 - 1 = 0.1427 = 14.27%. b. i.The conversion ratio is unchanged when the bond price changes. It is still 28. ii.The conversion price is only meaningful if the bond is selling at par. Sincethis bond no longer is selling at par, this price is meaningless. iii.The conversion premium is only meaningful if the bond is selling at par. Since this bond no longer is selling at par, this price is meaningless.c. The conversion value is the conversion ratio times the current stock price.28 ⨯ $31.25 = $875.d. There are two ways to find the new conversion value.Method one: Multiply the new price by the conversion ratio.28 ⨯ $33.25 = $931.Method two: The conversion ratio tells you how much the conversion value will increase for every $1 increase in the price of the stock. Since the price increasedtwo dollars, the conversion value should rise by $56 [= $2 ⨯ 28]. The new price is then $931 [= $875 + $56].24.15 a. Straight bond value = $1,000 / 1.110 = $385.54b. Conversion value = 25 ⨯ $12 = $300c. Option value = $400 - $385.54= $14.4624.16 The conversion value is ($1,000 / $180) ⨯ $60 = $333.3324.17 a. Straight Bond value = $603010.0A + ()3010.01000,1$+ = $622.92 b. Conversion value = ⎪⎭⎫ ⎝⎛125$000,1$⨯ $35 = $280 c.35 (1 + 15%)t = $1,100t = 24.67 years, other thing s being equal, it’s about 25 years.If the conversion value exceeds 1,100 then, it will be called.。
怎么保护合法权利英语作文
怎么保护合法权利英语作文Title: Safeguarding Legal Rights。
In today's society, safeguarding one's legal rights is of paramount importance. With the ever-evolving landscape of laws and regulations, individuals must be vigilant in protecting their rights. This essay explores various strategies and approaches to ensure the protection of legal rights.First and foremost, knowledge is power. Understanding one's rights under the law is essential for effective protection. This entails familiarizing oneself with relevant statutes, regulations, and legal precedents pertaining to specific rights. For instance, in the realm of employment, knowing the provisions of labor laws regarding fair wages, non-discrimination, and workplace safety empowers individuals to assert their rights when necessary.Furthermore, seeking legal counsel can be instrumental in safeguarding rights. Lawyers possess the expertise to interpret complex legal matters and provide guidance on the best course of action. Whether it involves drafting contracts, resolving disputes, or representing clients in court, legal professionals play a crucial role inprotecting the legal interests of individuals.In addition to legal expertise, proactive measures can also enhance the protection of rights. This includes documenting agreements, transactions, and interactions that may have legal implications. Keeping thorough records serves as valuable evidence in the event of disputes or litigation, bolstering one's position and facilitating a favorable resolution.Moreover, advocacy and activism can be potent tools in advocating for the protection of rights on a broader scale. Joining forces with like-minded individuals and organizations amplifies voices and strengthens collective efforts to address systemic injustices and enact positive change. Whether through grassroots campaigns, lobbyingpolicymakers, or participating in public demonstrations, active engagement in advocacy initiatives can exert pressure for the recognition and enforcement of legal rights.Furthermore, leveraging technology can also aid in protecting legal rights in the digital age. With the proliferation of online platforms and digital transactions, issues such as data privacy, cybersecurity, andintellectual property rights have become increasingly pertinent. Utilizing encryption, secure communication channels, and robust cybersecurity measures helps safeguard sensitive information and intellectual assets from unauthorized access or infringement.Additionally, remaining vigilant against potential threats to legal rights is essential. This involves staying informed about emerging legal issues and societal developments that may impact rights and freedoms. By