第七章课后答案翻译
1．a,在纽约买IBM公司的股票同时在NYSE卖出，你将获得每股2美圆的套利
b,经过一段时间后，两地价格将会相等。
c,假定购买股票的成本为每笔交易额的1%，就将会有一个2%的差异，在这个事例中大概有0。70美圆
2．a,这是违背一价定理的，这是因为在一个洲有强加的销售税，而另一个州却没有，不合法的套利行为将发生，违法者将在免税的州买进大量的酒，而在有征税的州卖出，却不付税
b,很有可能酒店将开在免税的州并且靠近有征税的州的边
境上，居名将会在免税的商店买酒，有征税的州的商店将会没有生意
3． a、由于1盎司黄金值$100和DM155，所以1马克应该价值100/155=$0.645。
b、市场价格比其应该的价格要便宜，用美元兑换成马克，再用马克购买黄金，最后再用黄金换回美元。
例如：
1）开始你有1百万美元，那时你所能筹集到的最多的资金来进行三角套利。
2）用这1百万美元购买1666667马克 3）再用马克购买10752.69盎司黄金 4）把黄金兑换成1075269美元 从而你能得到75269美元 4、
lira
/Yen 06.Yen
/$01.lira /$0006.
5、
６，
a，你应该尽量找一些最近所销售的可比房屋的信息和情况，如果你能说服税务所，你的房屋与最近销售的房屋是可比较的，而最近所销售的可比房屋的市价低于$525,000，你就会得到一个好的评估结果。你可以从房地产经纪人那里得到你想要的信息。
b，你房子的估价和你隔壁公寓的市价差额是$35,000 ($525,000 - $490,000)。如果你能说服税务所，隔壁公寓所缺少的卧室的市价少于$35,000，税务所就会同意你的观点，你的房子的估价应该少于$525,000。举个例子，如果一个可比房屋的销售曲线图显示，增加一间房间（或其他类似的东西）的市价是$10,000，你就可以说，你的房子的估价应该是$500,000而不是$525,000。
7，
可能的原因是：
ITT公司的风险高于标准普尔500，也许它本身就是个高风险行业，或者有更高的负债率。
ITT公司所公布的销售额比它们预期的还高。或者他们使用了特殊的会计准则，导致通货膨胀（或许通胀是因为ITT的新算法。）8，
很合理地，你的P/E为11 (= (8 + 14) / 2)，（申请一个 P/E of 11x 盈利 (= (8 + 14) / 2)），因为你的负债权益比刚好在这两个公司之间。所以，你的公司每股价值是11x $2.00 = $22.00。
9
a，销售额的倍数 0.8 x = $12000000 x 0.8 = $9600000
净收入的倍数 12 x = $1000000 x 12
= $12000000
帐面价值的倍数0.9 x = $10500000 x 0 .9 = $9450000
公司的价值区间应该是 9000000 到 12000000
b，比区间的最大值还多
10．投资者有可能相信没有这个糟糕的CEO公司的未来预期会更好（比如可能会赚得更多或有更低的风险）。
11．A．如果你相信对于Outel的股票来说，市场是信息完全而有效率的，那么它的市价30美元（这是对所有估价分析的平均权重）是对股票真实价值的最好估计。你就应该分析一下你自己的分析是否正确。
B．你把股票卖掉，因为你有超前的信息。
12．瑞士：（1.03*1.02）=1.0506，因此名义利率是5.06%
美国：(1.03*1.05)=1.0815,因此名义利率是8.15%
13．a.由于那辆车的市场价格和你弟弟愿意为之放弃的遗产数额相当接近,所以你弟弟的请求是合理的。但是，很可能地，那些
古老的珠宝今天的市场价格要比你祖母当年购买时所支付的金额高很多，所以，仅仅按帐面价值把珠宝分配到你妹妹的份额里极可能会导致重大的计算错误。如果她真的想要那些珠宝的话，那么她必须被索取与当前那些珠宝的市场的价值相匹配的金额。就算你妹妹并不打算在拥有那些珠宝后就把他们卖掉以获取利润，你也要按当前市场价格计算珠宝的价值，因为即使你不卖掉它们，珠宝同样具有价值。公平就是要求每个人拥有等同的价值。
b.你也许需要雇佣一个专业的鉴定专家来鉴定那些家具和珠宝的价值。你可以在金融报纸上查阅那些股票和债券的价值。你可以通过询问同一街区里相似房屋最近的出售价格以估计遗留下来的房屋的价值。由于汽车是在2个月前购买的，所以假定，那辆车的当前市场价格很接近于你姑妈购买时的支付额，是合情合理的。
这是我整理的，希望对大家有用。蓝色部分是重点词汇。 第一课 1、一条蜿蜒的小路隐没在树荫深处。 A winding path loses itself in the shadowy distance of the woods. 2、集市上有许多小摊子，出售的货物应有尽有。 At the bazaar, there are many stalls where goods of every conceivable kind are sold. 3、我真不知道到底是什么事让他如此生气。 I really don’t know what it is that has made him so angry. 4、新出土的铜花瓶造型优美，可有精细、复杂的传统图案。 The newly unearthed bronze vase is pleasing in form and engraved with delicate and intricate traditional designs. … 5、在山的那一边是一望无际的大草原。 Beyond the mountains there is a vast grassland that extends as far as the eye can see. 6、他们决定买那座带有汽车房的房子。 They decided to buy that house with a garage attached. 7、教师们坚持对学生严格要求。 The teachers make a point of be ing strict with the students. 8、这个小女孩很喜欢她的父亲。 The girl is very much attached to her father. 9、为了实现四个现代化，我们认为有必要学习国外的先进科学技术。 To achieve the four modernization, we make a point of learn ing from the advanced science and technology of other countries. | 10、黄昏临近时，天渐渐暗下来了。 As dusk fell, daylight faded away. 11徒工仔细地观察他的师傅，然后照着干。 The apprentice watched his master carefully and then followed suit. 12、吃完饭弗兰克常常帮助洗餐具。 Frank often took a hand in the washing-up after dinner.
