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The Vital Role of Technical English in Daily Life and Academic PursuitsIn the rapidly globalizing world, the importance of proficiency in English, especially Technical English, cannot be overstated. Technical English, being the lingua franca of international communication in various fields such as science, technology, engineering, and medicine, plays a pivotal role in bridging the gap between different cultures and facilitating the exchange of ideas and knowledge.In the realm of daily life, Technical English is increasingly becoming a prerequisite for success. Whether it's navigating through the latest technological advancements, understanding product manuals, or communicating effectively in a multinational work environment, Technical English is an indispensable skill. For instance, when purchasing a new electronic device, the ability to read and comprehend the instructions manual in English can significantly enhance the user experience. Similarly, in the workplace, proficiency in Technical English can open up numerous opportunities for careergrowth and advancement, especially in industries where cross-cultural collaboration is common.Moreover, the significance of Technical English extends well beyond daily life into the academic world. In higher education, Technical English is often the medium of instruction for courses related to science, technology, engineering, and medicine. Students who are proficient in Technical English are better able to grasp concepts, engage actively in class discussions, and write coherent and well-structured academic papers. Additionally, Technical English is crucial for accessing and understanding research articles, patents, and other technical documents published internationally. This ability to access and comprehend global knowledge resources is invaluable for students seeking to stay abreast of the latest developments in their field.Moreover, the global job market increasingly demands proficiency in Technical English. Multinational companies often prefer candidates who can communicate effectively in English, especially when dealing with clients or collaborators from different countries. In such scenarios,Technical English not only acts as a tool for communication but also enhances professional credibility and trustworthiness.Additionally, with the advent of the digital era, online learning and remote collaboration have become the norm. In such scenarios, Technical English acts as a common language, facilitating effective communication and collaboration among learners and professionals from diverse backgrounds.In conclusion, Technical English is an invaluable skill that holds the key to success in both daily life and academic pursuits. It acts as a bridge between different cultures, enabling顺畅沟通，促进知识交流，提升个人竞争力和职业发展空间。
英语专业怎么学英语一、平常听些英文歌，看看英美剧，电影什么的，在娱乐中就把英语给学了。
而且这样做起来也很方便，备个mp3，下载一些喜爱听的英文歌，在学习之余，累了，就搬出〔电脑〕看看剧，电影，多好。
二、背字典，相信很多人都推举了这个方法，我自己也试过，效果真的不错，对我们的阅读有很大的帮助，提升速度和学习热情。
但是背字典的时候不要三天打渔两天晒网，要持之以恒，天天制定计划。
三、〔新概念英语〕确实是一本好书，可以买来看看，背背里面的课文单词，听听听力，还有许多的学习，在背诵的过程中可以巩固语法，又可以提升写作水平，相信会对你的英语有很大的帮助。
2英语专业怎么学英语的方法2：一、要认清自己的所必须，自己是必须要学到多少，或者说是只要会一些一般的短语对话就行，还是要能很流利的讲出来，每个人想要学的水平不同，要依据自己的所必须制定一个具体的目标计划。
二、多读多听多练，学好模仿。
常常背一些单词短语啊，可以听一些广播，跟着学习，一定要读出声音来，这样以后才不会不敢说。
还可以看一些电影美剧，都是电影来自生活，看着模仿他们的语句表达。
三、英语学习是路漫漫其修远兮的过程，因此长期而坚定的血虚毅力是英语学习的前提，并制定好英语学习的计划和目标，为之努力前行。
学习不是压力，不是推测，而是探究未知知识的渴求和欲望。
3英语专业怎么学英语的方法3：一、切记要把读音、拼写和语法融为一体，同步进行。
在这个过程中，会学到发音规则和句型结构。
把单词一个个字母背熟，即不一定能正确拼写单词，又不一定能正确拼写句子。
二、语言的学习，应当勤奋和继续保持，学习规划要依据自己的学习速度来定，比较好是先定一个长远的目标，然后再把这个目标分解成一个个小目标，分别设定一小段时间来完成这些小目标。
三、不能盲目学语法一些同学把语法看得过于重要，在日常的学习中，就会大量背语法，而在平日的语言交流时，总是死抠语法规则。
考试时，经常纠结于每个句子的结构，这样终导致口语不流利。
走过高考的独木桥，我踏入了大学这个小社会。
很多freshman都以为自己从地狱得到解脱来到了可以随心所欲的天堂，以为来了大学就是睡到自然醒，课想去就去，考试水水就能过，可以天天刷剧撸游戏，就这么平庸的度过四年。
然而，是他们想多了。
这样的大学生活，只会培养出一群啃老族，一群找不找工作的空有文凭的低能大学生。
