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11rrrrt天天色综合

时间:2016-06-01 来源:唯才教育网 本文已影响

篇一:投资管理(investment management)第11章自测【免费下载】

Chapter 11

The Efficient Market Hypothesis

MCQ

1. If you believe in the ________ form of the EMH, you believe that stock prices reflect all relevant information including historical stock prices and current public information about the firm, but not information that is available only to insiders.semistrong

B. strong

C. weak

D. A, B, and C

E. none of the above

The semistrong form of EMH maintains that stock prices immediately reflect all historical and current public information, but not inside information.

Difficulty: Easy

2. When Maurice Kendall examined the patterns of stock returns in 1953 he concluded that the stock market was __________. Now, these random price movements are believed to be _________.inefficient; the effect of a well-functioning market

B. efficient; the effect of an inefficient market

C. inefficient; the effect of an inefficient market

D. efficient; the effect of a well-functioning market

E. irrational; even more irrational than before

Random price changes were originally thought to be driven by irrationality. Now, financial economists believe random price changes occur because markets are informationally efficient.

Difficulty: Easy

4. A hybrid strategy is one where the investor

A. uses both fundamental and technical analysis to select stocks.

B. selects the stocks of companies that specialize in alternative fuels.

C. selects some actively-managed mutual funds on their own and uses an investment advisor to select other actively-managed funds. maintains a passive core and augments the position with an actively managed portfolio. E. none of the above.

A hybrid strategy is one where the investor maintains a passive core and augments the position with an actively managed portfolio.

Difficulty: Easy

5. The difference between a random walk and a submartingale is the expected price change in a random walk is ______ and the expected price change for a submartingale is ______.

A. positive; zero

B. positive; positive

C. positive; negative zero; positive

E. zero; zero

A random walk has an expected price change of zero and a submartingale has a positive expected price change.

Difficulty: Easy

7. Proponents of the EMH typically advocate

A. an active trading strategy.

B. investing in an index fund.

C. a passive investment strategy.

D. A and B B and C

Believers of market efficiency advocate passive investment strategies, and an investment in an index fund is one of the most practical passive investment strategies, especially for small investors.

Difficulty: Easy

8. Proponents of the EMH typically advocate

A. buying individual stocks on margin and trading frequently.

B. investing in hedge funds. a passive investment strategy.

D. A and B

E. B and C

Believers of market efficiency advocate passive investment strategies, and an investment in an index fund is one of the most practical passive investment strategies, especially for small investors.

Difficulty: Easy

9. If you believe in the _______ form of the EMH, you believe that stock prices reflect all information that can be derived by examining market trading data such as the history of past stock prices, trading volume or short interest.

A. semistrong

B. strong weak

D. all of the above

E. none of the above

The information described above is market data, which is the data set for the weak form of market efficiency. The semistrong form includes the above plus all other public information. The strong form includes all public and private information.

Difficulty: Easy

10. If you believe in the _________ form of the EMH, you believe that stock prices reflect all available information, including information that is available only to insiders.

A. semistrong strong

C. weak

D. all of the above

E. none of the above

The strong form includes all public and private information.

Difficulty: Easy

11. If you believe in the reversal effect, you should

A. buy bonds in this period if you held stocks in the last period.

B. buy stocks in this period if you held bonds in the last period. buy stocks this period that performed poorly last period.

D. go short.

E. C and D

The reversal effect states that stocks that do well in one period tend to perform poorly in the subsequent period, and vice versa.

Difficulty: Easy

12. __________ focus more on past price movements of a firm's stock than on the underlying determinants of future profitability.

A. Credit analysts

B. Fundamental analysts

C. Systems analysts Technical analysts

E. All of the above

Technicians attempt to predict future stock prices based on historical stock prices.

Difficulty: Easy

13. _________ above which it is difficult for the market to rise.

A. Book value is a value Resistance level is a value

C. Support level is a value

D. A and B

E. A and C

When stock prices have remained stable for a long period, these prices are termed resistance levels; technicians believe it is difficult for the stock prices to penetrate these resistance levels.

