ch13 the organization of IB

高三英语缩略词与缩写单选题20题答案解析版1.The United Nations Educational, Scientific and Cultural Organization is abbreviated as _____.A.UNESCOB.UNICEFC.WHOD.WTO答案：A。

联合国教科文组织的缩写是UNESCO。

B 选项UNICEF 是联合国儿童基金会；C 选项WHO 是世界卫生组织；D 选项WTO 是世界贸易组织。

2.The International Olympic Committee is abbreviated as _____.A.IOCB.FIFAC.IMFD.OPEC答案：A。

国际奥林匹克委员会的缩写是IOC。

B 选项FIFA 是国际足球联合会；C 选项IMF 是国际货币基金组织；D 选项OPEC 是石油输出国组织。

3.The World Health Organization is abbreviated as _____.A.WHOB.WTOC.IMF答案：A。

世界卫生组织的缩写是WHO。

B 选项WTO 是世界贸易组织；C 选项IMF 是国际货币基金组织；D 选项OPEC 是石油输出国组织。

4.The North Atlantic Treaty Organization is abbreviated as _____.A.NATOB.APECC.OECDD.EU答案：A。

北大西洋公约组织的缩写是NATO。

B 选项APEC 是亚太经济合作组织；C 选项OECD 是经济合作与发展组织；D 选项EU 是欧盟。

5.The People's Republic of China is abbreviated as _____.A.PRCB.RPCC.CPRD.PCR答案：A。

中华人民共和国的缩写是PRC。

B、C、D 选项都是错误的缩写形式。

6.The United States of America is abbreviated as _____.AB.UASD.SUA答案：A。

International organizations play a pivotal role in the contemporary world,shaping global policies,fostering cooperation,and addressing a myriad of issues that transcend national borders.Here are some of the key functions that these organizations serve:1.Promoting Peace and Security:Organizations like the United Nations UN work towards maintaining international peace and security by mediating conflicts,deploying peacekeeping missions,and promoting disarmament.2.Economic Development:Entities such as the World Bank and the International Monetary Fund IMF focus on reducing poverty and promoting economic growth by providing financial assistance,technical support,and policy advice to developing countries.3.Human Rights Protection:The Office of the United Nations High Commissioner for Human Rights OHCHR and other groups work to uphold human rights standards globally, ensuring that individuals are treated fairly and with dignity.4.Environmental Conservation:Bodies like the United Nations Environment Programme UNEP are dedicated to protecting the environment and promoting sustainable development,addressing issues such as climate change,biodiversity loss,and pollution.5.Health and Disease Control:The World Health Organization WHO leads international efforts to combat diseases,improve health systems,and respond to global health emergencies,such as the COVID19pandemic.cation and Cultural Exchange:UNESCO promotes international cooperation in education,science,and culture,aiming to build peace in the minds of people through the exchange of knowledge and ideas.7.Trade Regulation:The World Trade Organization WTO sets the rules for international trade,ensuring that trade flows as smoothly,predictably,and freely as possible.8.Humanitarian Aid:Organizations such as the International Committee of the Red Cross ICRC and various UN agencies provide humanitarian assistance to those affected by conflicts and natural disasters.9.Standard Setting:International organizations often set global standards and guidelines in various fields,such as telecommunications International Telecommunication Union, aviation International Civil Aviation Organization,and labor rights International Labour Organization.10.Advocacy and Lobbying:NGOs and other international advocacy groups work to influence policy and raise awareness on specific issues,such as human trafficking,gender equality,and climate justice.11.Research and Knowledge Sharing:Many international organizations conduct research and share findings to inform policy and practice,contributing to the global knowledge base.12.Disaster Response and Management:Organizations like the United Nations Office for the Coordination of Humanitarian Affairs OCHA coordinate disaster response efforts, providing immediate assistance and longterm recovery support.13.Migration and Refugee Support:The UN High Commissioner for Refugees UNHCR works to protect and support refugees,internally displaced persons,and stateless people.14.Technology and Innovation:Organizations such as the International Telecommunication Union ITU promote the development and equitable distribution of communication technologies.15.Legal Frameworks:International organizations contribute to the development of international law and treaties,shaping the legal landscape that governs global affairs. These roles are not exhaustive but highlight the multifaceted impact international organizations have on the world stage.They serve as platforms for dialogue,cooperation, and collective action,addressing challenges that no single nation can tackle alone.。