这四段专业导论课的视频犹醍醐灌顶，令我幡然醒悟，我越来越意识到我们不是为了读大学而读大学，我们来这里是为了学习的,是为了将来的工作的,带着这样的目的去度过大学生活,自然收获很大，甚至日后找工作也能从中受益。
人生在世，不是为平庸而活，这世界要那么多一模一样的普通人干什么。
我们要做的是干一番自己的大事业,退一步说，我们也得活出自己,活得精彩。
敢于拼搏的人生才能算是真正的人生。
从小我的语言类学科就是强项，因而来到了宁大英语系也能算作是如我所愿。
我们现在学习的英语专业的知识还没有细分学习方向，主要包括英语阅读与写作、综合英语、英语语音、英语听力和英语口语五门课程。
这些应该都是在初步训练我们的听说读写译的能力，即反应能力记忆力和分析力、表达能力和口才、阅读方法和词汇量、表达能力和语感、思维方式和反应能力，继而为大二的细分学习方向打下坚实的基础和做好充足的准备。
大二细分学习方向之后，英语专业大致分为了四个小门类:商务、翻译、英语语言文学和英语师范。
到了大三我们甚至还有机会选择第二外语，学习一门全新的语言。
我相信，在五位优秀老师的教导下，通过大一的系统性地学习，我的英语可以取得一定的进步，适应英语专业的学习节奏，进而在将来的学习生活中做得更出色，从而更好地实现我的目标和理想。
我在开头就提到大学是个小社会，的确，它并非我们想象中的象牙塔，所以，我们应该从现在起就对自己的未来有一个清醒的认识，确立一个奋斗的方向，树立好自己的目标，这样才能对准方向努力拼搏，从而实现人生价值。
由于我现在刚大一，其实并不清楚自己究竟对哪个方面感兴趣，一直在商务和翻译之间纠结徘徊。
专业英语学习心得体会5篇英语学习即学习英语，主要讲解并描述学习英语的方法，留意事项等内容。
学习英语贵在坚持，找到适合自己的方法，多运用多温故。
下面是我搜集的专业英语学习心得体会范文5篇，希望对你有所关怀专业英语学习心得体会范文(1)有言道“读书先需识字”，nc4不过是碰巧成为那部英文识字书罢了。
在高中阶段，真正的读书道路还很长很长。
建议听录音选择英版的，在你买《新概念》时配套的磁带就是英版，而且这是经典录音。
我听的是美版的，但个人认为英版的好。
除非你想学美式发音。
对于《新概念》的学习，首先要告知你的是确定要下苦功夫，不能嫌烦，坚持下去。
而且要从第一册开始学起，这样对于你以后的学习会有好处的。
相对来说，第一册简洁一些，基本上是一些日常对话，或者简洁的表达性短文。
别看简洁，假如你能脱口而出的话，就已经相当了不得了，而且，对于第二、三、四册的改写范文，能够打下坚实的基础。
背诵二、三、四册全文，理解性的去记忆，无须一字不落，你学英文的目的是为了能够表达思想，而不是单纯的背诵。
机械式的背诵只能让你打击自信，失败得更快。
要理解性的去背诵，当明白课文的意思时，就要学会去改写它，把范文中全部的文章改写为自己的事情，让自己成为第一人，而不是一个阅读者。
这样，你的记忆才能深刻，才能积累语言，快速的表达思想。
书后的练习确定要做，同样也是改写成自己的事情，虚拟一个自己从未做过的事情也可以。
只有理解性的记忆才是自己真实拥有的，别“傻背”。
磁带要天天听，早、中、晚，各一次。
就像你听流行歌曲一样，听多了，记忆自然就深刻了。
刚开始，要逐词逐句的听，听出来的要默写出来，不要看书。
利用词典去查每个单词的音标、注解。
自己写出中文解释，不要看书。
最终都写出来了，再和书上对比。
精确无误后，就去跟随录音大声的朗读，直到语气、发音和录音相同为止。
要保证听完的磁带每隔5-7天就重新听一遍。
边听边跟着说。
每天不要过多的记忆，有5句话足以，多了什么也记不住，不要去考虑进度，当你对英语有了感觉后，速度是突飞猛进的。
针对专业英语学习收获及学习建议写作文Title: Achievements and Study Suggestions for Professional English LearningProfessional English learning is an essential part of academic and career development for many students. In this essay, I will discuss the achievements and study suggestions for professional English learning based on my personal experience and observations.First and foremost, one of the most significant achievements in professional English learning is the improvement in language proficiency. Through dedicated study and practice, students can enhance their vocabulary, grammar, and pronunciation, which are crucial for effective communication in academic and professional settings. Additionally, the exposure to various technical terms and industry-specific jargon contributes to a deeper understanding of specialized fields, thereby broadening the knowledge base.Furthermore, professional English learning fosters critical thinking and analytical skills. The process of comprehending complex texts, writing research papers, and engaging in discussions on specialized topics enhances cognitive abilities. Students are encouraged to think critically, evaluate information, and express their ideas coherently, which are vital skills for academic success and professional growth.In addition, the ability to communicate confidently and effectively in professional English is a significant achievement. Mastering professional English empowers individuals to present their ideas persuasively, participate in debates, and deliver presentations with confidence. This proficiency is crucial for success in academic pursuits, job interviews, and career advancement.Despite these achievements, there are several key study suggestions that can further enhance professional English learning. Firstly, students should actively engage with authentic materials such as academic journals, industry reports, and professional publications. This exposure allows them to familiarize themselveswith the language used in their field of study or work, enabling a more comprehensive understanding of the subject matter.Secondly, regular practice through speaking and writing is essential for proficiency in professional English. Students should participate in discussions, debates, and presentations