Difficulty: Easy

14. _________ below which it is difficult for the market to fall.

A. Intrinsic value is a value

B. Resistance level is a value Support level is a value

D. A and B

E. B and C

When stock prices have remained stable for a long period, these prices are termed support levels; technicians believe it is difficult for the stock prices to penetrate these support levels.

Difficulty: Easy

篇二:#11-t-Among the Fringers

Unit 11

Among the Fringers

Exercises

1. Answer the questions on the text:

1) Quebec Trade Summit was held in Quebec City from April 20 to April 22, 2001. Leaders of the 34 Western Hemisphere countries made a declaration during the Summit calling on the Summit countries to conclude negotiations on a Free Trade Area of the Americas by 2005. The Hemispheric Social Alliance organized the “People’s Summit” that was strongly against the Quebec Trade Summit. During the Summit, some security measures had to be taken to safeguard such an international gathering. The author here suggested that tear gas might be used to disperse the protesters.

2) The author knew very well that the “People’s Summit” attendees were those “from the far-left to the farther-left” and they were all opposed to free trade. To choose the lesser evil or to get a clearer picture of the activists, the author decided to interview those with less radical ideas, probably those activists with fewer body piercings.

3) A Japanese soldier isolated on a Pacific island during World War II had no idea of Japan’s unconditional surrender. The author was saying that people on the streets of Quebec didn’t realize what had happened in the world and they just turned a blind eye to the achievements trade liberalization had made.

4) It is true that both the World Trade Organization and its predecessor, the General Agreement on Tariffs and Trade, have somewhat reduced trade barriers over the years. However, some events of great significance occurred without the influence of international institutions. A case in point is China’s economic reform program. Globalization is an irreversibly developing trend and the idea of economic freedom has been embraced by most countries in the world. Therefore, international institutions may just have a modest impact on globalization.

5) According to the author, the success of diversion and appeasement was associated with a number of factors that do not exist now. The end of the Cold War, the spread of globalization and the awareness of the significance of unilateral trade liberalization all contribute to the fact that the strategy of diversion and appeasement is no longer workable in terms of free trade promotion.

6) Many supporters of trade are opposed to unilateral liberalization because they believe that although open domestic markets are good, it is preferable to open all markets at once. The author argues that it is absolutely uealistic for all countries to open their markets all at once since open domestic markets need the right political atmosphere and no country can be forced to drop their trade barriers. Theoretically, however, the idea of open markets as a concession does not hold water and a country always benefits so long as it opens its domestic market.

7) One feature of the WTO dispute settlement is that it has the ability to impose sanctions against a non-complying country, which is against the idea of trade reciprocity and liberalization that the WTO is committed to. A better idea, according to the author, is that the plaintiff country relies on “compensation” rather than on any sanctions. Instead of imposing sanctions on the losing parties, the WTO dispute settlement mechanism may require them to drop some trade barriers as

compensation for their violation of the WTO rules. Such an idea may be viable under certain circumstances, but may not be so as well. As an offending nation may refuse to abide by the decisions made by the WTO, why can’t they refuse to drop its trade barriers?

8) The concept of market economy stands for reliance on the market competition. It is a process through which market competition proves to be the most efficient way to meet the demand from consumers for goods and services. It is market competition that brings companies to increase productivity, to expand, to innovate and to create jobs. In short, it recognizes that the market forces are the most efficient generator of prosperity. Historically, this understanding of market competition did not seem popular at all. Therefore, market competition is a discovery process.

9) The author emphasizes the importance of free trade and the achievements it has made. The countries that are open to international trade benefit a lot more than those that seal themselves off from the global economy, and people in many countries of the world have been lifted out of poverty just because of the free trade policies adopted by their governments. The point the author wants to make is that a nation benefits from opening its markets anyway without necessarily having markets of other countries opened. Europe should have a thorough understanding of unilateral trade liberalization and regard it as its best policy.

