Topic 1 The efficiency of market
Topic Three
Types of Financial Markets
Derivative Markets(衍生产品市场 衍生产品市场): 衍生产品市场 financial markets where options and futures are traded. Hedge(对冲 risk 对冲) speculation(套利 套利) 对冲 套利 中航油事件，国储(铜 事件 中航油事件，国储 铜)事件
Topic Three
Financial Markets and the Investment Banking Process
This topic will examines the markets where: How firms raise funds? How securities are traded? How the prices of stocks and bonds are established?
Importance of Financial Markets
Market efficiency(市场有效性 economic and 市场有效性): 市场有效性 informational efficiency Economic efficiency: funds are allocated to their optimal use at the lowest costs in the financial market. Information efficiency: the prices of investments reflect existing information and adjust quickly when new information enters the markets.
Topic 4
Regulation • Regulation rather than public ownership is common in the United States. • Regulators keep the price as low as possible, consistent with the monopolist's receiving an adequate return on its investment, that is, zero monopoly profit.
•
The social loss of monopoly arises because consumers who would have bought the product if it were produced by a competitive firm do not buy it at the monopolist's high price.
Encouraging Competition
•
In some circumstances the government may wish to encourage competition. • The level of competition need not be perfect competition. • If the ATC is falling, competition may be impossible.
Байду номын сангаас
Cross Subsidization
•
Government-owned firms may have to charge higher prices to some customers in order to subsidize other consumers. • Cross subsidization • Urban postal customers subsidize rural postal customers. • A nationalized firm that competes against a private firm may be as efficient as its rival.
车辆工程考研英语试卷真题
车辆工程考研英语试卷真题一、阅读理解（共4篇，每篇5题，每题2分，共40分）Passage 1The rapid development of automotive engineering has brought significant changes to the transportation industry. With the increasing demand for energy efficiency and environmental protection, electric vehicles (EVs) are gaining popularity. This passage discusses the challenges and opportunities in the EV market.1. What is the main reason for the growing popularity of electric vehicles?A. Improved safety featuresB. Enhanced driving experienceC. Energy efficiency and environmental concernsD. Government subsidies2. According to the passage, which of the following is NOT a challenge faced by EV manufacturers?A. Battery lifeB. Charging infrastructureC. High production costsD. Resistance to change among consumers3. What is the author's opinion on the future of electric vehicles?A. They will dominate the market in the next decade.B. They will coexist with traditional vehicles.C. Their market share will remain limited.D. They will be replaced by alternative technologies.4. What does the passage suggest about the role of government policies?A. They are essential for the growth of the EV market.B. They have little impact on consumer choices.C. They should focus on supporting traditional vehicles.D. They should be phased out to promote competition.5. What can be inferred from the passage about the author's background?A. The author is an automotive engineer.B. The author works for an EV manufacturer.C. The author is an environmental activist.D. The author is a market analyst.Passage 2This passage explores the impact of advanced materials on vehicle performance and safety. It highlights the use of lightweight materials, such as carbon fiber and aluminum, in modern vehicles to improve fuel efficiency and reduce emissions.1. What is the primary benefit of using lightweight materials in vehicles?A. Enhanced durabilityB. Improved safety featuresC. Increased fuel efficiencyD. Lower production costs2. According to the passage, which material is often used in high-performance vehicles?A. SteelB. Carbon fiberC. PlasticD. Aluminum3. What is the main concern associated with the use of lightweight materials?A. High production costsB. Limited availabilityC. Environmental impactD. Reduced structural integrity4. How does the passage suggest that lightweight materials can contribute to safety?A. By reducing the risk of accidentsB. By improving crashworthinessC. By increasing the vehicle's weightD. By enhancing the vehicle's speed5. What can be inferred from the passage about the author's perspective on advanced materials?A. They are essential for the future of automotive engineering.B. They are too expensive for widespread use.C. They have limited applications in vehicles.D. They pose significant environmental risks.