monitoring legislative changes, judicial decisions, and socio-political trends, individuals can proactively adapt strategies to mitigate risks and preserve their legalstanding.Lastly, fostering a culture of respect for the rule of law and civic responsibility is fundamental to protecting legal rights. This entails promoting education and awareness initiatives that instill an appreciation for the principles of justice, equality, and human rights. By nurturing a society where adherence to laws and ethical norms is valued and upheld, the foundation for the protection of legal rights is strengthened.In conclusion, safeguarding legal rights requires a multifaceted approach encompassing legal knowledge, professional assistance, proactive measures, advocacy, technological vigilance, and societal awareness. By employing these strategies in concert, individuals can effectively assert their rights and contribute to the preservation of justice and fairness in society.。
旅游中英文词汇
深圳市公共场所双语标志英文翻译实施指南——旅游景区一、警告提示信息1 严禁攀登No Climbing2 严禁倚靠No Leaning3 严禁攀折No Picking4 严禁滑冰No Skating5 严禁携带宠物No Pets Allowed6 严禁中途下车No Drop off Between Stops7 禁止游泳No Swimming8 禁止钓鱼No Fishing9 禁止排放污水No Waste Water Discharge10 禁止无照经营No Unlicensed Vendors11 禁止狩猎No Hunting12禁止燃放烟花爆竹No Fireworks Allowed/ Fireworks Prohibited13 禁止携带易燃易爆物品Inflammables & Explosives Strictly Prohibited14 禁止速降Downhill Skiing Prohibited15 禁止雪道中间停留Don't Stop on Ski Slope16 禁止由此滑行No Skiing Here17 禁止开窗Keep Windows Closed/ Don't Open Windows18 非机动车禁止入内Motor Vehicles Only19 雷雨天禁止拨打手机Cellphones Prohibited during Thunderstorms20 卧床请勿吸烟Don't Smoke in Bed21 殿内请勿燃香Don't Burn Incense in the Hall22 乘船前请遵照医生意见Check with Your GP before Sailing23 高血压、心脏病患者以及晕车、晕船、酗酒请勿乘坐Drunks, sufferers of hypertension, heart disease ＆motion sickness not allowed on board.24 防洪通道，请勿占用Flood Control Channel. Keep Clear!25 非游览区，请勿进入No Admittance/ No Visitors26 1米以下儿童须家长陪同乘坐Children under 1 meter must be accompanied by an adult27 酒后不能上船Those under the influence of alcohol not allowed28 请抬起护栏Please Raise the Guardrail29 请放下护栏Please Lower the Guardrail30 请您不要坐在护栏上边Don't Sit on the Guardrail31 前方弯路慢行Bend Ahead. Slow Down!32 请自觉维护场内卫生环境Please Keep the Area Clean/ Please Don't Litter33 请遵守场内秩序Please Keep Order34 请您注意上方Watch Your Head35 请在台阶下等候Please Stand Clear of the Steps36 请您不要随意移动隔离墩Don't Move Barriers37 请您穿好救生衣Please Wear Life Vest38 请爱护洞内景观Please Protect the Cave Scenery39 请沿此路上山Climbing Route/ To the Top↗40 请勿投食Don't Feed the Animals41 请勿惊吓动物Don't Frighten the Animals42 请勿拍打玻璃Don't Tap/ Knock on Glass43 请勿将手臂伸出车外Keep Arms inside Carriage44 请勿打扰Do Not Disturb45 请阅背面See the Reverso Side46 请阅次页P.T.O. (Please Turn Over)47 请自己动手Do It Yourself, Please./ Try It Yourself.48 请按顺序出入Please Line Up49 请爱护林木Please Protect the Trees50 请保护古树Please Protect Heritage Trees51 请保护古迹Please Protect Historical Sites52 请爱护景区设施Please Protect Facilities53 请爱护文物/保护文物Please Protect Cultural Relics54 请尊重少数民族习俗Please Respect Ethnic Customs55 危险路段Dangerous Section/ Area56 敬告Notice57 当日使用，逾期作废Use on Day of Issue Only58 凭票入场Ticket Holders Only59 允许拍照留念Photos Allowed60 票已售完Sold Out61 票已售出，概不退换No Refund. No Exchange62 关闭整修Closed for Renovation63 系好安全带Fasten Safety Belt64 游客投诉电话Complaints Hotline65 游客咨询电话Inquiry Hotline66 游客报警电话（110）Police Call 11067 有佛事活动，请绕行Detour. Buddhist Ceremony in Progress68 风力较大勿燃香，请敬香Windy. No Incense Burning!69 内部施工，暂停开放Under Construction. Temporarily Closed.70 1.2米以下儿童免票Free for Children under 1.2 Meters71 原路返回Return by the Way You Came72 二十四小时营业24-Hour Service73 禁止停车/禁止停放车辆No Parking74 禁止吸烟/请勿吸烟No Smoking75 禁止（人）停留No Lingering/ No Loitering76 暂停服务/临时关闭Service Suspended/ Temporarily Closed77 不外售Not for Sale78 电梯故障停运正在维修Escalator under Repair79 电梯维修，暂停使用Escalator out of Service80 暂停收款Temporarily Closed81 正在维修Under Repair82 正在检修，请您稍候Wait. Maintenance in progress83 正在检修，请绕行Detour. Maintenance in progress84 当心触电Danger! High V oltage85 小心脚下/注意台阶/当心踏空Mind Your Step86 小心滑倒/小心地滑Caution: Slippery Board!