Fundamentals of Multinational Finance, 3e (Moffett)Chapter 13 Sourcing Equity Capital Globally13.1 Multiple Choice and True/False Questions1) T he choice of when and how to source equity globally is usually aided early on by the adviceofA) a n investment banker.B) y our stock broker.C) a commercial banker.D) a n underwriter.Answer: ATopic: E quity SourcingSkill: R ecognition2) I nvestment banking services include WHICH of the following?A) a dvising when a security should be cross-listedB) p reparation of stock prospectusesC) h elp to determine the price of the issueD) a ll of the aboveAnswer: DTopic: I nvestment BankingSkill: C onceptual3) M ost firms raise their initial capital in foreign markets.Answer: FALSETopic: R aising CapitalSkill: C onceptual4) W hich of the following is the typical order of sourcing capital abroad?A) A n international bond issue, then cross listing the outstanding issues on otherexchanges, then an international bond issue in the target market.B) A n international bond issue in the target market then cross listing the outstandingissues on other exchanges, then an international bond issue.C) A n international bond issue, then an international bond issue in the target market, thencross listing the outstanding issues on other exchanges.D) C ross listing the outstanding issues on other exchanges, then an international bondissue, then an international bond issue in the target market.Answer: CTopic: G lobal Equity SourcingSkill: C onceptual5) ________ are negotiable certificates issued by a bank to represent the underlying shares ofstock, which are held in trust at a foreign custodian bank.A) N egotiable CDsB) I nternational mutual fundsC) D epositary receiptsD) E urodepositsAnswer: CTopic: D epositary ReceiptsSkill: R ecognition6) D epositary receipts traded outside the United States are called ________ depositary receipts.A) E uroB) G lobalC) A mericanD) N one of the aboveAnswer: BTopic: G lobal Depositary ReceiptsSkill: R ecognition7) E ach ADR represents ________ of the shares of the underlying foreign stock.A) a multipleB) 100C) 1D) A DRs have nothing to do with foreign stocks.Answer: ATopic: A merican Depositary ReceiptsSkill: R ecognition8) A DRs cannot be exchanged for the underlying shares of the foreign stock, therefore,arbitrage cannot keep the prices in line with the foreign price of the stock.Answer: FALSETopic: A merican Depositary ReceiptsSkill: C onceptual9) W hich of the following is NOT an advantage of ADRs to U.S. shareholders?A) T ransfer of ownership is done in the U.S. in accordance with U.S. laws.B) I n the event of the death of the shareholder, the estate does not go through a foreigncourt.C) S ettlement for trading is generally faster in the United States.D) A ll of the above are advantages of ADRs.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition10) A DRs that are created at the request of a foreign firm wanting its shares traded in the UnitedStates are ________.A) f acilitatedB) u nfacilitatedC) s ponsoredD) u nsponsoredAnswer: CTopic: A merican Depositary ReceiptsSkill: R ecognition11) W ho pays the costs of creating a sponsored ADR?A) t he foreign firm whose stocks underlie the ADRB) t he U.S. bank creating the ADRC) b oth the U.S. bank and the foreign firmD) t he SEC since they require the regulationAnswer: ATopic: A merican Depositary ReceiptsSkill: R ecognition12) A n unsponsored ADR may be initiated without the approval of the foreign firm with theunderlying stock.Answer: FALSETopic: A merican Depositary ReceiptsSkill: R ecognition13) L evel I ADRs trade primarilyA) o n the New York Stock Exchange.B) o n the American Stock Exchange.C) o ver the counter or pink sheets.D) L evel I ADRs typically do not trade at all, but instead are privately issued and helduntil maturity.Answer: CTopic: A merican Depositary ReceiptsSkill: R ecognition14) L evel II ADRs must meetA) U.S. GAAP standards.B) h ome country accounting standards.C) b oth U.S. GAAP and home country standards.D) n one of the above.Answer: ATopic: A merican Depositary ReceiptsSkill: C onceptual15) L evel ________ is the easiest standard to satisfy for issuing ADRs.A) 144aB) I IIC) I ID) IAnswer: DTopic: A merican Depositary ReceiptsSkill: R ecognition16) L evel III ADR commitment applies toA) f irms that want to list existing shares on the NYSE.B) b anks issuing foreign mutual funds.C) A DR issues of under $25,000.D) t he sale of a new equity issued in the United States.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition17) B y cross listing and selling its shares on a foreign stock exchange a firm typically tries toaccomplish which of the following?A) i mprove the liquidity of its existing sharesB) i ncrease its share priceC) i ncrease the firmʹs visibilityD) a ll of the aboveAnswer: DTopic: C ross Listing Equity SharesSkill: C onceptual18) A DRs are considered an effective way for firms to improve the liquidity of their stock,especially if the home market is small and illiquid.Answer: TRUETopic: A merican Depositary ReceiptsSkill: C onceptual19) I n order, the largest stock exchanges in the world based on market capitalization of thesecurities traded there are ________.A) L ondon, NYSE, and NasdaqB) N YSE, Nasdaq, and LondonC) N asdaq, NYSE, and LondonD) T okyo, NYSE, and LondonAnswer: BTopic: W orld Equity MarketsSkill: R ecognition20) T he stock exchange with the greatest value of shares traded is ________.A) N YSEB) T okyoC) N asdaqD) L ondonAnswer: ATopic: W orld Equity MarketsSkill: R ecognition21) T he Tokyo exchange is the number one choice of firms looking to gain liquidity by cross-listing their equity securities.Answer: FALSETopic: W orld Equity MarketsSkill: R ecognition22) T ransaction costs for trading equity securities as measured by the bid-ask spreads are loweston which exchange?A) N YSEB) N asdaqC) L ondonD) T okyoAnswer: ATopic: W orld Equity MarketsSkill: R ecognition23) T he number of foreign firms traded on the London exchange is ________ than the numbertraded on the NYSE, and the costs of listing and disclosure in London are ________ those for the NYSE.A) l ess than; less thanB) l ess than; greater thanC) g reater than; less thanD) g reater than; greater thanAnswer: DTopic: W orld Equity MarketsSkill: R ecognition24) T he least liquid stock markets as identified by the authors offer little liquidity for their owndomestic firms, and are of little value to foreign firms.Answer: TRUETopic: M arket LiquiditySkill: C onceptual25) W hich one of the following characteristics does NOT contribute to overall market liquidity?A) S ignificant market making activities.B) R educed transaction costs.C) E ffective crisis management.D) A ll of the above contribute to efficient markets.Answer: ATopic: M arket LiquiditySkill: C onceptual26) Y our authors note several empirical studies that have foundA) n o share price effect for foreign firms that cross-list on major U.S. exchanges.B) a positive share price effect for foreign firms that cross-list on