to hone their verbal communication skills. Additionally, frequent writing tasks, such as essays and reports, help improve writtenexpression and language accuracy.Moreover, seeking feedback from teachers, peers, or language professionals can provide valuable insights for improvement. Constructive criticism and guidance on language usage, style, and delivery can significantly contribute to the development of professional English skills.Furthermore, integrating technology into language learning can be highly beneficial. The use of language learning apps, online resources, and multimedia tools can make the learning process more engaging and effective. These technological aids provide interactive learning experiences and facilitate self-study, thereby supplementing traditional classroom instruction.In conclusion, professional English learning yields various achievements, including enhanced language proficiency, critical thinking skills, and effective communication abilities. By actively engaging with authentic materials, practicing language skills, seeking feedback, and integrating technology, students canfurther optimize their professional English learning experience. Ultimately, the acquisition of professional English proficiency is instrumental in academic success and career advancement.Overall, professional English learning is a dynamic and rewarding journey that equips individuals with the language and communication skills necessary for success in their chosen fields. Through dedication, practice, and a proactive approach to learning, students can maximize their potential and achieveproficiency in professional English.。
英语专业学习方法
1. 提高听、说、读、写能力。
学习英语专业，需要具备良好的听、说、读、写能力。
建议多听英语音频，在语音视频中提高口语，多读英文文献，提高阅读理解能力，多写英文作文，提高写作能力。
2. 注重词汇积累。
英语专业需要掌握大量的专业术语和词汇，建议通过多读英文文献、看英文新闻和电影等方式积累生词，通过背单词等方式提高词汇量。
3. 建立语感。
语感是掌握语言的关键，通过多听英语音频并模仿口音，并多与外教交流，建立英语语感。
4. 多练习听力和口语。
提高听力和口语是英语专业的核心要求。
通过多听英语音频，练习口语说话，提高听说能力。
5. 学习语法和句法。
英文的语法和句法是语言学习的基础，需要掌握英语的语法规则和句型，通过多读英文文献，加强练习。
6. 学会运用英语语言工具。
英语的语言工具包括词汇、语法、句法和修辞，需要掌握使用这些工具来表达自己的意思。
7. 参加英语角、辩论社、演讲比赛等活动。
参加这些活动可以提高表达和沟通能力，加深对英语语言的理解和应用。
8. 利用网络和新媒体资源。
可以通过网络学英语，例如利用在线课程和学习网站，观看英文电影和电视剧等。
同时，利用社交媒体，与外籍朋友交流，增加学习的趣味性和实用性。
专业英语学习心得完整版模板（精选6篇）专业英语学习心得完整版模板（篇1）对于英语的学习来说，单词是英语的血液，是学习英语的基础。
因而识记单词尤为重要。
我校自开始敏特英语的学习，因为班级太多，所以只在英语实验班开始这个课程。
学生对于课程的兴趣很大，每周一次的课对于他们来说少了绝对不行。
通过一年半来对敏特英语的使用，我觉得敏特是英语一种极富个性化的高效率的学习方法，对学生来说还是有一定的作用。
在使用之前，背单词的方法就是抱着厚厚的英语课本反复背、写，花去大量时间但收获甚微，总是边记边忘。
有时记住了汉语意思却忘记了单词拼写；有时记住了单词又忘了汉语意思。
效率很低，头脑又累又混乱。
英语日益贫乏却束手无策，成绩有下滑的趋势。
使用敏特识记单词以来，识记的质量和速度都有了明显的提高。
记忆单词数量大大增加，词汇量大大扩展。
而且记忆深刻，头脑也不会太累，比以前轻松了许多。
感觉很多学生英语课上渐渐地活跃起来，英语成绩也提高了。
同时，通过反复改错、带读、自测、例句等完整的识记过程，不仅使单词记忆广泛而深刻，而且对英语考试有直接的影响，语音带读有助于听力，广泛的词汇量对更全面快速的理解短文和上下文的联系很有用。
同样它还有助于做阅读理解和完型填空。
除此之外，单词听写和例句对单项选择和作文也很有帮助。
它集听、说、读、写于一体，充分调动五官，达到最高效率。
就学生学习信息来反馈，他们对与敏特英语有如下建议：一.建议按单元来划分单词，可能更适用学生。
七八年级学生如果能够在敏特英语学习时把前面所学的单词过一遍，部分基础知识不是很好的学生还能够独立地再学一遍，对于知识的巩固很有效。
语言的学习本来就是反复重复的过程。
另外，学生还可以通过敏特英语预习后面的内容，也可以增强他们挑战学习的信心。
在九年级，我觉得是否可以打破单元、册类的限制，分门别类来划分。
比如人名、地名可单独挑出，剩下的再分成必背类的、识记类的、理解类的等等。
另外，听写单词时，一个汉语意思只对应一个单词，而许多单词词义相近，很难分清，一旦写错，就要重复多遍；还有人名和不太重要的地名可否从听写单词中删去。
专业英语在生活或学习中的重要性英文作文The Significance of Professional English in Life and LearningEnglish has undoubtedly become the global language of communication, serving as a vital tool in various aspects of our lives, from education to professional pursuits. The importance of professional English, in particular, cannot be overstated, as it plays a crucial role in our personal and academic growth, as well as our career advancement.One of the primary reasons why professional English is so essential is its impact on our educational experiences. In today's increasingly interconnected world, many academic institutions, particularly at the higher education level, utilize English as the primary language of instruction. This means that students who possess a strong