二、完形填空（共20题，每题1分，共20分）In recent years, there has been a significant shift in the automotive industry towards more sustainable and environmentally friendly vehicles. This trend has been driven by several factors, including growing public awareness of climate change, tighter emissions regulations, and advancements in battery technology. As a result, many automakers are investing heavily in the research and development of electric and hybrid vehicles.1. The automotive industry is experiencing a ______ towards more sustainable vehicles.A. transformationB. stagnationC. declineD. expansion2. One of the factors driving this shift is ______ awareness of climate change.A. increasingB. decreasingC. fluctuatingD. stable3. Tighter emissions regulations have led to ______ in the automotive industry.A. innovationB. stagnationC. declineD. expansion4. Advancements in ______ technology have made electric vehicles more viable.A. combustionB. batteryC. transmissionD. engine5. Many automakers are investing in the ______ of electricand hybrid vehicles.A. productionB. research and developmentC. marketingD. disposal[注：此处省略剩余题目]三、翻译（共2题，每题10分，共20分）1. 随着自动驾驶技术的发展，车辆安全性得到了显著提升。
一种小卡车英文作文
一种小卡车英文作文全文共2篇示例，仅供读者参考一种小卡车英文作文1:A Small TruckIntroduction:In today's modern world, transportation plays a vital role in our daily lives. From commuting to work to delivering goods, vehicles are an essential part of our society. Among various types of vehicles, small trucks have gained popularity due to their versatility and efficiency. In this article, we will explore the features, advantages, and uses of a small truck.Body:1. Features of a Small Truck:- Compact Size: Small trucks are designed to be smaller in size compared to their larger counterparts. Their compact size allows for easy maneuverability, especially in congested urban areas.- Payload Capacity: Despite their smaller size, smalltrucks still have a decent payload capacity. This makes them suitable for carrying goods and materials for small businesses or personal use.- Fuel Efficiency: Small trucks are known for their fuel efficiency. They are designed to consume less fuel, making them cost-effective and environmentally friendly.2. Advantages of a Small Truck:- Versatility: Small trucks can be used for various purposes. They can be used as delivery vehicles, mobile shops, or even for recreational activities such as camping oroff-roading.- Lower Cost: Small trucks are generally more affordable compared to larger trucks. This makes them accessible to small businesses or individuals who may have budget constraints.- Easy Maintenance: Due to their simpler design and smaller components, small trucks are relatively easier and cheaper to maintain compared to larger trucks.3. Uses of a Small Truck:- Delivery Services: Small trucks are commonly used forlocal delivery services. Their compact size allows them to navigate through narrow streets and deliver goods to customers efficiently.- Small Business Operations: Small truck owners can utilize their vehicles for various small business operations such as food catering, landscaping, or moving services.- Personal Use: Small trucks can be used for personal purposes, such as transporting furniture during a house move or carrying equipment for recreational activities.Conclusion:In conclusion, small trucks are a practical and versatile solution for transportation needs. Their compact size, decent payload capacity, and fuel efficiency make them suitable for various purposes. Whether it's for commercial use or personal convenience, a small truck can offer efficient transportation with lower costs and easier maintenance. As the demand for efficient and sustainable transportation grows, small trucks continue to be a popular choice for many individuals and businesses alike.