U n i t1 1. 任何年满18岁的人都有资格投票。(be eligible to, vote) Anyone over the age of 18 is eligible to vote. 2. 每学期开学前，这些奖学金的申请表格就会由学校发给每一个学生。(apply for, scholarship) A form to apply for these scholarships is sent by the university to every student before the start of every semester. 3. 遵照医生的建议，我决定戒烟。(on the advice of) On the advice of my doctor, I decided to give up smoking. 4. 公园位于县城的正中央。(be located in) The park is located right in the center of town. 5. 这所大学提供了我们所需的所有材料和设备。(facilities) The university provides all the materials and facilities we desire. 1. 他们花了多年的时间寻找内心的平静，但是收效甚微。(search for) They spent many years searching for peace of mind, but with little success. 2. 这种新药的成功研制已经使许多疾病的治疗发生了根本性的变革。
中文3696字 本科毕业论文外文翻译 出处：Infosys Strategic Vision 原文： Insights from Banking Simple By Ashok Vemuri Introduction “A simpler way of banking.We treat with you respect. No extraneous features. No hidden fees.” For the unini tiated, this is the mantra of BankSimple, a Brooklyn-based startup which has positioned itself as a consumer-friendly alternative to traditional banks. BankSimple pushes a message of user experience—sophisticated personal finance analytics, a single “do-it-all” card, superior customer service, and no overdraft fees.Though branchless and primarily online-based, BankSimple is also planning to provide some traditional customer service touches, including phone support and mail-in deposits. Interestingly, BankSimple will also likely not be a bank—at least not in the technical, FDIC sense of the word. Rather, BankSimple’s strategy is to be a front-end focused on the customer experience. The back-end core “bank” component will be FDIC-insured partner banks. Unfettered by years of IT investments and entrenched applications, BankSimple’s team has the freedom to build an innovative, user-friendly online interface, customer service program, and the associated mobile and social bells and whistles that more and more consumers are demanding. One way to look at it is as a wrapper insulating the consumer from the accounting, compliance, and technology challenges that many banks face. Like personal finance sites https://www.doczj.com/doc/d56273825.html, and Wesabe before it, BankSimple is looking to tap into a perceived gap between what major banks provide and what consumers want. A recent survey by ForeSee Results and Forbes found that consumers view online banking as more satisfying than banking done offline. Though good news for the industry as a whole, the survey also found that the five largest banks in the country scored the lowest in the study. Cheaper and more customer friendly, digital banking is the future—but many consumers are finding it is better done with credit unions, community banks, and (down-the-road) startups like BankSimple. As you read, significant investments are being made by banks to improve their online, mobile, and IVR customer-friendliness. Major banks are embracing these channels, and customer satisfaction will likely improve over time. Even so, startups like Bank- Simple should be viewed as a learning opportunity. Their ideas are disruptive and often highlight pain points that need to be addressed. BankSimple’s first two stated philosophies are a good place to start: “A simpler way of banking” and “We treat you with respect.”