command of professional English are better equipped to comprehend course materials, participate in discussions, and effectively communicate their ideas and research findings. This, in turn, enhances their overall academic performance and opens up a world of opportunities, such as the ability to study abroad, collaborate with international scholars, and access a wealth of academic resources available in the English language.Moreover, the significance of professional English extends far beyond the classroom. In the global job market, proficiency in professional English is often a prerequisite for employment, particularly in multinational organizations or industries with international reach. Employers value individuals who can communicate effectively in English, as it enables them to collaborate with colleagues from diverse linguistic and cultural backgrounds, understand and interpret technical documentation, and engage in professional networking. Individuals who possess strong professional English skills are often more attractive to potential employers and have a greater chance of securing lucrative job opportunities, both domestically and internationally.In addition to its impact on education and employment, professional English also plays a crucial role in personal growth and development. Individuals who are fluent in professional English have access to a vast array of resources, including academic literature, professional journals, and online forums, which can greatly enrich their knowledge and understanding of their respective fields. This, in turn, can lead to a deeper appreciation for their work, enhanced problem-solving skills, and the ability to stay abreast of the latest trends and advancements in their industry.Furthermore, the ability to communicate effectively in professionalEnglish can also foster a greater sense of cultural understanding and adaptability. As the world becomes increasingly globalized, the need to navigate diverse cultural contexts and communicate effectively with people from different linguistic backgrounds has become increasingly important. Individuals who possess strong professional English skills are better equipped to bridge these cultural divides, fostering meaningful connections and collaborations with colleagues, clients, and partners from around the world.In conclusion, the significance of professional English in our lives and learning cannot be overstated. From its impact on our educational experiences and career prospects to its role in personal growth and cultural understanding, the ability to communicate effectively in professional English has become a crucial skill in the 21st century. As we continue to navigate the complexities of our rapidly changing world, the importance of professional English will only continue to grow, making it an invaluable asset for individuals seeking to succeed in their personal and professional endeavors.。
专业英语学习方法专业英语学习方法有哪些专业英语是指与某一专业或领域相关的英语，具有专业性强、词汇要求高、语言特点独特等特点。
以下是学习专业英语的一些方法：1.选择合适的教材和学习材料：选择与自己专业相关的教材和学习材料，如专业文献、技术报告、国际标准等，这样能够更好地满足自己的学习需求，并且具有针对性。
2.建立英语学习环境：在学习专业英语时，可以尝试创造一个英语学习的环境，如在宿舍或办公室里放置英语杂志、报纸、英语电影等，通过接触更多的英语材料来提高自己的英语水平。
3.注重词汇积累：专业英语词汇量较大，因此需要注重词汇积累。
可以通过阅读专业文献、听力训练等方式来扩大词汇量，并且要注意掌握词汇的用法和搭配。
4.注重语法和句型结构：专业英语的语言特点独特，需要注重语法和句型结构的学习。
可以通过语法书、句型练习等方式来提高自己的英语表达能力。
5.参加英语培训班或学习小组：参加专业的英语培训班或学习小组，可以与其他学习者交流学习心得，并且可以得到专业教师的指导和帮助。
6.注重实践应用：学习专业英语的目的在于应用，因此需要注重实践应用。
可以通过参加国际会议、实习、工作等方式来提高自己的英语应用能力。
总之，学习专业英语需要长期积累和坚持，需要注重学习方法和实践应用，并且要坚持不懈地努力提高自己的英语水平。
专业英语学习方法包括哪些专业英语学习方法包括：1.大量阅读：大量阅读是指通过大量阅读专业*、书籍、报纸、杂志和互联网上的相关材料，以增加对专业的了解和词汇量。
这种方法可以帮助您提高英语水平，包括词汇、语法、拼写和翻译能力。
2.听力训练：听力训练是指通过听英语讲座、研讨会、视频和电影等材料，以提高您的听力理解能力。
这种方法可以帮助您更好地理解专业英语，并提高您的听力技能。
3.写作训练：写作训练是指通过写专业英语*、报告、电子邮件等，以提高您的写作能力。
这种方法可以帮助您提高英语表达能力，并帮助您更好地理解专业英语。
英语专业导论课程学习心得优秀5篇英语专业导论课程学习心得优秀5篇总结是指对某一阶段的工作、学习或思想中的经验或情况加以总结和概括的书面材料，它可以给我们下一阶段的学习和工作生活做指导，我想我们需要写一份总结了吧。