一种小卡车英文作文2:A Comprehensive Guide to Writing an English Essay on aSmall TruckWhen crafting an English essay on the topic of a small truck, it's essential to consider various aspects to ensure a comprehensive and engaging piece. Below is a detailed guide to help you navigate through the process and exceed the 1000-word requirement.1. Introduction:Begin with an attention-grabbing opening that introduces the concept of small trucks. You could start with a brief history of small trucks, their significance in transportation, or their role in various industries.2. Definition and Types:Define what constitutes a small truck and explore the different types available in the market. Discuss the features and characteristics that distinguish small trucks from larger counterparts.3. Applications:Delve into the practical uses of small trucks acrossdifferent sectors. Explore how they are utilized in agriculture, construction, logistics, and personal transportation. Provide real-life examples to illustrate their versatility.4. Advantages:Highlight the advantages of using small trucks compared to larger vehicles. These may include better fuel efficiency, maneuverability in urban areas, lower maintenance costs, and versatility in transporting various goods.5. Challenges and Limitations:Acknowledge the challenges and limitations associated with small trucks. This could include payload capacity constraints, limited towing capabilities, and potential safety concerns, especially in adverse weather conditions.6. Technological Advancements:Explore recent technological innovations in small truck design and manufacturing. Discuss advancements in engine efficiency, safety features, connectivity, and sustainability initiatives such as electric or hybrid models.7. Environmental Impact:Assess the environmental impact of small trucks and compare it to larger vehicles. Discuss emissions, fuel consumption, and the potential for reducing carbon footprint through the adoption of eco-friendly technologies.8. Market Trends:Analyze current market trends related to small trucks. Explore consumer preferences, emerging markets, and the impact of global events such as economic downturns or regulatory changes on the small truck industry.9. Case Studies:Include case studies or success stories of businesses or individuals who have benefited from using small trucks. Highlight specific examples of increased efficiency, cost savings, or innovative uses of small truck technology.10. Future Outlook:Conclude by discussing the future outlook for small trucks. Predict how advancements in technology, changes in consumer behavior, and regulatory shifts may shape the smalltruck industry in the coming years.11. Conclusion:Summarize the key points discussed in the essay and reiterate the significance of small trucks in modern transportation and logistics. End with a thought-provoking statement that encourages further reflection on the topic.12. References:Provide a list of references and citations for any sources used in your essay to support your arguments and claims.By following this guide and incorporating detailed research and analysis, you can create a compelling English essay on the topic of small trucks that exceeds the 1000-word requirement and captivates your readers.。
财管英语
因 此
Part3 The sentence
• Thus,according to the EMH, no investor 接近 has an advantage in predicating a return on a stock price since no one has access to information not already available to everyone else.
Weak form 弱式 Semi-strong form 半强式 strong form 强式 Initial public offerings 首发股票 Mutual fund 共同基金 Company –specific factor 公司特有风险 Arbitrage pricing theory 套利定价理论
Topic6 risk and return
Part1 introduction
1Risk can be measured by a variety of ways 2 Return may be higher or lower than the purchase, investment value 3 efficient market hypothesis：Rational investor ， Investors are price takers ， 4The effectiveness of information form ： Weak form ， Semi-strong form， strong form
• The market is said to be informationally efficient market .
The type of information to which the market price reacts The speed at which the market price reacts to information , The degree to which market participants over-or Under-react to information ,
中级宏观经济学-Market_Equilibrium
ε= (Δq / q ) / (Δp / p)
= ( p / q ) / (Δp /Δq), or
ε= ( d q / q ) / ( d p / p)
= ( p / q ) / ( d p / d q) = slope of ray / slope of curve .
A good has an
Special cases of equilibrium p286
PRICE PRICE
Supply curve Demand curve
Demand curve
p*
p*
Supply curve
q*
QUANTITY
q*
QUANTITY
A
B
Algebra
of the equilibrium. Comparative statics. Shifting both curves. p289
PRICE
Demand Supply
A C B D
Amount Pp of tax revenue: Pr A+C
QUANTITY Q* The deadweight loss of the tax: B+D
elastic ( inelastic, unitary) demand
if
|ε| > 1 ( |ε| < 1 , |ε| = 1 ).
Elasticity and revenue.
R = pq, ΔR = qΔp + pΔq , and then ΔR/ Δp = q [ 1 +ε(p) ] where ε( p ) = ( pΔq ) / (qΔp).
The The
market supply curve. competitive equilibrium. efficiency.