/ Caution: Wet Floor!87 小心碰头Mind Your Head/ Watch Your Head88 小心玻璃Caution: Glass!89 请勿跨越No Crossing90 请勿使用闪光灯No Flash91 请勿随地吐痰No Spitting92 保持安静/禁止喧哗Quiet Please/ SILENCE93 请勿打电话No Phone Call94 请勿抚摸/请勿触摸/请勿手扶Hands Off95 请在此等候Wait Here96 请勿践踏草坪Keep off the Grass97 请勿摄像/请勿摄影No Filming/ No Video98 请勿拍照No Photography99 请勿坐卧停留No Loitering100 请爱护公共财产Cherish Public Facilities101 勿扔垃圾/请勿乱扔废弃物/勿乱扔杂物No Littering102 请勿录音No Recording103 请勿乱动开关Do Not Touch the Switch104 请保管好随身物品Please Take Care of Your Belongings105 贵重物品，随身携带Please don’t leave valuables unattended. 106 伸手出水Automatic Tap107 请绕行/车辆绕行DETOUR/ Vehicle By-pass108 拉（门）PULL109 推（门）PUSH110 出口/安全出口/安全门/太平门/安全通道EXIT111 入口ENTRACE112 出口方向Way Out113 入口方向Way In114 安全疏散指示图/紧急疏散指示图Evacuation Chart115 火警电话119 Fire Call 119/ Fire Alarm 119116 紧急救护电话（120）First Aid Call 120117 谢绝参观/游客止步No Admittance/ Out of Bounds118 紧急情况请拨打XXX Call xxx in Emergency119 禁止摆卖Vendors Prohibited120 概不退款No Refund Is Granted/ No Refund Is Made121 禁止挟带的物品Restricted Articles122 违禁物品Contraband二、旅游景区功能设施（一）室外1 自然保护区Natural Reserve2 风景区Scenic Spot3 度假旅游区、度假村Holiday Resort4 疗养地Health Resort/ Spa/ Health Spa5 旅游休假地Tourist Resort6 内地休养、度假地Inland Resort7 滑雪中心、游览与度假胜地Ski Centers, Tours & Resorts8 滑雪胜地Ski Country9 度假地Vacation Spot10 特大型度假地Mega-resort11 休假地、度假地Getaway12 旅行营地Travel Camp13 汽车营地和旅游公园Caravan & Tourist Parks14 野营地Camp Ground/ Camp Site/ Caravan Park15 治疗性营地Sanatorium16 居留营地Resident Camp17 由单位承办的营地Company Holiday Camp18 宿营地Camp Ground/ Campsite19 白天儿童夏令营Day Summer Camp20 海滩度假村Beach Resort21 度假城镇Resort Town/ Resort Community22 滑雪旅游点Skiing Resort23 沐浴旅游点Bathing Resort24 天然民俗村Ethnic Village25 人工民俗景观Ethnic Cultural Park26 人造景观Man-made Tourist Site27 人文旅游点Tourist Cultural Attractions28 海滩Beach29 海水浴场Bathing Beach30 水上公园Water Park31 水下公园Underwater Park32 公共高尔夫球场Public Golf Course33 公园、花园与自然保护区Parks, Gardens & Reserve34 植物园Botanic Garden35 动物园Zoo36 水族馆Aquarium37 航海博物馆Maritime Museum38 天文馆Observatory39 古玩城Antique Center40 古文化遗址Historical Cultural Site41 古迹Historical Site42 古墓葬Historical Tomb43 古建筑Historical Buildings44 古窟寺Grotto45 娱乐中心Amusement Center46 历史纪念物Historical Monuments47 纪念堂Memorial Hall48 故居Former Residence49 博物馆Museum50 艺术博物馆Art Museum51 美术馆Art Gallery52 名胜Sights/ Attractions53 遗址Historic Relics/ Historic Sites54 野生动物保护区Wildlife Reserve55 森林保护区Forest Preserve56 国家公园National Park57 塔Pagoda/ Dagoba (藏式塔)58 宫、院Palace59 亭、阁Pavilion60 寺Monastery (Temple)61 牌楼Memorial Archway62 桥Bridge63 廊Corridor64 牌坊Memorial Gateway65 庙Temple66 观堂Taoist Temple67 阙Piers68 寺院Buddhist Temple69 四合院Courtyard Dwellings70 水榭Waterside Pavilion71 寺庙园林Monastery Garden72 坛Ceremonial Terrace/ Altar73 庑殿Hip Roof74 华表Marble Column75 琉璃塔Glazed Pagoda76 无梁殿Beamless Hall77 券门A Vaulted Arch Way78 神兽Mythical Animals79 钟鼓楼Bell Tower & Drum Tower80 宅园Family Garden81 藏传佛教寺院Temple of Lamaism82 藏传佛教塔Stupa83 清真寺Mosque84 教堂Church85 犹太教会堂Synagogues86 女修道院Convents87 皇家陵园Imperial Cemetery88 喇嘛寺院Lamasery89 禅房Meditation Room90 佛殿Meditation Abode91 佛堂Buddhist Worship Hall/ Sanctuary92 神堂Temple for (Keeping) Ancestral Tablets93 祠堂Ancestral Temple94 舍利塔Pagoba95 孔庙、文庙Confucian Temple96 先师庙Temple of Ancient Teacher97 城隍庙Town God Temple98 游船码头Cruise Terminal99 游船Sightseeing Boat100 索道Cableway101 缆车Cable Car102 拱桥Arch Bridge104 游乐场/游乐园Amusement Park105 儿童游乐场/儿童乐园Children's Playground 106 民族特色街Ethnic Culture Street107 模型Model108 主廊Main Corridor109 车道Vehicle Lane110 农家院Farm House111 大石桥Great Stone Bridge112 瀑布Waterfall113 滑雪场Ski Field114 滑雪道Ski Slope115 拓展区Outdoor Development Area116 狩猎区Hunting Area117 XX养殖场XX Farm118 宠物乐园Pet Paradise119 步行街Pedestrian Street120 公园Park121 综合公园Comprehensive Park122 历史名园Historical Garden123 主题公园Theme Park124 森林公园Forest Park125 湿地公园Wetland Park126 带状公园Linear Park127 儿童公园Children's Park128 雕塑公园Sculpture Park129 体育公园Sports Park130 街区公园Community Park131 盆景园Mini-scape Garden/ Bonsai Garden 132 景观Scenery133 景区Scenic Area134 国家A级景区A-level National Scenic Spot135 景点Scenic Spot136 大型水滑梯/戏水滑道Water Slide137 收费停车场Pay Parking138 国家级文物保护单位State Protected Historic Site139 市级文物保护单位Municipality Protected Historic Site/ City Protected Historic Site 140 区级文物保护单位District Protected Historic Site141 爱国主义教育基地Patriotic Education Base142 