major U.S. exchanges.C) a negative share price effect for foreign firms that cross-list on major U.S. exchanges.D) n one of the above.Answer: BTopic: E mpirical Evidence of Cross-ListingSkill: R ecognition27) T he authors note empirical evidence that shows cross-listing foreign shares of stock on U.S.exchanges has a positive stock price effect. ________ for the listing of ADRs.A) T here is no stock price reactionB) T here is a negative stock price reactionC) T here is a positive stock price reactionD) N one of the above is true.Answer: DTopic: E mpirical Evidence of Cross-ListingSkill: C onceptual28) E mpirical evidence shows that new issues of equity by domestic firms in the U.S. markettypically has a ________ stock price reaction and new equity issues in the U.S. markets by foreign firms with segmented domestic markets have a ________ stock price reaction.A) n egative; negativeB) p ositive; negativeC) n egative; positiveD) p ositive; positiveAnswer: CTopic: E mpirical Evidence of Cross-ListingSkill: C onceptual29) I n addition to gaining liquidity, which of the following could also be considered a legitimatereason for cross-listing equity?A) e nhance a firmʹs local imageB) b ecome more familiar with the local financial communityC) g et better local press coverageD) a ll of the aboveAnswer: DTopic: R easons for Cross-ListingSkill: C onceptual30) F or the most part, U.S. SEC disclosure requirements are ________ stringent than other, non-U.S. equity market rules.A) m oreB) l essC) a s equallyD) n one of the aboveAnswer: ATopic: S EC Disclosure RequirementsSkill: R ecognition31) A ccording to the U.S. school of thought, the worldwide trend toward fuller and morestandardized disclosure rules should ________ the cost of equity capital.A) i ncreaseB) d ecreaseC) h ave no impact onD) n one of the aboveAnswer: BTopic: D isclosure RequirementsSkill: R ecognition32) A nother school of thought about the worldwide trend toward fuller and more standardizeddisclosure rules is that the cost of U.S. level equity capital disclosureA) c hases away potential listers of equity.B) i s an onerous costly burden.C) l eads to fewer foreign firms cross listing in U.S. equity markets.D) a ll of the above.Answer: DTopic: D isclosure RequirementsSkill: R ecognition33) W hich of the following were NOT identified by the authors as an alternative instrument tosource equity in global markets?A) s ale of a directed public share issue to investors in a target marketB) p rivate placements under SEC rule 144aC) s ale of shares to private equity fundsD) a ll of the aboveAnswer: DTopic: A lternative Equity SourcesSkill: R ecognition34) A ________ is defined as one that is targeted at investors in a single country andunderwritten in whole or part by investment institutions from that country.A) S EC rule 144a placementB) d irected public share issueC) E uroequity public issueD) s trategic allianceAnswer: BTopic: D irected Public IssueSkill: R ecognition35) T he term ʺeuroʺ as used in the euro equity market impliesA) t he issuers are located in Europe.B) t he investors are located in Europe.C) b oth A and B.D) n one of the above.Answer: DTopic: E uro Equity MarketSkill: R ecognition36) E mpirical evidence has found that on average public firms that have been privatized byissuing public equity haveA) i mproved profitability.B) h igher debt levels.C) l ower real sales.D) a ll of the above.Answer: ATopic: P rivatizing Public FirmsSkill: C onceptual37) E mpirical evidence has found that on average public firms that have been privatized byissuing public equity haveA) l owered capital investment levels.B) d ecreased efficiency.C) e xpanded their employment.D) a ll of the above.Answer: CTopic: P rivatizing Public FirmsSkill: C onceptual38) S EC rule 144A permits institutional buyers to trade privately placed securities without theprevious holding periods restrictions and without requiring SEC registration.Answer: TRUETopic: S EC Rule 144ASkill: R ecognition39) P rivate equity funds (PEF) differ from traditional venture capital (VC) funds in thatA) V C operate mainly in lesser-developed countries while PEF do not.B) V C typically invest in family business whereas PEF do not.C) V C is almost unavailable to emerging markets while PEF capital is available.D) a ll of the above are true.Answer: CTopic: P rivate Equity FundsSkill: C onceptual40) S trategic alliances are normally formed by firms that expect to gain synergies from which ofthe following?A) e conomies of scaleB) e conomies of scopeC) c omplementary marketingD) a ll of the aboveAnswer: DTopic: S trategic AlliancesSkill: C onceptual41) T he largest equity market in the world as measured by market value or annual stockturnover is in ________.A) G ermanyB) t he United StatesC) J apanD) B ritainAnswer: BTopic: L argest Equity MarketSkill: R ecognition42) T he reason more foreign firms do not sell equity securities in the U.S. and list on the NYSE isbecause ofA) t he threat of confiscation.B) d etailed U.S. disclosure rules.C) t he relative inefficiency of U.S. equity markets.D) t he foreign exchange risk of listing in U.S. dollars.Answer: BTopic: D isclosure RequirementsSkill: C onceptual43) A n MNE may cross list its shares on a foreign stock exchange so that it canA) c reate a secondary market so that shares may be used to compensate top localmanagers.B) c reate a secondary market so that shares can be used to acquire local firms.C) i ncrease the firmʹs visibility to its customers and employees.D) a ccomplish all of the above.Answer: DTopic: C ross Listed SharesSkill: C onceptual44) T he expected return on equities is greater than the expected return on debt in part becauseA) d ebt securities are serviced prior to equity securities.B) i nterest payments to bondholders are generally made only if the firm makes a profit.C) o nly a small portion of return to equity comes from increased capital appreciation.D) n one of the above.Answer: ATopic: E quity ReturnsSkill: C onceptual45) W hich of the following is NOT a motivation for the use of ADRs?A) t o reduce liquidity and increase the profitability of the firmB) t o reduce a firmʹs visibility and avoid political scrutinyC) t o increase share price by overcoming mis-pricing in a segmented and illiquid homemarketD) A ll of the above are motivations to use ADRs.Answer: CTopic: A DRsSkill: R ecognition46) W hich of the following is NOT a barrier to cross listing shares?A) F ixed income securities such as bonds are not traded in the subject market.B) i nvestor relationsC) d isclosure requirementsD) A ll are barriers to cross listing shares.Answer: ATopic: C ross Listing SharesSkill: R ecognition47) T he sale of a security to a small set of qualified institutional buyers is called aA) d epositary receipt.B) p rivate placement.C) f ixed income security.D) n one of the above.Answer: BTopic: P rivate PlacementSkill: R ecognition48) N egotiable certificates issued by a U.S. bank in the United States to represent the underlyingshares of