10) Anti-globalization protesters believe that globalization is a recent phenomenon that has been driven primarily by international institutions. As a matter of fact, globalization is a developing trend that is unlikely to be reversed, because most countries in the world have accepted the idea of economic freedom and become fully aware that a country benefits from opening its markets regardless of what other countries do. Therefore, the impact of international institutions on globalization has been decidedly modest. This reality has to be clearly explained to a public that is becoming increasingly fearful of globalization. To make sure that free markets will continue to gain momentum, Europe should adopt the policy of unilateral trade liberalization by abandoning the mercantilist assumptions, tackling head-on the Common Agricultural Policy and reforming the dispute settlement mechanism in the WTO. Finally, Europe should, in the near future, hold major international trade meetings in some developing countries so that they may feel less marginalized in the negotiation process.

2. Fill in each blank of the following sentences with one of the phrases in the list

given below:

1) The program offers nothing significant financial compensation.

2) The oil fields across 32,000 square kilometers the riverside the

foot of the mountain.

3) He failed to the high expectations of many shareholders and foreign

investors alike.

4) The firm tries to avoid being ignored in the playground, and its chief strategy, is to

5) Those who try to themselves from the digital world will come up with

innumerable inconveniences in future.

6) Their strategy is to 7) The key to holding on to a company's employees is "work that challenges a

person's intellect", which is considered to be one of the “hygiene factors”

human-resource. 8) He allegedly took bribes of $2 million

9) What they have done is likely to hands of their perceived regional

rivals.

10) As a team, the two parties and became near unbeatable.

11) They seem to have no other options, but the firm to ensure corporate

profits.

12) It's a set of skills that has become important for the modern manager as companies security from shareholders and the public. subject

3. Match the terms in column A with the explanations in column B:

1) fringe group a) A system of economic doctrines advocating that

governments should regulate international trade in order to

gain competitive advantages and build favorable balance

trade. 2) economic freedom b) Any activity by a government, group or individual to

maintain or restore the environment for the benefit of all

lives in the globe including humans. 3) mercantilist assumptionsc) A social group holding marginal or extreme views, believing

the current society is unfair and must be changed through extreme means including violence. 4) dispute settlement process d) A government policy to encourage export of goods through

low-cost loans, tax relief for exporters, government financed

international advertising etc.5) environmental protectione) A national economic strategy to build up a domestic

economy by emphasizing the replacement of imports by domestically produced goods. 11

6) market competition f) The right of individuals and organizations to pursue their

own interests through economic activities under the rule of

law without intervention from a government or economic

authority. 7) export subsidy g) Investment by citizens, firms of the government of a country

in industries of another one. 8) market systemh) Procedures required to investigate a dispute in international

trade , to mediate between the two parties concerned, and to decide the outcome of the dispute case. 9) anti-globalization i) Contests in the market between business firms striving for a

greater share of a market or for winning the same group of customers.10) anti-dumping dutyj) A systematic process in which there are market players,

mainly suppliers and consumers, who interact and make deals.

11) import substitutionk) Additional tariff levied on imported goods when they are

sold to the importing country at a price less than fair value and

are found to threaten material injury to industry and market of

the importing country. 12) foreign investment l) A grassroots movement opposing to globalization, intending

to counter its trend and harmful effects, and to reform

unbridled capitalism.

4. Turn the following into Chinese:

任何能吸引世界各国政商界领袖参会的会议自然是全球化的一种象征。世界经济论坛达沃斯年会将这一概念推向了新的高度。领袖们之间四天的漫谈和争论(在现实世界中他们常常相互竞争)使人相信该论坛的充满希

11rrrrt天天色综合

望的名言,“立志改变世界现状。”

然而,虽然云集阿尔卑斯圆顶大厦的数千专家名人对全球化益处具有共识,但他们也意识到全球化在普通百姓中并未得到太多的支持。事实上,达沃斯年会的一大主题就是:对不断高涨的反全球化运动的关注,范围从多哈贸易谈判可能的失败到对各国为保护就业机会和市场而可能奉行贸易保护主义的担忧。