工农业旅游示范点Industrial & Agricultural Site143 纪念馆Memorial / Memorial Museum144 展览馆/陈列馆Exhibition Hall/ Exhibition Center145 美术馆/艺术馆Museum of fine Art/ Museum of Art146 科技馆Science & Technology Hall147 世界文化遗产World Cultural Heritage148 浅水区Shallow Water149 深水区Deep Water150 采摘区Fruit-picking Area151 观赏区Viewing Area152 投喂区Feeding Area153 触摸区Petting Area154 原有文物建筑Original Cultural Relics & Buildings155 复建文物建筑Restored Cultural Relics & Buildings156 标志性建筑物Landmark157 露天剧场Open-air Theater158 露天影院Drive-in Movie159 定点饭店、旅馆Certified Restaurant/ Hotel for Tourism160 咖啡馆、餐馆Café/ Coffee Shop161 回民菜馆Moslem Restaurant162 星级饭店Star-grade Hotel163 百货商店Department Store164 自然景观Natural Attraction165 海Sea166 温泉Hot Spring167 假山Rockery/ Artificial Rockwork168 水塘Pond169 池潭Ponds & Pools170 石笋Stalagmite171 钟乳石Stalactite172 火山口Caldera173 高地Highland174 峭壁Barranca175 沟Channel176 火山V olcano177 热带植物园Tropical Plants Garden178 地质景观Geological Landscape179 植物景观Plants Landscape/ Flora Landscape180 江河湖泊Rivers & Lakes181 海滨Sea Beach182 水池Pool183 山岳Mountain184 洞穴Cave185 竹园Bamboo Garden186 石窟Grotto187 深谷Chasm188 溪Brook189 渠沟Trench190 峡谷Valley191 喀斯特景观Karst Landscape（二）室内1 售票处Ticket Office/ Tickets2 客房部Guest Room Department3 办公区Administrative Area4 公园管理处Park Administrative Office5 广播室Broadcasting Room6 陈列室Exhibition Room/ Display Room7 展区Exhibition Area/ Display Area8 标本室Specimen Room9 展厅Exhibition Hall/ Display Hall10 休息处Lounge11 表演区Performance Area12 专题展区Theme Display13 书房Study14 中央展厅Central Exhibition Hall/ Central Display Hall15 展厅入口Entrance16 报告厅Auditorium17 休闲区Leisure Area18 贵宾厅VIP Hall19 序厅Lobby20 阅览室Reading Room21 吸烟区Smoking Area22 非吸烟区Non-smoking Area23 餐厅Restaurant24 酒吧Pub（三）综合类1 贵宾通道VIP Only2 员工通道Staff Only3 租赁车Car Rental4 旅游车Tour Bus5 上楼楼梯Upstairs6 下楼楼梯Downstairs7 摄像室Video Studio8 无烟景区No Fires Area9 茶室Tea House10 游泳池Swimming Pool11 残疾人客房Accessible Guestroom12 民族歌舞Folk Dances13 手工艺展示Handicraft Display14 特色餐饮Specialties15 门票价格/票价Ticket Price16 成人票价Adult Price17 学生票价Student Price18 儿童票价Child Price19 优惠价格Discount20 免费项目Free Service21 收费项目/有偿服务项目Pay Service22 地图Map23 参观路线Visitor Route24 游客须知/游园须知Notice to Visitors25 景区简介Introduction26 单行线One Way27 团队入口Group Tour Entrance28 团体票价Group Fare29 团体特价票Special Group Fares30 团体预定Group Booking31 缆车入口Cable Car Entrance32 临时出口Temporary Exit33 火警出口Fire Exit34 月票Monthly Ticket35 年票Annual Ticket36 优惠办法Discount37 淡季时间Low Season/ Off Season38 旺季时间High Season/ Peak Season39 集体票Group Tour Tickets40 开放时间Open Hours/ Business Hours41 旺季开放时间Open Times in High Season/ Peak Season42 淡季开放时间Open Times in Low Season/ Off Season43 休息日Day Off/ Rest Day44 上午X点X AM/ am45 下午X点X PM/ pm46 正常开放Open47 开园时间Opening Time48 闭园时间Closing Time49 表演时间Show Time50 展板Display Boards51 布告栏Bulletin52 告示牌Bulletin Board53 示意图（导游图）Sketch Map54 游览图Tourist Map55 导言Leading Description/ Introduction56 安全须知Safety Instruction57 安全指南Safety Guide58 出发地Departure Location59 出发时间Departure Time60 地图上未标的Uncharted三、旅游项目1 空气浴Air Bath2 温泉浴Hot Spring Bath3 日光浴Sun Bath4 泥沙浴Mud & Sand Bath5 温室采摘Greenhouse Fruit Picking6 野营露营Camping7 消闲散步Strolling8 郊游野游Outing9 垂钓Fishing10 登山攀岩Mountaineering/ Rock-climbing11 揽胜探险Expedition12 科普教育Popular Science Education13 游戏娱乐Entertainment14 健身Bodybuilding15 水上运动Aquatic Sports16 滑水Surfing17 潜水Scuba Diving18 冰雪活动Ice Skating & Skiing19 滑草活动Grass Skiing20 滑沙Sand Skiing21 水上漂流Drifting22 包价旅游Package Tour23 全包价旅游All Expenses Tour24 全包旅游Inclusive Tour25 非包价旅游Non-package Tour26 团体包价旅游Group Inclusive Tour27 团体旅游Group Tour28 散客旅游Independent Tour29 个人包价旅游Independent Package Tour30 陆上包价旅游Land Package31 包机旅游Inclusive Tour Charters32 包往返票旅游Inclusive Tour Excursion33 冒险旅行团与假期Adventure Tours & Holidays34 丝绸之路旅游“Silk Road”Tour35 古都旅游Tour to the Ancient Capital Cities36 草原旅游Grassland Tour37 高原旅游Highland Tour38 选择节目旅游Optional Tour39 家庭式旅游Family Tour40 游船包价旅游Cruise Line Package41 特殊兴趣旅游Special Interest Tour42 特种旅游Special Tour43 体育旅行与度假Sport Tours & Holiday44 自行车旅行Travel by Bike45 徒步旅行Travel on Foot46 登山旅行Mountaineering Tour47 民俗旅行Folklore Tour48 汽车旅行Motorcoach Tour49 摩托车旅游与出租Motor Cycles Tours & Hire50 游船旅游Cruise Service51 远程旅游Long Haul Travel52 修学旅游、游学Study