你想知道总结怎么写吗？这里是小编为大家精心整理收集的英语专业导论课程学习心得，以下范文仅供参考，欢迎您的阅读与收藏。
英语专业导论课程学习心得（精选篇1）【摘要】随着社会的发展及我国与世界不断融合，英语作为一门交际语言日益引起重视，小学英语作为学生学习英语的基础阶段，会对学生未来的英语学习产生重要的影响，但当前小学英语在教学过程中却存在诸多问题，本文主要阐述了小学英语教育面临的困境，并在此基础上，对如何优化小学英语教学给予了合理化建议，希望能对相关人士产生裨益。
【关键词】小学英语教育困境对策目前小学英语在教学过程中面临诸多困境，比如学生学习兴趣不高，英语环境不好，教学方法陈旧落后等，这些问题的存在严重阻碍了小学英语教学质量的提高，如何采取行之有效的措施走出教学困境，成为摆在教师面前亟待解决的问题，下面我们就来做具体的研究和探讨。
一、小学英语教学面临的困境(一)没有良好的语言学习环境良好的语言环境是学生提高英语水平的有效举措之一，但当前很多小学并没有营造出良好的英语学习环境，主要是缺乏“说”英语的环境，英语是一门语言，是语言就要在实际当中运用，但是在小学英语教学中，根本就没有“说”英语的环境，除了教师在课堂上讲英语之外，学生们在课下根本就不用英语对话，更别提所谓的英语角了，致使学生学到的都是“哑巴英语”，口语能力极其低下。
(二)英语教师专业水平低下英语教师自身专业水平不高，很多小学英语教师并非科班出身，只是受到几个月的培训就上岗了，由于未接受正规的英语专业教育，致使很多教师英语发音不准确，对语法知识了解不透彻，而小学生正处于语言学习的重要时期，语言模仿能力也最强，英语教师发音不准确势必会对孩子们造成误导，造成他们语音语调不正确，进而影响他们未来英语的顺利学习。
1 Are Brazilian Firms Savings Sensitive To Cash Windfalls? Abstract: One of the most studied topics in the corporate finance literature is the effect of financial constraints on firms' investments decisions. Trying to explain this issue, Almeida, Campello and Weisbach (2003) modeled the relationship between the financial constraints faced by firms and their demand for liquidity. They show that if one firm is financial constrained we must expect positive cash flow sensitivity from cash windfalls, while for unconstrained firms this relation does not hold. The aim of this article is to check this proposition using annual data of 336 non-financial Brazilian public firms, from 1993 to 2002. Our results show that financial constrained Brazilian firms presented a positive relationship between cash flow increases and variations of cash holdings. We also suggest that credit constraints in Brazil are directly related to the size of firms.2 The Determinants and Implications of Corporate Cash Holdings Abstract: We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest access to the capital markets (e.g. large firms and those with credit" ratings) tend to hold lower ratios of cash to total assets. These results are consistent with the" view that firms hold liquid assets to ensure that they will be able to keep investing when cash" flow is too low relative to planned investment and when outside funds are expensive. The" short run impact of excess cash on capital expenditures, acquisition spending and payouts to" shareholders is small. The main reason that firms experience large changes in excess cash is" the occurrence of operating losses. There is no evidence that risk management and cash" holdings are substitutes.3 Capital-Market Imperfections and InvestmentAbstract: Over the past decade, a number of researchers have extended conventional models of business fixed investment to incorporate a role for financial constraints' in determining investment. This paper reviews developments and challenges in this empirical research, and uses advances in models of information and incentive problems to motivate those developments and challenges. First, I describe analytical underpinnings of models of capital-market imperfections in the investment process, and illustrate the principal testable implications of those models. Second, I motivate tests and describe and critique existing empirical studies. Third, the review considers applications of the underlying models to a range of investment activities, including inventory investment, R&D, employment demand, pricing by imperfectly competitive firms, business formation and survival, and risk management. Fourth, I discuss implications of this research program for analysis of effects of investment on monetary policy and tax policy. Finally, I examine some potentially fruitful avenues for future research.4 Financing Constraints and Corporate InvestmentAbstract: Most empirical models of investment rely on the assumption that firms are able to respond to prices set in centralized securities