stock, which are held in a trust at a custodian bank in a foreign country, are called ________.A) S DRsB) F DRsC) A DRsD) I OUsAnswer: CTopic: A DRsSkill: R ecognition49) W hich of the following is not a contributing factor to an individual equityʹs liquidity?A) d epth of capital availabilityB) c risis management capabilities of the market itselfC) t he degree to which the company is actually known and followed in the marketD) a ll of the aboveAnswer: DTopic: E quity LiquiditySkill: R ecognition50) A n advantage to American Depositary Receipts (ADRs) over Global Registered Shares(GRSs) isA) A DRs are able to be traded on equity exchanges around the world in a variety ofcurrencies.B) A DRs can theoretically be ʺtraded with the sunʺ following markets as they open andclose around the world.C) A DRs can be traded electronically and lack any type of specialized forms like thoseused with GRSs.D) N one of the above, these are all advantages to trading GRSs.Answer: DTopic: A merican Depositary ReceiptsSkill: R ecognition51) C ross border trading of some Canadian company securities in the U.S. preceded thedevelopment of Global Registered Shares (GRSs) by several decades.Answer: FALSETopic: G lobal Registered SharesSkill: R ecognition52) E conomic studies have found that international cross-listing of securities across financialmarkets resulted in ________ abnormal returns that were ________ for firms resident in emerging markets with a low level of legal barriers to capital flows than for firms resident in developed countries.A) p ositive; greaterB) p ositive; smallerC) n egative; greaterD) n egative; smallerAnswer: ATopic: S ecurity Cross-listingSkill: C onceptual53) G iven the following information, what is the cost of equity for the Teevox Corporation?Expected return in the domestic market is 12%, the risk-free rate of return is 4%, the firmʹs beta is 1.1, and the required return on debt for the firm is 7%.A) 12.00%B) 10.00%C) 8.80%D) 7.70%Answer: CTopic: C ost of EquitySkill: A nalytical54) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What was the firmʹs WACC prior to the issue of new common stock abroad?A) 9.15%B) 11.76%C) 13%D) 15.4%Answer: BTopic: W ACCSkill: A nalytical55) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What is the firmʹs new cost of equity after the international issue?A) 9.15%B) 11.76%C) 12.00 %D) 15.40%Answer: CTopic: C ost of EquitySkill: A nalytical56) W allet Drug Company has just recently raised money abroad for the first time in the historyof the firm. Prior to the recent equity issue abroad, the firm had a D/V ratio of 40%, aneffective tax rate of 30%, a before-tax cost of debt of 9%, and a domestic beta of 1.3. The expected return on the market portfolio was 13% and the risk-free rate was 5%. After the equity issue, Wallet Drug has a D/V ratio of 50%, their after-tax cost of debt has notchanged, nor has the effective tax rate, the firmʹs international beta is 1.0, the expected return on the market portfolio is only 12%, and the risk-free rate is still 5%. What is the change in the firmʹs WACC after the international equity issue?A) 2.61%B) 1.74%C) 0.63%D) T here is no change in the firmʹs WACC.Answer: ATopic: S tock pricesSkill: A nalytical57) J apan has low median stock prices but more than 50% of the worldʹs highest priced sharesof stock.Answer: TRUETopic: S tock pricesSkill: R ecognition58) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) r eady access to capitalB) m any highly qualified workersC) g ood infrastructureD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition59) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) a ttractive tax environmentsB) l ow levels of corruptionC) a ttractive regulatory environmentsD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition60) W hich of the following are not contributing factors to the dominance of the London andNew York Stock exchanges?A) l ocationB) E nglish as the primary languageC) l ow levels of corruptionD) a ll are contributing factorsAnswer: DTopic: S tock ExchangesSkill: R ecognition61) A s measured by valued traded, the largest equity market is still located in the United States,but the largest derivatives markets are now located in Europe.Answer: FALSETopic: M arket ValuationSkill: R ecognition62) O n the global financial scene, the term ________ is used to signify the end of of marketownership by a small, privileged group of ʺseat owners.ʺA) g lobalizationB) d emutualizationC) i nstitutionalizationD) d iversificationAnswer: BTopic: D emutualizationSkill: R ecognition63) T he Sarbanes-Oxley Act in the U.S. has encouraged more and more international firms to listtheir securities in the US and pulled firms away from London.Answer: FALSETopic: S arbanes-OxleySkill: R ecognition64) C ontrary to many of the firms that trade financial securities and derivatives in their markets,the worldʹs financial exchanges are splitting into smaller more specialized units rather thanmerging into larger exchanges.Answer: FALSETopic: S tock ExchangesSkill: R ecognition13.2 Essay Questions1) A DRs are a popular investment tool for many U.S. investors. In recent years severalalternatives for investing in foreign equity securities have become available for U.S.investors, yet ADRs remain popular. Define what an ADR is and provide at least threeexamples of the advantages they may hold over alternative foreign investment vehicles forU.S. investors.Answer: Depositary receipts are negotiable certificates issued by a bank to represent theunderlying shares of stock held in trust at a foreign custodian bank. Those receiptstraded in the U.S. and denominated in dollars are called American depositary receipts(ADR). Because ADRs can be exchanged for the underlying foreign security, arbitragekeeps the prices in line. Even though U.S. investors can invest directly into someforeign equity markets, ADRs do offer some technical advantages. Among thoseadvantages are that dividends are received in dollars rather than a foreign currency,ADRs are in registered form rather than bearer form, transfer of ownership is done inaccordance with U.S. laws, and in the event of death, probate is in the U.S. and notabroad. Taxes are easier, trading costs are typically lower, and settlement is also faster.2) W hat are the two schools of thought regarding the worldwide trend toward increased financial disclosure by publicly traded firms. Explain which school of thought you hold toand why.Answer: The student must give his/her own opinion and supporting background. In either case the following should be noted: Increased disclosure should decrease uncertainty thusincreasing stock price. However, increased disclosure requirements result in increasedcosts in the form of initial preparation of financial statements, on-going costsassociated with regular development of financial statements, and the costs ofgathering and distributing information about the form on an on-going basis. As theauthors state, disclosure is a two-edged sword.。