Tour53 会议旅游Conference Tour54 新婚旅游Honeymoon Tour55 农业旅游Agricultural Tour56 生态旅游Ecotour57 钓鱼旅游Fishing Trips58 购物旅行与服务Shopping Tours & Services59 购物旅游Shopping Tour60 商务旅游Business Travel61 文化旅游Cultural Tour62 一日游Day Excursion63 二日游2-day Tour64 半日游Half-day Tour65 日游Day Tour66 夜游Night Tour67 周末游Weekend Tour68 动手项目/动手操作Hands-on Activities69 春游Spring Tour70 环球旅游Around-the-world Trip/ Circumnavigation71 空中旅游Air Travel72 疗养旅游Convalescent Tour73 入境旅游Inbound Tourism74 上岸旅行参观Shore Excursions75 视察旅行Inspection Tour76 狩猎旅行Safari77 学术研究旅游Study Travel Programs78 旅行社部分代办的旅游Mini-package Tour79 旅行社全部代办的旅游Lull Package Tour/ Packaging Tour80 有导游的当地旅游Guided Local Tour81 有陪同的国内旅游Domestic Escort Tour82 有陪同的旅游Conducted Tour/ Escorted Tour83 宗教旅游Religious Travel84 烹调包价旅游Culinary Package Tours85 家庭旅游团Family Group86 航海旅行Voyage87 营火晚会Campfire Party88 出境游Outbound Tourism/ Travel89 国内游Inbound Tourism/ Travel91 单程旅行Outward Journey/ Trip92 往返旅行Return Journey/ Round Trip93 环程旅行Circular Journey/ Trip94 标准游Normal Tour/ Travel95 自助游Do-it-yourself Travel96 豪华游Luxury Tour/ Travel97 随团旅游Group Travel98 套餐游、包办游Package Tour/ Inclusive Tour/ Travel99 旅行结婚Wedding Travel100 蜜月旅行Honeymoon Trip101 商务旅行Business Trip四、娱乐项目1 棒球Baseball2 蹦床Trampoline3 蹦极Bungee Jumping4 冲浪Surfing5 垂钓Fishing/ Angling6 叠罗汉Human Pyramid7 翻筋斗Tumble8 高尔夫球Golf9 花样滑冰Figure Skating10 滑冰Ice Skating11 滑草Grass Skiing12 滑沙Sand Skiing13 滑水Surfing14 滑翔运动Gliding/ Sail Planing15 滑雪Skiing16 划船Rowing17 激流划船Canoe Slalom18 郊区一日游A Day in the Country19 节目Show20 节日Festival21 狂欢节Carnival22 狂欢节巡游Carnival Parade23 马术Equitation/ Riding24 马戏Circus Act25 摸彩Tombola26 摩托车运动Motor Cycling27 木偶表演Punch & Judy/ Puppet Show28 爬竿取物Greasy Pole29 攀岩Rock-climbing30 乒乓球Table-tennis31 平衡技巧Balance32 骑自行车Cycling33 气枪打靶Rifle Range34 潜水、跳水Diving35 曲棍球Hockey36 赛龙舟Dragon-boat Racing37 赛艇Canoe38 赛艇Boat Race39 散步Go for a Walk40 射击Shooting41 射箭Item Archery42 摔跤Wrestling43 水上漂流Drifting44 水上运动Aquatic Sports45 速降滑雪Downhill Race46 探险Expedition47 踢键子Shuttle Cock Kicking48 跳爆竹Jumping Jack/ Jumping Cracker49 跳伞Sky-diving/ A Parachute50 网球Tennis51 温泉浴Hot Spring Bath52 象棋Chess53 雪橇Bobsleigh/ Bobsled54 巡回马戏团演出Travelling Circus Show55 野炊Picnic56 野外露营Camping57 夜总会歌舞表演Floor Show58 游艇Yacht59 游泳Swimming60 有氧潜水Scuba Diving61 余兴节目Cabaret62 娱乐Entertainment63 瑜伽Yoga64 羽毛球Badminton65 远足Excursion/ Outing/ Hiking66 杂耍Variety Show/ Vaudeville67 走钢丝Wire-walking五、旅游纪念品1 编织工艺品、篮子Baskets Craft2 编织品Weaved & Knitted Products3 玻璃器皿Glassware4 瓷器Porcelain Wares5 灯饰品Lamp Decoration6 雕塑工艺品Sculpture Craft7 发饰Hair Decoration8 仿生工艺品Imitated Craft9 工艺精湛独具匠心Exquisite workmanship with an original/ ingenious design10 工艺品Arts & Craft11 挂饰Hang Decoration12 国画Traditional Chinese Painting13 画Painting14 纪念品Monuments15 技术工艺品Technological Craft16 家具Furniture17 家庭装饰工艺品Home Decoration18 甲骨文Inscription on Oracle Bones19 剪纸Paper Cuts20 节日装饰品Holiday Decoration21 金饰Gold Fashion22 金书工艺品Gold Book Craft23 金属工艺品Metal Crafts24 景泰蓝Cloisonné Enamel25 蜡烛工艺品Candle Craft26 民间工艺品Fold Craft27 木工艺品Wood Crafts28 木化石Wooden Fossil29 木刻Wood Carving30 木制工艺品Wood Craft31 木制品Wooden Product32 泥塑工艺品Clay Carving Craft33 青铜器Bronze Ware34 伞Umbrella35 扇子Fan36 圣诞装饰物Christmas Decoration37 时尚饰品Fashion Decoration38 手工艺品Artifact/ Handicrafts39 手套Gloves40 首饰盒Jewellery Box41 树脂工艺品Resin Craft42 水晶工艺品Crystal Craft43 苏绣Suzhou Embroidery44 塑料工艺品Plastic Craft45 塑料制品Plastic Article46 炭雕工艺品Charcoal Carving47 唐三彩Tricolor-glazed Pottery48 陶瓷工艺品Porcelain Craft49 天然工艺品Natural Craft50 图腾工艺品Totem Craft51 玩具Toy52 文房四宝（笔、墨、纸、砚）The four stationery treasures of the Chinese study (Writing Brushes,Ink Sticks, Inkstone & Paper)53 箱包及皮件Suitcase/ Bags & Leather Product54 银饰Silver Fashions55 玉制品Jade Product56 云南红木工艺品Yunnan Padauk Craft57 珍珠工艺品Pearl Craft58 纸制工艺品Paper Craft59 纸制品Paper Product60 中国结Chinese Knots61 中国民族乐器Chinese Musical Instruments62 珠玉Precious Stones63 竹制工艺品Bamboo Craft64 装饰盒Decorate Box65 装饰品Decoration66 装饰纸品Decorative Paper67 字画卷轴Scroll of Calligraphy & Painting68 宗教工艺品Religion craft69 祭坛装饰Retable/ Altarpiece六、综合服务信息（一）服务1 服务中心Service Center2 志愿者服务中心V olunteers Service Center3 游客中心Tourist Center4 