markets (through the "cost of capital" or "q"). An alternative approach emphasizes the importance of cash flow as a determinant of investment spending, because of a "financing hierarchy," in which internal finance has important cost advantages over external finance. We build on recent research concerning imperfections in markets for equity and debt. This work suggests that some firms do not have sufficient access to external capital markets to enable them to respond to changes in the cost of capital, asset prices, or tax-based investment incentives. To the extent that firms are constrained in their ability to raise funds externally, investment spending may be sensitive to the availability of internal finance. That is, investment may display "excess sensitivity" to movements in cash flow. In this paper, we work within the q theory of investment, and examine the importance of a financing hierarchy created by capital-market imperfections. Using panel data on individual manufacturing firms, we compare the investment behavior of rapidly growing firms that exhaust all of their internal finance with that of mature firms paying dividends. We find that q values remain very high for significant periods of time for firms paying no dividends, relative to those for mature firms. We also find that investment is more sensitive to cash flow for the group of firms that our model implies is most likely to face external finance constraints. These results are consistent with the augmented model we propose, which takes into account different financing regimes for different groups of firms. Some extensions and implications for public policy are discussed at the end.5 A Tide of Cash: Corporate Governance and the Management of Large Cash WindfallsAbstract: In this paper we revisit the contentious issue of whether corporate governance arrangements influence corporate cash holdings. We use the exogenous cash windfalls in the oil industry during the 2000s to test the power of three governance dimensions (managerial entrenchment, board independence and ownership) in explaining differences in cash management policies. Between 2000 and 2008 the oil price successively reached new record levels, and by 2008 its yearly average had increased by more than 200% compared to the 2000-2003 period, resulting in substantial cash windfalls in oil firms. We document that firms with a classified board have higher cash holdings. They also return less money to shareholders through share repurchases and have lower investment rates. Importantly, the tendencies to under invest and withhold share repurchases got stronger over time as the cash windfalls materialized in the industry. In the years 2007-2008, when oil prices and share repurchases peaked, firms with a classified board engaged less in repurchases and increased cash holdings compared to other firms. Classified board firms also exhibit a higher cash-sensitivity to lagged windfalls. Overall, the analysis in this paper provides strong support for the managerial risk aversion-theory of excess cash holdings, and suggests that a classified board is the key governance-characteristic associated with a conservative cash management policy.6 Cash flow, investment, and investment opportunities: New tests using UK panel dataAbstract: The interpretation of the correlation between cash flow and investment is highly controversial. Some argue that it is caused by financial constraints, others by the correlation between cash flow and investment opportunities that are not properly measured by TobinÕs Q. This paper uses UK firmsÕ contracted capital expenditure to capture information about opportunities available only to insiders and thus not included in Q. When this variable is added in investment regressions, the explanatory power of cash flow falls for large firms, but remains