Lesson 1 1) Little donkeys thread their way among the throngs of people. little donkeys went in and out among the people and from one side to another 2) Then as you penetrate deeper into the bazaar, the noise of the entrance fades away, and you come to the muted cloth-market. Then as you pass through a big crowd to go deeper into the market, the noise of the entrance gradually disappear, and you come to the much quieter cloth-market. 3) they narrow down their choice and begin the really serious business of beating the price down they drop some of items that they don't really want and begin to bargain seriously for a low price. 4) he will price the item high, and yield little in the bargaining He will ask for a high price for the item and refuse to cut down the price by any significant amount. 5) As you approach it, a tinkling and banging and clashing begins to impinge on your ear As you get near it, a variety of sounds begin to strike your ear. X．1)一条蜿蜒的小路淹没在树荫深处 A zig-zag path loses itself in the shadowy distance of the woods. 2)集市上有许多小摊子，出售的货物应有尽有 At the bazaar there are many stalls where goods of every conceivable kind are sold. 3) 我真不知道到底是什么事让他如此生气。 I really don't know what it is that has made him so angry. 4)新出土的铜花瓶造型优美，刻有精细、复杂的传统图案。 The newly unearthed bronze vase is pleasing in form and engraved with delicate and intricate traditional designs. 5)在山的那边是一望无际的大草原。 Beyond the mountains there is a vast grassland that extends as far as the eye can see. 6)他们决定买那座带有汽车房的房子。 They decided to buy that house with. a garage attached. 7）教师们坚持对学生严格要求。 The teachers make a point of being strict with the students. 8）这个小女孩非常喜欢他的父亲。 This little girl is very much attached to her father.
论文题目：关于巴塞尔II：新巴塞尔资本协议的影响 学院名称：财经学院专业班级：金融0814班学生姓名：王庆贺 外文题目：Dealing with Basel II: the impact of the New Basel Capital Accord 出处：Balance Sheet,2003,Vol.11(No.4) 作者：Thomas Garside and Jens Bech 译文： 关于巴塞尔II：新巴塞尔资本协议的影响 托马斯·加赛德和杰尼斯·伯克 摘要：国际监管机构在2003年完成新资本协议，银行决定在2006年底执行这个协议。巴塞尔协议是对全球银行业改革的监管。在本文中，我们回顾新巴塞尔资本协议内容以及一些我们所期望对欧洲银行业发生的重要影响。正如在第一届巴塞尔协议修正案（Basel I）中，我们得出结论，新巴塞尔协议不仅对持有资本额的数量做了规定，还对银行业的战略格局进行展望。 关键词：银行，流动性，监管，风险管理 新巴塞尔资本协议的新规则 巴塞尔委员会虽然只是公布了三分之一，但这很可能是协商的最后新资本协议（Basel II）文件。这项建议如获通过，将会深刻地改变银行的偿付能力的方式，监管机构监管银行风险管理实施过程和银行必须对市场参与者公布的风险信息量，经过讨论会，巴塞尔委员会预计将在2003年底发布的新资本协议的最后草案。 目前的巴塞尔资本协议（Basel I）对达到加强国际金融体系的稳定的既定目标已经有了显著成效，通过在不同国家持续应用本协议的同时，增加了资本水平，创造了一个更公平的竞争领域。总的来说，目前的全球一级资本的平均水平从1993年的约6%升至8%，此外，巴塞尔资本协议已经应用于100多个国家，远远超过最初的预期。 尽管实现其最初目标的成效很明显，很显然，对于巴塞尔我有一些意想不到的不