CH 13 第13章 LOGISTICS DOCUMENTS 2第1课 TRANSPORT DOCUMENTS (1)I. Translate the following Chinese terms into Englishbooking note mate’s receipt container load plan air waybilldelivery order short discharge shipping document maritime transport stevedoring company tally sheet outturn report business connections loading list negotiation of payment mode of transport road waybillII. Translate the following English terms into Chinese出口货物托运委托书装货单集装箱场站收据设备交接单铁路运单货物舱单货代收货证明理货公司运费舱单贷代运输证明积载图书面证明交接货物出港货物理货组长海关报关手续大副航运公司货物备妥待运舱位/舱容集装箱码头III. Challenging questions for discussion1. The main types of transport documents are shipper’s letter of instruction, booking note, shipping order, mat e’s receipt, dock receipt, container load plan, bill of lading, delivery order, equipment interchange receipt, sea waybill, air waybill, railway bill, road waybill, cargo manifest, forwarders’ certificate of receipt, forwarders’ certificate of transport, etc.2. The main types of shipping documents are booking note, shipping order, stowage plan, tally sheet, mate’s receipt, cargo manifest, freight manifest, outturn report, bill of lading, and delivery order, etc.3. The circulation of the relevant shipping documents is as follows:(1) The shipper (or consignor) makes an application to a shipping company or its agent for the shipment of goods by filling in a booking note (B/N).(2) After the acceptance of the booking note, the shipping company issues a shipping order (S/O) to the shipper, advising him of when and where to deliver the goods alongside the named ship.(3) The shipper, on the strength of the S/O, goes through the customs declaration formalities for outward goods and gets the goods ready for shipment.(4) The agent prepares a loading list for the ship according to the S/O.(5) The chief officer works out a stowage plan. A number of copies are sent to thetally company and stevedoring company through the agent for the arrangement of loading and discharge.(6) The chief tallyman checks all goods loaded on board against the tally sheets and signs the S/O.(7) The chief officer, by reference to the tally, endorses the S/O, which then automatically becomes the mate’s receipt (M/R) to be issued to the shipper after loading.(8) After paying for the freight (prepaid), the shipper turns over the M/R to the shipping company or agent in exchange for the bill of lading.(9) The shipper sends the B/L and other relevant documents to the bank for negotiation of payment.(10) The agent makes out for the ship a suitable number of copies of the export manifest (M/F) and freight manifest (F/M), which are required by the customs at the local port as well as other ports of call.(11) The consignee secures the B/L from the bank by effecting the payment for goods.(12) The consignee presents the B/L to the shipping company or agent in exchange for the delivery order (D/O), by which he takes delivery of goods at the warehouse.4. Not necessary.IV. Be familiar with each column of the shipping documents given below 略第2课 TRANSPORT DOCUMENTS (2)I. Translate the following Chinese terms into Englishmarine or ocean B/L receipt of goods shipped B/L direct B/Lclean B/L order B/L open B/L through B/Llong form B/L scheduled route multimodal transport operator liner B/Lcharter party freight charge maritime transportation documentestimated time of arrival (ETA)II. Translate the following English terms into Chinese运输合同的证明正本提单合法持有人集装箱识别码/集装箱号码附有条款提单/不清洁提单简式提单/略式提单货物所有权凭证/物权凭证记名提单转船提单备运提单可转让提单/可流通提单不可转让提单/不可流通提单多式联运提单租船提单出口舱单预计离开时间码头监管人员不清洁提单III. Judge whether the following statements are true or false1. T2. T3. F4. T5. FIV. Challenging questions for discussion1. The mate’s receipt.2. Bill of lading is a transport document issued by the carrier or its agent to the shipper admitting that goods have been received for shipment to a particular destination and stating the terms on which the goods are to be carried.3. bill of lading functions as a receipt of goods by the carrier evidencing receipt of the goods from the consignor, evidence of a contract of carriage between the shipper and the carrier containing the conditions on which transport is made, and a document of title to the goods in the sense that the lawful holder/owner of the B/L is the lawful owner of the goods and the carrier will only release the goods at the stipulated port of destination against the presentation of the original B/L.4. Fifteen types of marine B/L are mentioned in this part. They can be classified into the following categories in accordance with different criteria.(1) In terms of whether or not the goods are on boardShipped B/L (or On Board B/L) is issued by the carrier or its agent when all the goods are loaded on board the ship, and must bear the name of the ship and the date of shipment.Received for Shipment B/L is issued by the carrier or its agent when the goods are under his control before loaded on board the ship. The importer does not favor it, and usually the L/C will require the exporter to present shipped B/L for negotiation at the bank. However, with the development of container transport, received for shipment Bs/L are being increasingly applied.(2) On the basis of the apparent condition of goods notedW hen the shipping company writes on the B/L “The goods loaded are in apparent good order”, this B/L is a Clean B/L or an Unclaused B/L.When the shipping line gives such an indication as “The goods loaded are not in apparent good order” or “The packing is broken or … is polluted, etc.”, this B/L is a n Unclean B/L or a foul B/L or a claused B/L, and non-negotiable at the bank.(3) In the light of different characteristics of consigneesStraight B/L has a specified name in the column of consignee, which means that the goods can only be received by the specified person and the B/L cannot be transferred to a third person.Order B/L does not have a specified name but the phraseology of “To orde r”, or “To the order of …” in the column of consignee. This kind of B/L can be transferred to others by endorsement, thus called negotiable B/L, and widely used in international trade.Open B/L has neither the consignee’s name nor the phraseology of “To order” fill in the column of consignee. This type of B/L is also called negotiable B/L, and can be negotiable without endorsement, and ownership of the goods passes when the B/L is handed over to anyone. Owing to the exceedingly high risk involved, this B/L is rarely used.(4) In accordance with modes of transportUnder Direct B/L, the goods will be directly carried to the port of destination without transshipment. Under Transshipment B/L, the goods will be transshipped in transit.Through B/L is a development of these two Bs/L. Under Through B/L, the goods will at least be carried by two different modes of transport as sea-land or land-sea and taken charge of by different carriers during transport before arriving at the port of destination. A multimodal transport operator responsible for the whole voyage issues Combined Transport B/L, involving two or more different kinds of transport. This kind of B/L is usually used in container transport and may be a Received for Shipment B/L, but a Through B/L must be a Clean Shipped B/L.(5) In conformity with the detailed or simplified clausesLong Form B/L has detailed clauses printed on its back concerning the transport of goods so as to solve any possible transport disputes, while short Form B/L does not have such clauses on its back.(6) In compliance with the types of vesselLiner B/L is issued by the carrier when the goods are shipped on a regular liner vessel with scheduled route and reserved berth at destination, while charter party B/L is issued by a charterer of a ship to the exporter.5. Straight B/L has a specified name in the column of consignee, which means that the goods can only be received by the specified person and the B/L cannot be transferred to a third person. So it is also called non-negotiable B/L, and thus it is not commonly used in international trade and normally applies to high-value shipments or goods for special purposes.V. Make out the B/L according to the L/C given below略第3课 TRANSPORT DOCUMENTS (3)I. Translate the following Chinese terms into Englishmultimodal transport consignment note multimodal transport contract express delivery service courier receipt dock receipt multimodal transport document take delivery of goods port authority document for clearance Atlantic route short trafficsII. Translate the following English terms into Chinese航空运输克尽职责货运指示用于清关的源单据邮政特快专递服务敦豪速递公司联邦快递联合包裹服务公司铁路运单《国际公路货物运输公约》《国际铁路货物运输公约》III. Challenging questions for discussion1. The air waybill is approximately equivalent to the sea freight B/L, but it is not a document of title to goods or a negotiable instrument in the same way as is an ocean B/Lbecause the cargo would arrive at the destination airport days or sometimes weeks before the air waybill’s arrival via the banking system. Therefore, the consignee is allowed to take delivery of the goods before receiving the air waybill.2. A multimodal transport document evidences the contract of carriage of goods by at least two modes of transport, such as shipping by rail and by sea, issued by a multimodal transport operator under a multimodal transport contract.3. The difference between an MTD and a through B/L is as follows: Through B/L used for ocean transport always covers sea transport together with any other modes of transport, but multimodal transport document(MTD) may be applied to any kind of combined transport，not necessary connected with sea transport. This document can be either negotiable or non-negotiable, and usually non-negotiable.4. The function of a dock receipt is used to transfer responsibility when the export goods is moved by the domestic carrier to the port of shipment and left with the international carrier for movement to its final destination.IV. Be familiar with each column of the transport documents given below 略。