unchanged for small firms. This suggests that the significance of cash flow stems from its role in alleviating credit frictions.7 Opening the Black Box: Internal Capital Markets and Managerial PowerAbstract: This paper presents evidence suggesting that information and incentive problems in the capital market affect investment. The authors come to this conclusion by examining two sets of Japanese firms. The first set has close financial ties to large Japanese banks that serve as their primary source of external finance and are likely to be well informed about the firm. The second set of firms has weaker links to a main bank and presumably faces greater problems raising capital. Investment is more sensitive to liquidity for the second set of firms than for the first set. The analysis also highlights the role of financial intermediaries in the investment process. Copyright 1991, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.8 What Drives Merger Decision Making Beha vior? Don’t Seek, Don’t Find, and Don’t ChangeAbstract: the constant and frequent merger activity across various industries in the U.S. and throughout the world, limited evidence of the success of corporate mergers has been documented. The vast body of academic research demonstrates that most mergers add no value or reduce shareholder value for the acquiring firm. Furthermore, the traditional merger theories have not found significant empirical support. In the past twenty years, more behavioral explanations have been utilized to provide a theoretical basis for merger activity. The “hubris hypothesis” (Roll, 1986) was one of the first non-rational motivations offered to explain corporate merger activity. More recently, overconfidence and optimism have come to the forefront as the most common behavioral explanations for the continued prevalence of ill-advised mergers. This paper suggests that a different type of behavioral bias may also influence merger and acquisition decisions - confirmation bias. Using a unique experimental data set, we provide evidence in support of the existence of confirmation bias in merger decision making behavior.Your Mind.9.CEO Overconfidence and Corporate InvestmentAbstract: We argue that managerial overconfidence can account for corporate investment distortions. Overconfident managers overestimate the returns to their investment projects and view external funds as unduly costly. Thus, they overinvest when they have abundant internal funds, but curtail investment when they require external financing. We test the overconfidence hypothesis, using panel data on personal portfolio and corporate investment decisions of Forbes 500 CEOs. We classify CEOs as overconfident if they persistently fail to reduce their personal exposure to company-specific risk. We find that investment of overconfident CEOs is significantly more responsive to cash flow, particularly in equity-dependent firms. Copyright 2005 by The American Finance Association.10. Managerial Optimism and Corporate FinanceAbstract: Two dominant features emerge from a simple model of corporate finance with excessively optimistic managers and efficient capital markets. First, optimistic managers believe that capital markets undervalue their firm ’s risky securities,and may decline positive net present value projects that must be financed externally. Second, optimistic managers overvalue their own corporate projects and may wish to invest in negative net present value projects even when they are loyal to shareholders. These results establish an underinvestment- overinvestment tradeoff related to free cash flow without invoking asymmetric information or rational agency costs.11.Investment-Cash Flow Sensitivities Are Useful: A Comment On K Abstract: A recent paper in this Journal by Kaplan and Zingales reexamines a subset of firms from