咨询服务中心Information Center5 无障碍售票口Wheelchair Accessible6 无障碍设施Wheelchair Accessible7 小件寄存处Cloakroom/ Luggage Deposit8 餐饮服务部Food & Beverages9 快餐Fast Food10 货币兑换Currency Exchange11 走失儿童认领Lost Children Information12 行李手推车Trolley13 三轮车接待站Tricycle Tour14 轮椅租赁处Wheelchair Rental15 雨具租赁处Umbrella Rental16 游览观光车Sightseeing Trolley/ Sightseeing Bus17 电动游览车Sightseeing Trolley18 服装出租处Costume Rental19 自行车租赁处Bicycle Rental20 租船处Boat Rental21 旅游纪念品商店Souvenir Shop22 导览设施Tour Guide Facilities23 导览机Audio Guide24 导览册Guide Book25 标志牌Signal Board/ Sign Board26 导游处Guide Service27 导游亭Tour Guide Booth28 导游服务/讲解服务Tour Guide Service29 团体接待Group Tour30 解说牌Explanation Board31 解说词Captions32 照相服务Photo Service33 邮政服务Postal Service34 声讯服务Audio Guide35 票务服务Ticket Service/ Tickets36 残疾人服务Service for Disabled37 免费Free Admission38 赠票Complimentary Ticket39 欢迎光临Welcome40 宣传资料Tourist Brochure/ Travel Brochure41 半价50% Off/ Half Price/ 50% Discount42 谢谢合作Thanks for Your Cooperation43 信用卡支付Credit Cards Accepted44 提供拐杖Walking Stick Available45 提供轮椅Wheelchairs Available46 游程信息Itinerary Information/ Travel Info47 自动取款机A TM48 观众留言薄Complaints & Suggestions49 收费项目/有偿服务项目Pay Service50 会议室Meeting Room/ Conference Room51 多功能厅Multifunction Room52 卫生间Toilet53 收费厕所Fee-paying Toilet54 办旅行证Apply for Traveling Permit55 包车Chartered Taxi56 包车服务Charter Bus Service57 包船Charter Boat58 包饭Meals Included59 饭店接待班车Courtesy Bus60 服务费Service Charge/ Cover Charge61 手续费Service Fee/ Handling Charge/ Counter Fee62 观光游览的最佳时间Best Time to Visit63 航空公司办事处Airline Office64 纪念照Souvenir Photo65 价目表Tariff/ Price Table/ Price Tag/ Price List66 天气预报Weather Report67 退款Drawback/ Money Refund68 退税Tax Rebate69 外币兑换Exchange Service70 行李寄存处Check Room/ Left-luggage Office71 行李认领处Baggage Claim Area72 沿途指南Route Guide73 自动导游磁带机Automatic Guide74 自动售票机Passimeter/ Stamp-vending Machine75 座位区Seating Area76 旅游Tour77 旅行Travel/ Trip78 旅游业Tourism/ Travel Industry79 旅游界Tourism Circles/ Tourism Trade80 旅游活动Tourism Activities81 游览Sightseeing/ Touring82 旅游者Tourist83 旅行者Traveler84 旅游团Tour Group85 旅游散客Independent Traveler86 背包旅行者Backpacker87 旅游目的地Tourist Destination88 旅游目的国Tourist Destination Country89 旅游接待国Receiving Country90 旅游业务Tour Operation/ Travel Business91 淡季Low/ Off-peak/ Slack92 旺季High/On-peak/ Selling93 平季Shoulder Period/ Shoulder Season94 风景Scenery95 风光Sight96 景点、旅游胜地Scenic Spot/ Tourist Attraction97 旅行路线Travel Route98 经典路线Classic Travel Route99 黄金路线Hot Travel Route100 旅行指南Itinerary101 旅游指南Guidebook102 旅游安排Tour Arrangement103 游人管理Visitors Management104 导游图Tourist Map105 导游解说Tour Description106 自由行Free Walker107 旅游黄金周Golden Week for Tourism108 世界旅游日World Tourism Day（二）票务1 门票Ticket2 购票处Ticket Office/ Tickets3 基本票价Basic Ticket Fare4 一类门票Type 1 Ticket5 票务Ticket Business6 票价Fare/ Price7 现金票价Cash Fare8 门票价格Ticket Price9 学生票价Student Price10 儿童票价Children Price11 月票Monthly ticket12 预订票Pre-booked13 补票Compensation Fare14 票有效期Ticket Validity Time15 单一票制Flat Fare16 儿童优惠Child Reductions17 （票价）优惠Concessions18 成人票价Adult Price19 票类Ticket Types20 半票Half-price Ticket21 查票Ticket Checking22 罚票Penalty Fare/ Penalty Price23 计时票制Time Fare System24 不收门票Admission is Free25 废票Free Children Admission七、旅游机构1 世界旅游组织World Tourism Organization2 旅游局Tourist Administration/ Tourist Authority/ Tourist Office3 中国旅游局China’s National Tourism Administration4 省旅游局Provincial Tourism Administration5 自治区旅游局Autonomous Region Tourism Administration6 市旅游局Municipal Tourism Administration7 自治州旅游局Autonomous Prefecture Tourism Administration8 县旅游局County Tourism Administration9 旅游组织Tourist Organization10 全国旅游组织National Tourist Organization11 区域旅游组织Regional Tourist Organization12 地方旅游组织Local Tourist Organization13 旅游协会Tourist Association14 旅游委员会Tourist Council15 旅行社Travel Agency16 一类社China’s Category A Travel Agency17 二类社China’s Category B Travel Agency18 三类社China’s Category C Travel Agency八、旅游从业人员职称、职务1 导游Tour guide2 解说员Guide3 外联Outreach4 计调Planning & Scheduling5 司机Driver6 业务员Salesman7 前台接待Receptionist8 财务Accountant9 经理Manager10 从事旅游专业人员Professional Staff of Tourism11 旅游推销员Commercial Traveler/ Traveling Salesman12 地陪、地方导游Local Guide13 多语言导游Multilingual