MBA 市场营销1章concept&plan
Ideas
1-8
顾客价值价比
V=B/ P
其中:
V = 顾客价值
B = 感知利益
P = 成本
1-9
Determinants of Customer Delivered Value
Total Customer Satisfaction
Difference between customer
perceived performance and their
Selling is only the tip of the iceberg
1-26
“There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available.” Peter Drucker
1-3
What is Marketing?
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value Marketing is “meeting needs profitablly”. to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Essay
FINC3017 Investments and Portfolio ManagementEssay: Market Efficiency and AnomaliesTopic：Stock price momentum: Jegadeesh and Titman (1993)Momentum anomaly and EMHAnomaly is a stock return deviation that challenge efficient market hypothesis (EMH). Jegadeesh and Titman (1993) theorise price momentum anomaly in the stock market for the first time. It contradicted to efficient market hypothesis thereby is widely debated. EMH states that no consistent excess return can be achieved since security prices fully reflect all available information (Fama 1970). Therefore, future prices cannot be predicted through technical analysis of past prices. If the hypothesis is true, passive investment strategy ought to be taken, because it is impossible to get abnormal return by aggressive trading.However, Jegadeesh and Titman show that stocks performed well over the previous 3 to 12 months tend to continue to perform well over 3 to 12 months holding periods. Buy past winners and short past losers earned statistically significant positive return of averaging 12.01% per year. Predictable price patterns and excess returns contradict the efficient market hypothesis. Investors and fund managers perform actively in pursuing abnormal profits.Literature review and the reason of anomalyA large number of literatures illustrate that momentum anomaly exist. Some important literatures are Chan, Jegadeesh and Lakonishok (1996), Conrad and Kaul (1998) and Moskowitz and Grinblatt (1999). Lee and Swaminathan (2000) find high past turnover stocks exhibit larger magnitude of momentum but shorter persistence of momentum. Grundy and Martin (2001) study of the US market 1926 – 1995 found that after adjusting for dynamic risks, there are stable momentum profits. However, Carhart (1997), Brooks and Miffre (2007) believe if take transaction costs into account, there will be no persistence performance of superior stocks. But underperformance will remain worse. Grundy and Martin (2001) show that round-trip cost above 1.5% makes the anomaly unprofitable.It is difficult to explain price momentum use traditional risk-return model (Fama and French (1996), Grundy and Martin (2001)). But, momentum anomaly exists for reasons. The underlying mechanism of the anomaly can be explained from the perspective of behavioural finance and Knightian uncertainty. Both underreaction and delayed overreaction to the information can cause price momentum. Barberis, Schleifer and Vishny (1998) show that because of conservatism (Edwards 1968), investors tend to underweighting new information at the beginning. Information slowly spread and slowly incorporates into share price. Therefore,current information can predict future price. Momentum anomaly exists. However, in the long term, overreaction will lead the stock price to reverse which is consistent with De Bondt and Thaler (1985).Hong and Stein (1999) divide investors into ‘news watchers’ and ‘momentum traders’ groups. It demonstrates different functions of investors rather than cognitive bias. As information gradually circulate among news watchers, underreaction cause price momentum. With momentum traders start trading, market is overreacting, then price revert in the long run. Chan, Jegadeesh and Lakonishok (1996) arrived at the same conclusion. Besides, it asserts the inertia exist because of the prolonged revising of analyst forecasts.On the other hand, Daniel, Hirshleifer and Subrahmanyam(1998) assume investors are overconfidence to private information. When information spread out, due to self-attribution phenomenon, investors will overreact and generate momentum profit.Since current risk-return model cannot fully explain momentum effect, there might be some immeasurable risks exist to explain this anomaly. It is called