work of Fazzari, Hubbard, and Petersen and criticizes the usefulness of investment-cash flow sensitivities for detecting financing constraints. We show that the Kaplan and Zingales theoretical model fails to capture the approach employed in the literature and thus does not provide an effective critique. Moreover, we describe why their empirical classification system is flawed in identifying both whether firms are constrained and the relative degree of constraints across firm groups. We conclude that their results do not support their conclusions about the usefulness of investment-cash flow sensitivities. © 2000 the President and Fellows of Harvard College and the Massachusetts Institute of Technology plan And Zingales12. Reputation Acquisition in Debt MarketsAbstract: This paper studies reputation formation and the evolution over time of the incentive effects of reputation to mitigate conflicts of interest between borrowers and lenders. Borrowers use the proceeds of their loans to fund projects. In the absence of reputation effects, borrowers have incentives to select excessively risky projects. If there is sufficient adverse selection, reputation will not initially provide improved incentives to borrowers with short credit histories. Over time, if a good reputation is acquired, reputation will provide improved incentives. General characteristics of markets in which reputation takes time to work are identified. Copyright 1989 by University of Chicago Press.13. Optimal Debt Structure and the Number of CreditorsAbstract: Within an optimal contracting framework, the authors analyze the optimal number of creditors a company borrows from. They also analyze the optimal allocation of security interests among creditors and intercreditor voting rules that govern rule renegotiation of debt contracts. The key to the authors' analysis is the idea that these aspects of the debt structure affect the outcome of debt renegotiation following a default. Debt structures that lead to inefficient renegotiation are beneficial in that they deter default but they are also costly if default is beyond a manager's control. The optimal debt structure balances these effects. Copyright 1996 by University of Chicago Press.14. Default and Renegotiation: A Dynamic Model of DebtAbstract: We analyze the role of debt in persuading an entrepreneur to pay out cash flows, rather than to divert them. In the first part of the paper we study the optimal debt contract-specifically, the trade-off between the size of the loan and the repayment-under the assumption that some debt contract is optimal. In the second part we consider a more general class of (non debt) contracts, and derive sufficient conditions for debt to be optimal among these.15. The Success of Acquisitions: Evidence From DisvestituresThis paper studies a sample of large acquisitions completed between 1971 arid 1982. By the end of 1989, acquirers have divested almost 44% of the target companies. Using the accounting gain or loss recognized by the acquirer, press reports, and the sale price, we characterize the ex post success of the divested acquisitions and consider only 34% to 50% of classified divestitures as unsuccessful. Acquirer returns and total (acquirer arid target) returns at the acquisition announcement are significantly lower for unsuccessful acquisitions than for divestitures not classified as unsuccessful arid for acquisitions not divested. These results suggest that market reactions to acquisition announcements reflect expectations of future profits and that unprofitable acquisitions are recognized as such when initiated. Diversifying acquisitions are almost four times more likely to be divested than related acquisitions. However, we do not find strong evidence that diversifying acquisitions were less successful than related ones.。