在这种情况下,商界领袖们在此举行这个非凡的讨论会来重申对全球化的支持。这里的挑战是:如何让已不耐烦的公众相信全球化带来的经济利益大于可能的风险。

麦肯锡公司全球总经理Ian E.L. Davis认为包括工会领袖和民粹主义政客在内的所有全球化的反对者已使全球化的支持者处于守势。“我们不能再使用象GDP增长这样空洞的概念,而应采用更具体的内容向公众解释全球化,如创造就业、价格和税收,” Davis说。他讲道,大多数人并不了解把工作机会推向海外的那些企业同时也使他们在当地超市购买的货物价格降低了。

Davis补充说,商界的领袖们还必须要去体认全球化反对者的观点,并要采取具体的步骤去设法解决他们的合理要求。例如,在美国,医疗保险是和工作直接挂钩的,所以商界领袖们就可以支持失业和个体经营的工人进行医疗联保或建立一个全国医保系统。另外,他们还可以支持失业工人的再培训项目。

消费品大鄂联合利华集团首席执行官Patrick Cescau也赞同具体的行动比空洞的言辞更重要。“我们在展示全球化好处方面一直做得不够好,”他说。这家英荷公司现在近一半的收益来自发展中国家,所以对它来说,全球化意味着要使其产品适应不同的市场,使员工能适应世界各国环境,并且在投资上深耕当地市场。

5. Read the following text and choose the best sentence from A-F below to fill in

each of the gaps in the text.

1) But they have bravely decided to abandon the traditional dress of the host country

to show that despite their differences, everybody could be made to look a bit ridiculous for a group photo.

2) The global financial crisis has already done it for them.

3) If all of APEC's member countries participated — a big if — its combined annual

GDP would be $37 trillion.

4) The logic for closer Asian economic integration is becoming more compelling as

intraregional trade becomes more important when compared with Asia's trade with the West.

5) This trend has accelerated since the financial crisis.

Supplementary Reading

Globalization: curse or cure?

1) It is implied by the author at the beginning of the article that ________.

A. The United States is the most influential force in globalization ∨

B. The dominance of US dollar plays a key role in globalization

C. The introduction of NAFT is regarded as most critical event for

globalization.

D. Other evens like the opening of China and India is more important to

globalization.

2) The higher efficiency of production in the process of globalization is due to all of

the following EXCEP ________.

A. outsourcing and economies of scale

B. cheaper labor and vertical integration

C. economies of scale and production operations ∨

D. vertical integration and economies of scale

3) According to the author, the accusations of “stealing jobs “ by immigrants and

“out-migrating capital and oursourcing jobs” by home companies lead to ________.

A. reorganization of production operations

B. tight immigration restrictions and capital controls ∨

C. labor and capital migrations

D. better wages and living conditions

4) What are the “collateral benefits” of globalization for developing countries?

A. Expansion of economic opportunities and employment for workers.

B. Increased specialization of production and expansion of employment.

C. Expansion of employment and better economic policymaking framework.

D. Improved financial, institutional, and corporate governance and economic

policymaking framework. ∨

5) Who are the main beneficiaries of globalization in developing countries, as

indicated by some evidence?

A. More highly skilled and educated people. ∨

B. Low-wage working people.

C. Under-educated and non-skilled workers.

D. Retrained workers for joint ventures.

篇三:450t提梁机拆卸方案拆2010.11.11

450t轮轨式提梁机

拆解方案

编制:

审核:

批准:

中交股份京沪高速铁路六标十二工区

2010.11.25

目 录

1. 编制依据................................................................................................................. 1

2. 工程概况................................................................................................................. 1

3. 拆解施工方案......................................................................................................... 1

3.1. 拆解工艺 ...................................................................................................... 1

3.2. 起重机的选择 .............................................................................................. 2

3.3. 施工部署 ...................................................................................................... 2

3.4. 拆解方法 ...................................................................................................... 3