Knightian uncertainty (Knight 1921). Ford, Kelsey and Pang (2005) believe most individuals are ambiguity-averse. When Knightian uncertainty exists, basic value of the stock cannot be estimated accurately. Trading frequency may increase to avoid risk, therefore cause price momentum. Herd behavior might be another reason as well.However, Du (2012) calls for review explanation to momentum effect because neither risk nor behavioral biases in isolation can explain this anomaly.Momentum effect across time and countriesPrice momentum exists in the US market over time. Jegadeesh and Titman (1993) observe momentum effect from 1965 to 1989. Jegadeesh and Titman (2001) show the effect from 1965 to 1998. Jegadeesh and Titman (2011) confirm the effect exists from 1965 to 2005. Momentum strategy continuous to generate above average since it was first documented in 1990s.Besides, price momentum was observed in many countries. Rouwenhorst (1998) finds momentum in 12 European countries from 1978 to 1995. Hu and Chan (2011) observe significant continuous excess returns across 48 countries from 1995 through 2007. Vilbern (2008) analyses Swedish market from 1999 to 2007. The result indicates momentum effect can be used to make profit after adjusting for transaction cost. Naughton, Truong and Veeraraghavan (2008) find out momentum profits in Chinese market from 1995 to 2005.However, Muga (2007) found momentum effect in Latin American emerging markets, but it is remarkable less than developed market. Moreover, Hameed and Kusnadi(2002) do not find significant momentum profits in six Asian stock markets. This may because in BSV and DHS model, investors are assumed making decisions based on the expectation of the performance of the company. This is true in developed market. However, investors in developing market do not pay enough attention to fundamentals. Buying and selling at high frequency, prone to follow the trend and do what others are doing. Therefore, cognitive bias may not be appropriate to explain momentum effect in emerging market.Nevertheless, we can reach a conclusion that momentum effect is pervasive for long time and widespread of majority the countries.Exploitation and recommendationPrice momentum is exploitable. Firstly, literatures show it is profitable across time and in different equity markets. Secondly, behavioral and cognitive bias provide models to explain the momentum, thus fund managers can perform with a reference to the models.In conclusion, momentum strategy can generate extra profit and is should be used by fund manager to form portfolios. AQR hedge fund is using momentum effect to construct its portfolio (AQR Funds). Although Hendricks, Patel and Zeckhauser (1993) results supported by momentum anomaly, it argues excess return just because fund manager happened to hold a portfolio with large portion of past winners. Since fund managers are assessed on short-term performance (Brailsford, Heaney and Bilson 2011), they have to select short-term winners to generate profits. Momentum strategy just happened to provide a tool to select the winners.18/20There are several spelling and grammar mistakes.ReferenceAQR Funds, Greenwich, viewed 13 May 2012,<https:///OurFunds/MomentumFunds/MomentumFund/Overvie w.aspx >Barberis, N., Shleifer, A. and Vishny, R. 1998, ‘A model of investor sentiment’, J ournal of Financial Economics, vol.49, no.3, pp. 307-343.Brailsford,T., Heaney,R. and Bilson, C. 2011, Investments: Concepts and Applications, 4th edition, Cengage Learning Australia, Melbourne.Carhart, M. 1997, ‘On persistence in mutual fund p erformance’, The Journal of Finance, Vol. 52, no.1, pp. 57-82.Chan,L., Jegadeesh, N. and Lakonishok, J. 1996, ‘Momentum s trategies’, The Journal of Finance, Vol. 51, no.5, pp. 1681-1713.Daniel, K., Hirshleifer, D. and Subrahmanyam, A. 1998, ‘Investor psychology and security market under and overreactions’, The Journal of Finance, Vol. 53, no.6, pp. 1839-1885.De Bondt, W. F. and Thaler, R. 1985, ‘Does the stock market overreact?’, The Journal of Finance, Vol. 40, no.3, pp. 793-805.Du, D. 2012, ‘Momentum and behavioral finance’, Managerial Finance, vol. 38, no.4, pp. 364 – 379.Edwards, W. 1968, Conservatism in human information processing, Formal representation of human judgment, Wiley, New