新视野大学英语（第二版）读写教程2 1至7单元课后翻译答 案总结 IA：她连水都不愿意喝一口，更别提留下来吃饭了。 She wouldn’t take a drink , much less would she stay for dinner. 他认为我在对他说谎，但实际上我讲的是实话。 He thought I was lying to him , whereas I was telling the truth. 这个星期你每天都迟到，对此你怎样解释 How do you account for the fact you have been late every day this week 他们利润增长的部分原因是采用了新的市场策略。 The increase in their profits is due to their new market strategy. 这样的措施很可能会带来工作效率得提高。 Such measures are likely to result in the improvement of work efficiency. 我们已经在这个项目上投入了大量时间和精力，所以我们只能继续。 We have already poured a lot of time and energy into the project , so we have to carry on. IIA: 尽管她是家里的独生女，他父母也从不溺爱她。 Despite the fact that she is the only child in the family , her parents never baby her .
II . 1) little donkeys thread their way among the throngs of people. little donkeys went in and out among the people and from one side to another 2) Then as you penetrate deeper into the bazaar, the noise of the entrance fades away, and you come to the muted cloth-market. Then as you pass through a big crowd to go deeper into the market, the noise of the entrance gradually disappear, and you come to the much quieter cloth-market. 3) they narrow down their choice and begin the really serious business of beating the price down they drop some of items that they don't really want and begin to bargain seriously for a low price. 4) he will price the item high, and yield little in the bargaining He will ask for a high price for the item and refuse to cut down the price by any significant amount. 5) As you approach it, a tinkling and banging and clashing begins to impinge on your ear As you get near it, a variety of sounds begin to strike your ear. X．1) 一条蜿蜒的小路淹没在树荫深处 A zig-zag path loses itself in the shadowy distance of the woods. 2) 集市上有许多小摊子，出售的货物应有尽有At the bazaar there are many stalls where goods of every conceivable kind are sold. 3) 我真不知道到底是什么事让他如此生气。I really don't know what it is that has made him so angry. 4) 新出土的铜花瓶造型优美，刻有精细、复杂的传统图案。The newly unearthed bronze vase is pleasing in form and engraved with delicate and intricate traditional designs. 5) 在山的那边是一望无际的大草原。Beyond the mountains there is a vast grassland that extends as far as the eye can see. 6) 他们决定买那座带有汽车房的房子。They decided to buy that house with. a garage attached. 7 )教师们坚持对学生严格要求。The teachers make a point of being strict with the students.