CHAPTER 13TEACHING NOTESWhile this chapter falls under “Advanced Topics,” most of this chapter requires no more sophistication than the previous chapters. (In fact, I would argue that, with the possible exception of Section 13.5, this material is easier than some of the time series chapters.)Pooling two or more independent cross sections is a straightforward extension of cross-sectional methods. Nothing new needs to be done in stating assumptions, except possibly mentioning that random sampling in each time period is sufficient. The practically important issue is allowing for different intercepts, and possibly different slopes, across time.The natural experiment material and extensions of the difference-in-differences estimator is widely applicable and, with the aid of the examples, easy to understand.Two years of panel data are often available, in which case differencing across time is a simple way of removing g unobserved heterogeneity. If you have covered Chapter 9, you might compare this with a regression in levels using the second year of data, but where a lagged dependent variable is included. (The second approach only requires collecting information on the dependent variable in a previous year.) These often give similar answers. Two years of panel data, collected before and after a policy change, can be very powerful for policy analysis. Having more than two periods of panel data causes slight complications in that the errors in the differenced equation may be serially correlated. (However, the traditional assumption that the errors in the original equation are serially uncorrelated is not always a good one. In other words, it is not always more appropriate to used fixed effects, as in Chapter 14, than first differencing.) With large N and relatively small T, a simple way to account for possible serial correlation after differencing is to compute standard errors that are robust to arbitrary serial correlation and heteroskedasticity. Econometrics packages that do cluster analysis (such as Stata) often allow this by specifying each cross-sectional unit as its own cluster.108SOLUTIONS TO PROBLEMS13.1 Without changes in the averages of any explanatory variables, the average fertility rate fellby .545 between 1972 and 1984; this is simply the coefficient on y84. To account for theincrease in average education levels, we obtain an additional effect: –.128(13.3 – 12.2) ≈–.141. So the drop in average fertility if the average education level increased by 1.1 is .545+ .141 = .686, or roughly two-thirds of a child per woman.13.2 The first equation omits the 1981 year dummy variable, y81, and so does not allow anyappreciation in nominal housing prices over the three year period in the absence of an incinerator. The interaction term in this case is simply picking up the fact that even homes that are near the incinerator site have appreciated in value over the three years. This equation suffers from omitted variable bias.The second equation omits the dummy variable for being near the incinerator site, nearinc,which means it does not allow for systematic differences in homes near and far from the sitebefore the site was built. If, as seems to be the case, the incinerator was located closer to lessvaluable homes, then omitting nearinc attributes lower housing prices too much to theincinerator effect. Again, we have an omitted variable problem. This is why equation (13.9) (or,even better, the equation that adds a full set of controls), is preferred.13.3 We do not have repeated observations on the same cross-sectional units in each time period,and so it makes no sense to look for pairs to difference. For example, in Example 13.1, it is veryunlikely that the same woman appears in more than one year, as new random samples areobtained in each year. In Example 13.3, some houses may appear in the sample for both 1978and 1981, but the overlap is usually too small to do a true panel data analysis.β, but only13.4 The sign of β1 does not affect the direction of bias in the OLS estimator of1whether we underestimate or overestimate the effect of interest. If we write ∆crmrte i = δ0 +β1∆unem i + ∆u i, where ∆u i and ∆unem i are negatively correlated, then there is a downward biasin the OLS estimator of β1. Because β1 > 0, we will tend to underestimate the effect of unemployment on crime.13.5 No, we cannot include age as an explanatory variable in the original model. Each person inthe panel data set is exactly two years older on January 31, 1992 than on January 31, 1990. This means that ∆age i = 2 for all i. But the equation we would estimate is of the form∆saving i = δ0 + β1∆age i +…,where δ0 is the coefficient the year dummy for 1992 in the original model. As we know, whenwe have an intercept in the model we cannot include an explanatory variable that is constant across i; this violates Assumption MLR.3. Intuitively, since age changes by the same amount for everyone, we cannot distinguish the effect of age from the aggregate time effect.10913.6 (i) Let FL be a binary variable equal to one if a person lives in Florida, and zero otherwise. Let y90 be a year dummy variable for 1990. Then, from equation (13.10), we have the linear probability modelarrest = β0 + δ0y90 + β1FL + δ1y90⋅FL + u.The effect of the law is measured by δ1, which is the change in the probability of drunk driving arrest due to the new law in Florida. Including y90 allows for aggregate trends in drunk driving arrests that would affect both states; including FL allows for systematic differences between Florida and Georgia in either drunk driving behavior or law enforcement.(ii) It could be that the populations of drivers in the two states change in different ways over time. For example, age, race, or gender distributions may have changed. The levels of education across the two states may have changed. As these factors might affect whether someone is arrested for drunk driving, it could be important to control for them. At a minimum, there is the possibility of obtaining a more precise estimator of δ1 by reducing the error variance. Essentially, any explanatory variable that affects arrest can be used for this purpose. (See Section 6.3 for discussion.)SOLUTIONS TO COMPUTER EXERCISES13.7 (i) The F statistic (with 4 and 1,111 df) is about 1.16 and p-value ≈ .328, which shows that the living environment variables are jointly insignificant.(ii) The F statistic (with 3 and 1,111 df) is about 3.01 and p-value ≈ .029, and so the region dummy variables are jointly significant at the 5% level.(iii) After obtaining the OLS residuals, ˆu, from estimating the model in Table 13.1, we run the regression 2ˆu on y74, y76, …, y84 using all 1,129 observations. The null hypothesis of homoskedasticity is H0: γ1 = 0, γ2= 0, … , γ6 = 0. So we just use the usual F statistic for joint significance of the year dummies. The R-squared is about .0153 and F ≈ 2.90; with 6 and 1,122 df, the p-value is about .0082. So there is evidence of heteroskedasticity that is a function of time at the 1% significance level. This suggests that, at a minimum, we should compute heteroskedasticity-robust standard errors, t statistics, and F statistics. We could also use weighted least squares (although the form of heteroskedasticity used here may not be sufficient; it does not depend on educ, age, and so on).