Guide14 旅游团陪同Tour Escort/ Conductor/ Director15 旅游记者Travel Journalist16 旅游组织者Tour Operators17 全陪、全程导游National Guide18 领队、团长Tour Leader19 旅游专家Travel Expert20 旅游作家Travel Writer九、旅游相关信息（一）传统文化1 戏曲Traditional Opera2 戏剧脸谱Theatrical Mask3 京剧Peking Opera4 越剧Yue Opera5 川剧Chuan Opera6 相声Cross Talk7 双簧A Two-man Comic8 皮影戏Shadow Puppet9 太极拳Shadow Boxing10 剑术Chinese Fencing11 功夫Kung Fu12 拳术Chinese Boxing13 毛笔Writing Brush14 书法Calligraphy15 香Incense16 五行Five Elements17 观音菩萨Avalokitesvara18 菩萨Boddhisattva19 道士Taoist20 和尚Monk21 尼姑Nun22 药王King of Medicine23 佛经Buddhist Scriptures24 罗汉Arhat25 财神爷The God of Wealth26 门神Door Gods27 玉皇大帝The Jade Emperor28 王母娘娘The Queen Mother of the West29 阎王爷King of Hell30 土地神Local God of the Land31 灶王爷Kitchen God32 龙王Dragon King33 雷公Thunder God34 嫦娥Chang’e35 灯笼Lantern36 爆竹Firecracker37 舞狮Lion Dance38 舞龙Dragon Dance39 杂耍Variety Show40 灯会Exhibit of Lanterns41 压岁钱Lucky Money42 春联Spring Festival Couplets43 剪纸Paper-cut44 中药TCM (Traditional Chinese Medicine)45 火药Gunpowder46 印刷术Movable Type Printing47 造纸术Paper Making48 指南针Compass49 农历Lunar Calendar50 阳历Solar Calendar51 孝经Book of Filial Piety52 三字经Three Word Chant53 八股文Stereotyped Writing54 国画Traditional Chinese Painting55 气功Controlled Breathing Exercise十、深圳市旅游景点（一）特色景点1 明斯克航母世界Minsk Aircraft Carrier World2 仙湖植物园Shenzhen Fairylake Botanical Garden3 地王观光Meridian View Center4 赛格观光SEG Plaza5 深圳国际园林花卉博览会公园Shenzhen International Garden & Flower Expo Park6 野生动物园Shenzhen Wildlife Park7 青青世界Evergreen Resort8 海上田园Shenzhen Waterlands（二）自然生态景点1 三洲田生态旅游景区Ecotourism Sanzhoutian Sites2 银湖旅游中心Shenzhen Silver Lake Resort3 红树林自然保护区Mangrove Natural Reserve4 西丽湖度假村Xili Lake Holiday Resort5 石岩湖温泉度假村Shiyanhu Lake Hot Spring Resort6 凤凰山风景区Fenghuangshan Mountain Scenic Area7 光明农场Guangming Farm（三）历史古迹景点1 新安故城Xin'an Old Town2 赤湾天后宫Chiwan Temple of the Queen of Heaven3 赤湾古炮台Chiwan Ancient Fort4 鹤湖新居Hehu New Residence5 大万世居Longgang Hakka Folk Museum6 东江纵队司令部旧址Site of the Headquarters of Dongjiang Anti-Japanese Guerrillas（四）城市公园1 儿童公园Children’s Park2 洪湖公园Honghu Park3 东湖公园Donghu Park4 人民公园Renmin Park5 翠竹公园Cuizhu Park6 笔架山公园Bijiashan Park7 中心公园Central Park8 荔枝公园Lizhi Park9 黄岗公园Huanggang Park10 中山公园Zhongshan Park11 南山公园Nanshan Park12 塘朗山郊野公园Tanglangshan Suburb Park13 七娘山郊野公园Qinianshan Suburb Park14 马栾山郊野公园Maluanshan Suburb Park（五）海岛海滩1 大、小铲岛Dachan Island/ Xiaochan Island2 内伶仃岛Neilingding Island3 赖氏洲岛Laishizhou Island4 三门岛Sanmen Island5 大辣甲岛Dalajia Island6 喜洲岛Xizhou Island7 三角洲岛Sanjiaozhou Island8 大梅沙海滩Dameisha Beach9 小梅沙海滩Xiaomeisha Beach10 东涌、西涌海滩Dongchong Beach/ Xichong Beach11 金沙湾海滩Jinshawan Beach12 上洞海滩Shangdong Beach13 鲨鱼涌海滩Shayuchong Beach14 官湖海滩Guanhu Beach15 大湾海滩Dawan Beach16 迭福海滩Diefu Beach17 下沙海滩Xiasha Beach18 水头沙海滩Shuitousha Beach19 洋筹海滩Yangchou Beach20 鹅公湾海滩Egongwan Beach21 大鹿湾海滩Daluwan Beach22 桔钓沙海滩Judiaosha Beach23 杨梅坑海滩Yangmeikeng Beach（六）深圳名景1 大鹏所城Dapeng Fortress2 莲花山Lianhuashan Mountain3 华侨城Shenzhen Overseas Chinese Town4 欢乐谷Shenzhen Happy Valley Theme Park5 锦绣中华Splendid China6 中国民俗文化村China Folk Culture Villages7 深南大道Shennan Avenue8 梧桐山Wutongshan Mountain9 大梅沙Dameisha Beach Park10 小梅沙Xiaomeisha Beach Resort11 中英街Zhongying Street12 羊台山Yangtaishan Mountain十一、深圳市旅游管理部门和主要旅游经营者（一）管理部门1 深圳市旅游局Shenzhen Municipal Tourism Bureau2 深圳市旅游协会Shenzhen Travel Association（二）旅行社1 广东核电国际旅行社Guangdong Nuclear Power International Travel Agency2 航空国际旅行社Shenzhen Air International Travel Agency3 鹏城康辉旅行社Shenzhen Comfort Travel Service4 海外国际旅行社Shenzhen Overseas International Travel Service5 东星国际旅行社East Star International Travel Services6 宝安中国旅行社Shenzhen Bao’an China Travel Service7 南方旅行社Southern Travel Agency Shenzhen8 深圳市旅游(集团)公司Shenzhen Tourism (Group) Company9 罗湖国际旅行社Luohu International Travel Service10 中国国际旅行社China International Travel Agency11 口岸中国旅行社Shengzhen Port China Travel Service12 广铁青国际旅行社CYTS Guangdong Railway Shenzhen13 广深铁路国际旅行社Shenzhen Railway International Service14 深圳中国旅行社China Travel Service Shenzhen15 中青旅深圳国际旅行社Shenzhen China Youth Travel Service (CYTS)16 鹏运国际旅行社Shenzhen Pengyun International Travel Service17 职工国际旅行社Workers’International Travel Service18 