4. 拟投入的主要机具表............................................................................................. 7

5. 安全注意事项......................................................................................................... 8

6. 拆除设备应急预案............................................................................................... 10

6.1. 总则 ............................................................................................................ 10

6.2. 工作原则 .................................................................................................... 10

6.3. 应急处理机构和职责 ................................................................................ 11

6.4. 事故应急处理领导小组职责 .................................................................... 12

6.5. 应急预案启动条件 .................................................................................... 12

6.6. 应急救援程序 ............................................................................................ 12

6.7. 事故救援报告和救援处置 ........................................................................ 13

6.8. 保障措施 .................................................................................................... 13

附件一:450t提梁机总图 ......................................................................................... 15

附件二:吊机起重性能表.......................................................................................... 16

450T轮轨式提梁机拆解方案

1?450t提梁机图纸(见附件:1)

2?国家现行起重设备安装施工及验收规范

3?同类工程施工经验及措施 1. 编制依据

2. 工程概况

我工区承担京沪高速铁路上海站上下行联络线368片T梁架设任务,目前施工进展顺利,按照租赁合同,由我工区对租赁设备进行拆解,现上报拆解方案。

450t提梁机位于上海嘉定制梁场,横跨京沪线上,与沪宁线临近。其中提梁机柔性支腿与沪宁线接触网距离只有12m,由于沪宁城际铁现在已经通车运营,在两线中间不得使用吊车作业,吊机必须停放在京沪线京→沪方向左侧作业,所以在施工过程中尤其要注重安全。

2台450t提梁机结构形式全部一致,主要结构由主梁?刚性支腿?柔性支腿?端横梁?起重小车?大车行车机构?控制系统等组成?主梁为双箱梁结构,小车机构在主梁轨道上运行?拆解高度32m,主梁长度为41.2m,起重机跨距为38m,结构总重约为277t,整机重量422 t(含外购件)?

主要大件重量表:

3. 拆解施工方案

3.1. 拆解工艺

拆钢丝绳锁绳机构及吊具→拆电气及供电设备→起吊小车拆解

→主梁及端横梁拆解→刚性支腿拆解→柔性支腿拆解(从中横梁为分上下两段)→主梁?支腿框架地面拆解?

3.2. 起重机的选择

根据现场地形情况及450t提梁机图纸结构设计,结构件重量(本工程中提梁机组装件最重件为85t,刚性支腿重80t)?选择一台500t汽车吊(回转半径10m,臂长42m,最大起重量为93.5t)和一台80t汽车吊配合拆卸?

选用500t主吊机起重能力计算:(见附件:2),满足最大吊重要求?

3.3. 施工部署

3.3.1 技术准备

1?拆解前必须认真审阅相关技术文件,图纸及相关资料?

2?技术负责人对参与拆卸作业的工人(包括:拆卸人员、吊车司机、起重指挥等所有参与作业的人员)做好拆卸前技术交底工作,提出具体拆卸工艺要求?

3?参加施工人员进行技术培训,特殊工种作业人员必须持证上岗?

3.3.2 拆解机具及现场准备

1?设备进场前,要做好充分的施工机具及仪器设备?

2?大型吊车?设备进出场通道及现场设计堆放拆解场地,应进行夯实?压实或硬化?对地基承载力的要求不小于1.18公斤/平方厘米?场地尺寸要求:大车轨道北侧不小于20m,长度不小于100m?

3?小型吊车进场,大型吊车准备就绪?

3.3.3 施工人员计划

施工人员计划表

3.4. 拆解方法

图一:将吊具落在地上,卷起钢丝绳

1?将提梁小车移至合适位置(距离刚性支腿约12m左右),然后将吊具落至最下方,松开锁绳机构(由于钢丝绳长度不能使吊具落在地上,所以将吊具落在事先准备好的钢支座上 )然后开动卷扬机,将钢丝绳完全缠绕在卷筒上,拆收钢丝绳时用小钢丝绳牵引,收好后将绳