Unit1 1、任何年满18岁得人都有资格投票。(be eligible to, vote) Anyone over the age of 18 is eligible to vote、 2、每学期开学前，这些奖学金得申请表格就会由学校发给每一个学生。(apply for, scholarship) A form to apply for these scholarships is sent by the university to every student before the start of every semester、 3、遵照医生得建议，我决定戒烟。(on the advice of) On the advice of my doctor, I decided to give up smoking、 4、公园位于县城得正中央。(be located in) The park is located right in the center of town、 5、这所大学提供了我们所需得所有材料与设备。(facilities) The university provides all the materials and facilities we desire、 1、她们花了多年得时间寻找内心得平静，但就是收效甚微。(search for) They spent many years searching for peace of mind, but with little success、 2、这种新药得成功研制已经使许多疾病得治疗发生了根本性得变革。(revolutionize) The successful development of the new drug has revolutionized the treatment of many diseases、 3、由于这个国家得经济不景气，这家公司濒于破产。(on the edge of) The company is on the edge of bankruptcy due to the economic depression in the country、 4、大学毕业后她成为了一名护士。她认为护士这一职业可能很有发展前途。(rewarding) He became a nurse after college、He thought nursing could be a very rewarding career、 5、她像往常一样在文件上签了名。(just as) He signed his name on the paper just as he has always done it、 Unit2
Improve the concept of financial supervision in rural areas1 Xun Qian Farmers in China's vast population, has some large-scale production of the farmers, but also survival-oriented farmers, huge differences between the financial needs of rural finance intermediation makes complex, together with agriculture itself is the profit low, natural and market risks high risk decision to weak agricultural industry characteristics, resulting in the cost of rural financial transactions is far higher than the city, also decided to organize the rural financial system in terms of operation or in the market has its own special characteristics. 20 years of financial reform, financial development while the Chinese city made impressive achievements, but the rural finance is the entire financial system is still the weakest link. Insufficient supply of rural finance, competition is not sufficient, farmers and agricultural enterprises in getting loans and other issues is also very prominent, backward rural financial system can no longer effectively support the development of modern agriculture or the transformation of traditional agriculture and the building of new socialist countryside, which to improve the rural financial supervision new topic. China's rural financial regulatory problems (A) the formation of China's financial regulatory system had "a line three commission " (People's Bank, the Securities Regulatory Commission, Insurance Regulatory Commission and the Banking Regulatory Commission) financial regulatory structure. Bank These stringent requirements, different management and diversification of monitoring has its positive role, but it also had some negative effects. First, inefficient supervision, supervision of internal consumption of high costs, limited financial industry business development and innovation space. Second, the regulatory agencies, regulatory bodies and the information asymmetry between central banks, banking, securities, and insurance mechanisms of coordination between regulatory bodies are not perfect. Information between central banks and regulatory agencies is difficult to share, is difficult to create effective monitoring force. Basically between the various 1American Journal of Agricultural Economics，2009.
Unit 1 From her accent I guess she’s from the Northeast. 从她的口音我猜她是来自东北地区的。 It was very clever of her to turn his argument against himself. 她很聪明，使他对自己的论点 I found a couple of shoes under the bed but they don’t make a pair. 我在床下发现了一双鞋，但他们不做一双 4. Dr. Bright always takes his time as he examines his patients and treats them with extreme care. Bright博士总是把他的时间用于他检查他的病人，并把他们的极端护理 5. British companies are trying to avoid the fate their American counterparts have already suffered. 英国公司正试图避免他们的美国同行已经遭受的命运。 6. Wilfred’s remarks confirmed me in my opinion that he was an honorable young man. 威尔弗雷德的话证实了我在我看来，他是一个光荣的年轻人 7. The key witness for the prosecution was offered police protection after she received death threats. 检察机关的主要证人在收到死亡威胁后提供了警方的保护 8. I thought that was the end of the matter but subsequent events proved me wrong. 我认为这是事情的结束，但随后的事件证明我错了。 9. Having practiced for so long, the New York baseball team stands a chance winning the World Series this year. 经过这么长时间的练习，纽约棒球队赢得了今年的世界系列赛的机会。 10. At the trial , Bob’s teacher, who was called as a character witness, said he was a quiet boy who had never been in trouble before. 在审讯中，鲍伯的老师，被称为证人，说他是个安静的男孩以前从未惹过麻烦。 Unit 2 11. We’ve just had a very fruitful meeting with the management and we’re now much more hopeful about the pay rise. 我们刚刚与管理层有了一个非常富有成效的会议，我们现在对加薪的希望更大了 12. The book I’m reading explains the evolution of plant and animal life on earth. 我读的这本书解释了地球上动植物的进化
新视野大学英语课后习 题翻译答案 -CAL-FENGHAI.-(YICAI)-Company One1
新视野大学英语（第二版）读写教程2 1至7单元课后翻译答案总结 IA：她连水都不愿意喝一口，更别提留下来吃饭了。 She wouldn’t take a drink , much less would she stay for dinner. 他认为我在对他说谎，但实际上我讲的是实话。 He thought I was lying to him , whereas I was telling the truth. 这个星期你每天都迟到，对此你怎样解释 How do you account for the fact you have been late every day this week 他们利润增长的部分原因是采用了新的市场策略。 The increase in their profits is due to their new market strategy. 这样的措施很可能会带来工作效率得提高。 Such measures are likely to result in the improvement of work efficiency.