(iv) Adding y74⋅educ, , y84⋅educ allows the relationship between fertility and education to be different in each year; remember, the coefficient on the interaction gets added to the coefficient on educ to get the slope for the appropriate year. When these interaction terms are added to the equation, R2≈ .137. The F statistic for joint significance (with 6 and 1,105 df) is about 1.48 with p-value ≈ .18. Thus, the interactions are not jointly significant at even the 10% level. This is a bit misleading, however. An abbreviated equation (which just shows the coefficients on the terms involving educ) is110111kids= -8.48 - .023 educ + - .056 y74⋅educ - .092 y76⋅educ(3.13) (.054) (.073) (.071) - .152 y78⋅educ - .098 y80⋅educ - .139 y82⋅educ - .176 y84⋅educ .(.075) (.070) (.068) (.070)Three of the interaction terms, y78⋅educ , y82⋅educ , and y84⋅educ are statistically significant at the 5% level against a two-sided alternative, with the p -value on the latter being about .012. The coefficients are large in magnitude as well. The coefficient on educ – which is for the base year, 1972 – is small and insignificant, suggesting little if any relationship between fertility andeducation in the early seventies. The estimates above are consistent with fertility becoming more linked to education as the years pass. The F statistic is insignificant because we are testing some insignificant coefficients along with some significant ones.13.8 (i) The coefficient on y85 is roughly the proportionate change in wage for a male (female = 0) with zero years of education (educ = 0). This is not especially useful since we are not interested in people with no education.(ii) What we want to estimate is θ0 = δ0 + 12δ1; this is the change in the intercept for a male with 12 years of education, where we also hold other factors fixed. If we write δ0 = θ0 - 12δ1, plug this into (13.1), and rearrange, we getlog(wage ) = β0 + θ0y85 + β1educ + δ1y85⋅(educ – 12) + β2exper + β3exper 2 + β4union + β5female + δ5y85⋅female + u .Therefore, we simply replace y85⋅educ with y85⋅(educ – 12), and then the coefficient andstandard error we want is on y85. These turn out to be 0ˆθ = .339 and se(0ˆθ) = .034. Roughly, the nominal increase in wage is 33.9%, and the 95% confidence interval is 33.9 ± 1.96(3.4), or about 27.2% to 40.6%. (Because the proportionate change is large, we could use equation (7.10), which implies the point estimate 40.4%; but obtaining the standard error of this estimate is harder.)(iii) Only the coefficient on y85 differs from equation (13.2). The new coefficient is about –.383 (se ≈ .124). This shows that real wages have fallen over the seven year period, although less so for the more educated. For example, the proportionate change for a male with 12 years of education is –.383 + .0185(12) = -.161, or a fall of about 16.1%. For a male with 20 years of education there has been almost no change [–.383 + .0185(20) = –.013].(iv) The R -squared when log(rwage ) is the dependent variable is .356, as compared with .426 when log(wage ) is the dependent variable. If the SSRs from the regressions are the same, but the R -squareds are not, then the total sum of squares must be different. This is the case, as the dependent variables in the two equations are different.(v) In 1978, about 30.6% of workers in the sample belonged to a union. In 1985, only about 18% belonged to a union. Therefore, over the seven-year period, there was a notable fall in union membership.(vi) When y85⋅union is added to the equation, its coefficient and standard error are about -.00040 (se ≈ .06104). This is practically very small and the t statistic is almost zero. There has been no change in the union wage premium over time.(vii) Parts (v) and (vi) are not at odds. They imply that while the economic return to union membership has not changed (assuming we think we have estimated a causal effect), the fraction of people reaping those benefits has fallen.13.9 (i) Other things equal, homes farther from the incinerator should be worth more, so δ1 > 0. If β1 > 0, then the incinerator was located farther away from more expensive homes.(ii) The estimated equation islog()price= 8.06 -.011 y81+ .317 log(dist) + .048 y81⋅log(dist)(0.51) (.805) (.052) (.082)n = 321, R2 = .396, 2R = .390.ˆδ = .048 is the expected sign, it is not statistically significant (t statistic ≈ .59).While1(iii) When we add the list of housing characteristics to the regression, the coefficient ony81⋅log(dist) becomes .062 (se = .050). So the estimated effect is larger – the elasticity of price with respect to dist is .062 after the incinerator site was chosen – but its t statistic is only 1.24. The p-value for the one-sided alternative H1: δ1 > 0 is about .108, which is close to being significant at the 10% level.13.10 (i) In addition to male and married, we add the variables head, neck, upextr, trunk, lowback, lowextr, and occdis for injury type, and manuf and construc for industry. The coefficient on afchnge⋅highearn becomes .231 (se ≈ .070), and so the estimated effect and t statistic are now larger than when we omitted the control variables. The estimate .231 implies a substantial response of durat to the change in the cap for high-earnings workers.(ii) The R-squared is about .041, which means we are explaining only a 4.1% of the variation in log(durat). This means that there are some very important factors that affect log(durat) that we are not controlling for. While this means that predicting log(durat) would be very difficultˆδ: it could still for a particular individual, it does not mean that there is anything biased about1be an unbiased estimator of the causal effect of changing the earnings cap for workers’ compensation.(iii) The estimated equation using the Michigan data is112durat= 1.413 + .097 afchnge+ .169 highearn+ .192 afchnge⋅highearn log()(0.057) (.085) (.106) (.154)n = 1,524, R2 = .012.The estimate of δ1, .192, is remarkably close to the estimate obtained for Kentucky (.191). However, the standard error for the Michigan estimate is much higher (.154 compared with .069). The estimate for Michigan is not statistically significant at even the 10% level against δ1 > 0. Even though we have over 1,500 observations, we cannot get a very precise estimate. (For Kentucky, we have over 5,600 observations.)13.11 (i) Using pooled OLS we obtainrent= -.569 + .262 d90+ .041 log(pop) + .571 log(avginc) + .0050 pctstu log()(.535) (.035) (.023) (.053) (.0010) n = 128, R2 = .861.The positive and very significant coefficient on d90 simply means that, other things in the equation fixed, nominal rents grew by over 26% over the 10 year period. The coefficient on pctstu means that a one percentage point increase in pctstu increases rent by half a percent (.5%). The t statistic of five shows that, at least based on the usual analysis, pctstu is very statistically significant.(ii) The standard errors from part (i) are not valid, unless we thing a i does not really appear in the equation. If a i is in the error term, the errors across the two time periods for each city are positively correlated, and this invalidates the usual OLS standard errors and t statistics.