York, pp. 17–52.Fama, E. F. 1970, ‘Efficient Capital Markets: A review of theory and empirical w ork’, The Journal of Finance, Vol. 25, no.2, pp. 383-417.Fama, E.F., and French, K. R. 1996, ‘Multifactor explanations of asset pricing anomalies’, Journal of Finance, vol. 51, no.1, pp. 55-84.Ford, J., Kelsey, D., and Pang, W. 2005, Ambiguity in financial markets: Herding and contrarian behavior, University of Birmingham, Department of Economics.Grundy, B. D. and Martin, J. S. 2001, ‘Understanding the nature of the risks and the source of the rewards to momentum i nvesting’, The Review of Financial Studies, vol. 14, no. 1, pp. 29-78.Hameed, A. and Kusnadi, Y. 2002, ‘Momentum Strategies: Evidence from Pacific Basin Stock Markets’, Journal of Financial Research, vol. 25, no. 3, pp. 383-397. Hendricks, D., Patel, J. and Zeckhauser, R. 1993, ‘Hot hands in mutual funds: Short run persistence of relative performance’, Journal of Finance, vol.48, no.1, pp. 93-130.Hong, H. and Stein, J. C. 1999, ‘A unified theory of underreaction, momentum Trading, and overreaction in asset markets’, Journal of Finance, vol.54, no.6, pp. 2143-2184.Hu, J. W. and Chen, Y. 2011, ‘The performance of momentum investment strategies: An international examination of stock markets’, International Journal of Management, vol. 28, no. 4, pp. 165-195.Jegadeesh, N. and Titman, S. 1993, ‘Returns to buying winners and selling losers: Implications for stock market efficiency’, Journal of Finance, vol.48, no.1, pp. 65-91.Jegadeesh, N. and Titman, S. 2001, ‘Profitability of momentum strategies: An evaluation of alternative explanations’, Journal of Finance, vol.56, no.2, pp. 699-720.Jegadeesh, N. and Titman, S. 2011, ‘Momentum’, Annual Review of Financial Economics, vol.3, no.1, pp. 493-509.Knight, F. H. 1921, Risk, Uncertainty, and Profit, Houghton Mifflin, New York.Lee, C. and Swaminathan, B. 2000, ‘Price momentum and trading volume’, The Journal of Finance, Vol. 55, no.5, pp. 2017-2069.Moskowitz, T. J. and Grinblatt, M. 1999, ‘Do Industries Explain Momentum?’, Journal of Finance, vol.54, no.4, pp. 1249-1290.Naughton, T., Truong, C. and Veeraraghavan, M. 2008, ‘Momentum strategies and stock returns: Chinese evidence’, Pacific-Basin Finance Journal,vol.16, no.4, pp. 476-492.Rouwenhorst, K.G. 1998, ‘International momentum strategies’, Journal of Finance, vol.53, no.1, pp. 267-284.Vilbern, M. 2008, The momentum effect: Evidence from the Swedish stock market, Uppsala University, Department of Economics.。
fast reading 1
Reading Comprehension (Skimming and Scanning) (15 minutes)Seven Ways to Save the WorldForget the old idea that conserving energy is a form of self-denial —riding bicycles, dimming the lights, and taking fewer showers. These days conservation is all about efficiency: getting the same — or better — results from just a fraction of the energy. When a slump in business travel forced Ulrich Rǒmer to cut cost costs at his family-owned hotel in Germany, he replaced hundreds of the hotel’s wasteful light bulbs, getting the same light for 80 percent less power. He bought a new water boiler with a digitally controlled pump, and wrapped insulation around the pipes. Spending about € 100,000 on these and other improvements, he slashed his € 90,000 fuel and power bill by € 60,000. As a bonus, the hotel’s lower energy needs have reduced its annual carbon emissions by more than 200 metric tons. “For us, saving energy has been very, very profitable,” he says. “And most importantly, we’re not giving up a single comfort for our guests.”Efficiency is also a great way to lower carbon emissions and help slow global warming. But the best argument for efficiency is its cost —or, more precisely, its profitability. That’s because quickly growing energy demand requires immens e investment in new supply, not to mention the drain of rising energy prices.No wonder efficiency has moved to the top of the political agenda. On Jan. 10, the European Union unveiled a plan to cut energy use across the continent by 20 percent by 2020. Last March, China imposed a 20 percent increase in energy efficiency by 2020. Even George W. Bush, the Texas oilman, is expected to talk about energy conversation in his State of the Union speech this week.The good news is that the world is full of