我们已经在这个项目上投入了大量时间和精力，所以我们 只能继续。 We have already poured a lot of time and energy into the project , so we have to carry on. IIA: 尽管她是家里的独生女，他父母也从不溺爱她。 Despite the fact that she is the only child in the family , her parents never baby her . 迈克没来参加昨晚的聚会，也没有给我打电话作任何解 释。 Mike didn’t come to the party last night , nor did he call me to give an explanation. 坐在他旁边的那个人确实发表过一些小说，但绝不是什么 大作家。 The man sitting next to him did publish some novels , but he is by no means a great writer. 他对足球不感兴趣，也从不关心谁输谁赢。 He is not interested in football and is indifferent to who wins or loses.
中英文对照翻译 Margin Trading Bans in Experimental Asset Markets Abstract In financial markets, professional traders leverage their trades because it allows to trade larger positions with less margin. Violating margin requirements, however, triggers a margin call and open positions are automatically covered until requirements are met again. What impact does margin trading have on the price process and on liquidity in financial asset markets? Since empirical evidence is mixed, we consider this question using experimental asset markets. Starting from an empirically relevant situation where margin purchasing and short selling is permitted, we ban margin purchases and/or short sales using a 2x2 factorial design to a allow for a comparative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value accompanied with lower volatility and a smaller bid-ask-spread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations accompanied with higher volatility and a large spread. Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance
1. 任何年满18岁的人都有资格投票。(be eligible to, vote) Anyone over the age of 18 is eligible to vote. 2. 每学期开学前，这些奖学金的申请表格就会由学校发给每一个学生。(apply for, scholarship) A form to apply for these scholarships is sent by the university to every student before the start of every semester. 3. 遵照医生的建议，我决定戒烟。(on the advice of) On the advice of my doctor, I decided to give up smoking. 4. 公园位于县城的正中央。(be located in) The park is located right in the center of town. 5. 这所大学提供了我们所需的所有材料和设备。(facilities) The university provides all the materials and facilities we desire. 1. 他们花了多年的时间寻找内心的平静，但是收效甚微。(search for) They spent many years searching for peace of mind, but with little success. 2. 这种新药的成功研制已经使许多疾病的治疗发生了根本性的变革。(revolutionize) The successful development of the new drug has revolutionized the treatment of many diseases. 3. 由于这个国家的经济不景气，这家公司濒于破产。(on the edge of) The company is on the edge of bankruptcy due to the economic depression in the country. 4. 大学毕业后他成为了一名护士。他认为护士这一职业可能很有发展前途。(rewarding) He became a nurse after college. He thought nursing could be a very rewarding career. 5. 他像往常一样在文件上签了名。(just as) He signed his name on the paper just as he has always done it.
Unit 1 1.3000多辆汽车因刹车问题昨日被召回（because of；recall） 1. More than 3000 cars were recalled yesterday because of a brake problem. 2.他尽管病得很重，但还是来参加会议了。（despite） 2. He came to the meeting despite his serious illness. 3.要确保同样得错误今后不再发生了。（see it that） 3. See to it that the same mistake won't happen again. 4.现在他们之间的了解多了一些，他们相处得就好些了。（now that） 4. Now that they've got to know more about each other，they get along better. 5.此时我发现自己被五六个男孩子围住了。（find oneself） 5. Then Ifound myself surrounded by five or six boys. 6.在这幸福的时刻，我向你致以最美好的祝愿。（on occasion） 6. I send you my best wishes on this happy occasion. Unit3 1)很多事情导致了我与那家公司断绝关系。(contribute to) A lot of things contributed to the end of my relationship with that company. 2.面对严峻的疾病，她表现出了巨大的勇气。（in the face of） She showed great courage in the face of serious illness. 3.我们得出结论，她讲的是真话。（come to） We came to the conclusion that she was telling the truth. 4他的秘书没有告诉他那次会议的情况。（fail to）