南山国际旅行社Shenzhen Nanshan International Travel Agency19 世纪假日国际旅行社Century Holiday International Travel Service20 鹏翔国际旅行社Shenzhen Pengxiang International Travel Service21 深华国际旅行社Shenzhen Shenhua International Travel Service22 中侨国际旅行社Shenzhen Cept International Travel Service23 巨邦国际旅行社Shenzhen Grandland International Travel Service24 招商国际旅行社China Merchants International Travel Service25 华侨城国际旅行社Shenzhen Travel Service of Overseas Chinese Town十二、深圳市主要旅游住宿酒店（一）深圳五星级酒店1 东方银座公馆Swiss-Bel Hotel Shenzhen2 深航锦江国际酒店Shenzhen Airlines Hotel3 五洲宾馆Wuzhou Guest House4 圣廷苑酒店The Pavilion5 马可波罗好日子酒店Marco Polo Shenzhen6 景轩酒店Grand View Hotel7 福朋喜来登酒店Four Points by Sheraton8 富苑酒店Crowne Plaza Hotel & Suites Landmark Shenzhen9 香格里拉大酒店Shangri-La Hotel10 彭年酒店The Panglin Hotel11 阳光酒店Sunshine Hotel Shenzhen12 富临酒店Felicity Hotel13 华安康年国际酒店Hua An Conifer Shenzhen14 威尼斯酒店Crowne Plaze Shenzhen15 泰格酒店公寓Tiger Apartment Hotel Shenzhen16 南海酒店Southsea Hotel17 凯宾斯基酒店Kempinski Hotel Shenzhen18 恒丰海悦酒店Hengfeng Haiyue International Hotel19 骏豪酒店Mission Hills Hotel20 百合酒店Century Kingdom Hotel21 洲际大酒店InterContinental Hotels（二）四星级酒店格兰云天大酒店Shenzhen Grand Skylight Hotel辉盛庭国际公寓Fraser Corporate Residence Shenzhen。
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COIL Challenge 2000 Description Task
Chris Leckie and Herman Ferra
Telstra Research Laboratories
770 Blackburn Road
Clayton, Victoria 3168 Australia
e-mail: c.leckie@.au
Modelling Methodology
The modelling method used to build our prediction model was a Mask Perceptron (Kowalczyk and Ferra 1994) with Boosting. The original data was then analysed in the light of this model using a multi-dimensional visualisation tool.
Description of Caravan Policy Holders
The caravan policy holders tend to be wealthier people who spend more on car insurance (i.e., greater than 1000 NLG), and who spend more than 100 NLG on fire insurance. People who have boat insurance are also more likely to be caravan policy holders.
From this profile, we can infer that caravan policy holders tend to be more affluent people who can afford to travel. They may have a more expensive car, which is sufficiently powerful to tow a caravan. They are more likely to have fire insurance due to the need to carry liquid propane gas for cooking in the caravan. In some cases, their interest in travelling around the countryside extends to having a boat. We can assign a score to each customer that reflects the likelihood of a customer having a caravan policy. We can calculate this score using the following model, where each term in the model corresponds to a combination of tests on the customer’s data. If a term is true for a customer, then the corresponding weight for that term is added to the customer’s score. Customers with a higher score are more likely to have a caravan policy.
Prediction Model
Term 1:Contribution car policies ≥ 1,000 NLG [weight 0.185273] Term 2: Average income ≥ 68,000 NLG [weight 0.048236] Term 3: Contribution fire policies ≥ 100 NLG
And %households with 1 car in customer’s suburb ≥ 50%[weight 0.050628] Term 4: Purchasing power class ≥ 5
And Contribution fire policies ≥ 200 NLG [weight 0.044266] Term 5: Contribution boat policies ≥ 1 NLG [weight 0.170989] Term 6: %households with 30-35,000 NLG income in customer’s suburb ≥ 24%[weight -0.032441] Term 7: Contribution car policies ≥ 1000 NLG
And Contribution fire policies ≥ 100 NLG [weight 0.055836] Term 8: %households with 45-75,000 NLG income in customer’s suburb ≥ 20%
And Average income ≥ 68,000 NLG [weight 0.029023] Term 9: Contribution fire policies ≥ 500 NLG [weight -0.06239] Term 10: Contribution fire policies ≥ 100 NLG
And Contribution car policies ≥ 500 NLG
And %households with 1 car in customer’s suburb ≥ 50% [weight 0.015703] Acknowledgement
The permission of the Managing Director, Telstra Technology Strategy and Research, to publish this material is hereby acknowledged.
References
A. Kowalczyk and H.L. Ferra (1994). “Developing Higher-Order Networks with Empirically Selected Units”. In IEEE Transactions on Neural Networks, 5(5), September 1994, pp. 698-711.。