proven, cheap ways to save energy. Here are the seven that could have the biggest impact:InsulateSpace heating and cooling eats up 36 percent of all the world’s energy. There’s virtually no limit to how much of that can be saved, as prototype “zero-energy homes” in Switzerland and Germany have shown. There’s been a surge in new ways of keeping heat in and cold out (or vice versa). The most advanced insulation follows the law of increasing returns: if you add enough, you can scale down or even eliminate heating and air-conditioning equipment, lowering costs even before you start saving on utility bills. Studies have shown that green workplaces (ones that don’t constantly need to have the heat or air-conditioner running) have higher worker productivity and lower sick rates.Change BulbsLighting eats up 20 percent of the world’s electricity, or the equivalent of roughly 600,000 tons of coal a day. Forty percent of that powers old-fashioned incandescent light bulbs — a 19th-century technology that wastes most of the power it consumes on unwanted heat.Compact fluorescent lamps, or CFLs, not only use 75 to 80 percent less electricity than incandescent bulbs to generate the same amount of light, but they also last 10 times longer. Phasing old bulbs out by 2030 would save the output of 650 power plants and avoid the release of 700 million tons of carbon into the atmosphereeach year.Comfort ZoneWater boilers, space heaters and air conditioners have been notoriously inefficient. The heat pump has altered that equation. It removes heat from the air outside or the ground below and uses it to supply heat to a building or its water supply. In the summer, the system can be reversed to cool building as well.Most new residential buildings in Sweden are already heated with ground-source heat pumps. Such systems consume almost no conventional fuel at all. Several countries have used subsidies to jump-start the market, including Japan, where almost 1 million heat pumps have been installed in the past two years to heat water for showers and hot tubs.Remake FactoriesFrom steel mills to paper factories, industry eats up about a third of the world’s energy. The opportunities to save are vast. In Ludwigshafen, German chemicals giant BASF runs an interconnected complex of more than 200 chemical factories, where heat produced by one chemical process is used to power the next. At the Ludwigshafen site alone, such recycling of heat and energy saves the company € 200 million a year and almost half its CO2 emissions. Now BASF is doing the same for new plants in China. “Optimizing (优化) energy efficiency is a decisive competitive advantage, ” says BASF CEO Jǔrgen Hambrecht.Green DrivingA quarter of the world’s energy —including two thirds of the annual production of oil — is used for transportation. Some savings come free of charge: you can boost fuel efficiency by 6 percent simply by keeping your car’s tires properly inflated(充气). Gasoline-electric hybrid(混合型) models like the Toyota Prius improve mileage by a further 20 percent over conventional models.A Better FridgeMore than half of all residential power goes into running household appliances，producing a fifth of the world’s carbon emissions. And that’s true even though manufacturers have already hiked the efficiency of refrigerators and other white goods by as much as 70 percent since the 1980s. According to an International Energy Agency study, if consumers chose those models that would save them the most money over the life of the appliance, they’d cut global resident ial power consumption and their utility bills by 43 percent.Flexible PaymentWho says you have to pay for all your conservation investment？“Energy service contractors” will pay for retrofitting (翻折改造) in return for a share of the client’s annual utility-bill savings. In Beijing, Shenwu Thermal Energy Technology Co. specializes in retrofitting China’s steel furnaces. Shenwu puts up the initia l investment to install a heat exchanger that preheats the air going into the furnace，slashing the client’s fuel costs . Shenwu pockets a cut of those savings, so both Shenwu and the client profit.If saving energy is so easy and profitable, why isn’t e veryone doing it? It has to do with psychology and a lack of information. Most of us tend to look at today’s pricetag more than tomorrow’s potential savings. That holds double for the landlord or developer, who won’t actually see a penny of the savings hi s investment in better insulation or a better heating system might generate. In many people’s minds, conservation is still associated with self-denial. Many environmentalists still push that view.Smart governments can help push the market in the right dir ection. The EU’s 1994 law on labeling was such a success that it extended the same idea to entire buildings last year. To boost the market value of efficiency, all new buildings are required to have an “energy pass” detailing power and heating consumption. Countries like Japan and Germany have successively tightened building codes, requiring an increase in insulation levels but leaving it up to builders to decide how to meet them.The most powerful incentives, of course, will come from the market itself. Over the past year, sky-high fuel prices have focused minds on efficiency like never before. Ever-increasing pressure to cut costs has finally forced more companies to do some math on their energy use.Will it be enough? With global demand and emissions rising so fast, we may not have any choice but to try. Efficient technology is here now, proven and cheap. Compared with all other options, it’s the biggest, easiest and most profitable bang for the buck.1. What is said to be the best way to conserve energy nowadays?[A] Raising efficiently. [B] Cutting unnecessary costs.[C] Finding alternative resources [D] Sacrificing some personal comforts.2. What does the European Union plan to do?[A] Diversify energy supply. [B] Cut energy consumption.[C] Reduce carbon emissions. [D] Raise production efficiency.3. If you add enough insulation to your house, you may be able to _______.[A] improve your work environment [B] cut your utility bills by half.[C] get rid of air-conditioners [D] enjoy much better health4. How much of the power consumed by incandescent bulbs is converted into light?[A] A small portion. [B] Some 40 percent[C] Almost half. [D] 75 to 80 percent.5. Some countries have tired to jump-start the market of heat pumps by_________.[A] upgrading the equipment [B] encouraging investments[C] implementing high-tech [D] providing subsidies6. German chemicals giant BASF saves € 200 million a year by_________.[A] recycling heat and energy [B] setting up factories in China [C] using the newest technology [D] reducing the CO2 emissions of its plants7. Global residential power consumption can be cut by 43 percent if________.[A] we increase the insulation of walls and water pipes[B] we choose simpler models of electrical appliances[C] we cut down on the use of refrigerators and other white goods[D] we choose the most efficient models of refrigerators and other white goods8. Energy service contractors profit by taking a part of clients’__________.9. Many environmentalists maintain the view that conservation has much to do with___________.10. The strongest incentive energy conservation will drive from_____________.。
金融学1~4章
第一章11The _______ is designed to finance long-term investments, making possible the construction of factories, office buildings, highways, bridges, schools, homes, and apartments.---------是专为长期投资提供的融资,从而得以建设工厂、写字楼、公路、桥梁、学校、住宅,公寓。
A) money market货币市场B) capital market资本市场C) secondary market二级市场D) negotiated market讲价市场E) primary market一级市场22Providing loanable funds to supplement current income in order to sustain current living standards represents what financial service area?为了补充现有的收入,维持目前的生活水平而提供可贷资金代表了哪种金融服务功能?A) payments services支付服务B) thrift services节俭服务C) agency services代理服务D) credit services信贷业务E) none of the above无上述33Trading in securities previously issued takes place in the:已经发行过的证券交的易发生在:A) open market公开市场B) secondary market二级市场C) primary market一级市场D) negotiated market议价市场E) capital market资本市场44The financial system and financial markets are responsible for providing which of the following services?金融体系和金融市场有责任提供下列哪项服务?A) Credit services信贷业务B) Payment services支付服务C) Liquidity流动性D) Facilitating the flow of savings推动积蓄的流动E) All of the above以上所述的所有55A(n) _____ market exists if the market is fully competitive and the same information is available to all participants.一个(n)充分竞争并且所有的参与者可以得到相同信息的市场是--------市场。