(iii) The equation estimated in differences islog()∆= .386 + .072 ∆log(pop) + .310 log(avginc) + .0112 ∆pctsturent(.037) (.088) (.066) (.0041)n = 64, R2 = .322.Interestingly, the effect of pctstu is over twice as large as we estimated in the pooled OLS equation. Now, a one percentage point increase in pctstu is estimated to increase rental rates by about 1.1%. Not surprisingly, we obtain a much less precise estimate when we difference (although the OLS standard errors from part (i) are likely to be much too small because of the positive serial correlation in the errors within each city). While we have differenced away a i, there may be other unobservables that change over time and are correlated with ∆pctstu.(iv) The heteroskedasticity-robust standard error on ∆pctstu is about .0028, which is actually much smaller than the usual OLS standard error. This only makes pctstu even more significant (robust t statistic ≈ 4). Note that serial correlation is no longer an issue because we have no time component in the first-differenced equation.11311413.12 (i) You may use an econometrics software package that directly tests restrictions such as H 0: β1 = β2 after estimating the unrestricted model in (13.22). But, as we have seen many times, we can simply rewrite the equation to test this using any regression software. Write the differenced equation as∆log(crime ) = δ0 + β1∆clrprc -1 + β2∆clrprc -2 + ∆u .Following the hint, we define θ1 = β1 - β2, and then write β1 = θ1 + β2. Plugging this into the differenced equation and rearranging gives∆log(crime ) = δ0 + θ1∆clrprc -1 + β2(∆clrprc -1 + ∆clrprc -2) + ∆u .Estimating this equation by OLS gives 1ˆθ= .0091, se(1ˆθ) = .0085. The t statistic for H 0: β1 = β2 is .0091/.0085 ≈ 1.07, which is not statistically significant.(ii) With β1 = β2 the equation becomes (without the i subscript)∆log(crime ) = δ0 + β1(∆clrprc -1 + ∆clrprc -2) + ∆u= δ0 + δ1[(∆clrprc -1 + ∆clrprc -2)/2] + ∆u ,where δ1 = 2β1. But (∆clrprc -1 + ∆clrprc -2)/2 = ∆avgclr .(iii) The estimated equation islog()crime ∆ = .099 - .0167 ∆avgclr(.063) (.0051)n = 53, R 2 = .175, 2R = .159.Since we did not reject the hypothesis in part (i), we would be justified in using the simplermodel with avgclr . Based on adjusted R -squared, we have a slightly worse fit with the restriction imposed. But this is a minor consideration. Ideally, we could get more data to determine whether the fairly different unconstrained estimates of β1 and β2 in equation (13.22) reveal true differences in β1 and β2.13.13 (i) Pooling across semesters and using OLS givestrmgpa = -1.75 -.058 spring+ .00170 sat- .0087 hsperc(0.35) (.048) (.00015) (.0010)+ .350 female- .254 black- .023 white- .035 frstsem(.052) (.123) (.117) (.076)- .00034 tothrs + 1.048 crsgpa- .027 season(.00073) (0.104) (.049)n = 732, R2 = .478, 2R = .470.The coefficient on season implies that, other things fixed, an athlete’s term GPA is about .027 points lower when his/her sport is in season. On a four point scale, this a modest effect (although it accumulates over four years of athletic eligibility). However, the estimate is not statistically significant (t statistic ≈-.55).(ii) The quick answer is that if omitted ability is correlated with season then, as we know form Chapters 3 and 5, OLS is biased and inconsistent. The fact that we are pooling across two semesters does not change that basic point.If we think harder, the direction of the bias is not clear, and this is where pooling across semesters plays a role. First, suppose we used only the fall term, when football is in season. Then the error term and season would be negatively correlated, which produces a downward bias in the OLS estimator of βseason. Because βseason is hypothesized to be negative, an OLS regression using only the fall data produces a downward biased estimator. [When just the fall data are used, ˆβ = -.116 (se = .084), which is in the direction of more bias.] However, if we use just the seasonspring semester, the bias is in the opposite direction because ability and season would be positive correlated (more academically able athletes are in season in the spring). In fact, using just theβ = .00089 (se = .06480), which is practically and statistically equal spring semester gives ˆseasonto zero. When we pool the two semesters we cannot, with a much more detailed analysis, determine which bias will dominate.(iii) The variables sat, hsperc, female, black, and white all drop out because they do not vary by semester. The intercept in the first-differenced equation is the intercept for the spring. We have∆= -.237 + .019 ∆frstsem+ .012 ∆tothrs+ 1.136 ∆crsgpa- .065 seasontrmgpa(.206) (.069) (.014) (0.119) (.043) n = 366, R2 = .208, 2R = .199.Interestingly, the in-season effect is larger now: term GPA is estimated to be about .065 points lower in a semester that the sport is in-season. The t statistic is about –1.51, which gives a one-sided p-value of about .065.115(iv) One possibility is a measure of course load. If some fraction of student-athletes take a lighter load during the season (for those sports that have a true season), then term GPAs may tend to be higher, other things equal. This would bias the results away from finding an effect of season on term GPA.13.14 (i) The estimated equation using differences is∆= -2.56 - 1.29 ∆log(inexp) - .599 ∆log(chexp) + .156 ∆incshrvote(0.63) (1.38) (.711) (.064)n = 157, R2 = .244, 2R = .229.Only ∆incshr is statistically significant at the 5% level (t statistic ≈ 2.44, p-value ≈ .016). The other two independent variables have t statistics less than one in absolute value.(ii) The F statistic (with 2 and 153 df) is about 1.51 with p-value ≈ .224. Therefore,∆log(inexp) and ∆log(chexp) are jointly insignificant at even the 20% level.(iii) The simple regression equation is∆= -2.68 + .218 ∆incshrvote(0.63) (.032)n = 157, R2 = .229, 2R = .224.This equation implies t hat a 10 percentage point increase in the incumbent’s share of total spending increases the percent of the incumbent’s vote by about 2.2 percentage points.(iv) Using the 33 elections with repeat challengers we obtain∆= -2.25 + .092 ∆incshrvote(1.00) (.085)n = 33, R2 = .037, 2R = .006.The estimated effect is notably smaller and, not surprisingly, the standard error is much larger than in part (iii). While the direction of the effect is the same, it is not statistically significant (p-value ≈ .14 against a one-sided alternative).13.15 (i) When we add the changes of the nine log wage variables to equation (13.33) we obtain116117 log()crmrte ∆ = .020 - .111 d83 - .037 d84 - .0006 d85 + .031 d86 + .039 d87(.021) (.027) (.025) (.0241) (.025) (.025)- .323 ∆log(prbarr ) - .240 ∆log(prbconv ) - .169 ∆log(prbpris )(.030) (.018) (.026)- .016 ∆log(avgsen ) + .398 ∆log(polpc ) - .044 ∆log(wcon )(.022) (.027) (.030)+ .025 ∆log(wtuc ) - .029 ∆log(wtrd ) + .0091 ∆log(wfir )(0.14) (.031) (.0212)+ .022 ∆log(wser ) - .140 ∆log(wmfg ) - .017 ∆log(wfed )(.014) (.102) (.172)- .052 ∆log(wsta ) - .031 ∆log(wloc ) (.096) (.102) n = 540, R 2 = .445, 2R = .424.The coefficients on the criminal justice variables change very modestly, and the statistical significance of each variable is also essentially unaffected.(ii) Since some signs are positive and others are negative, they cannot all really have the expected sign. For example, why is the coefficient on the wage for transportation, utilities, and communications (wtuc ) positive and marginally significant (t statistic ≈ 1.79)? Higher manufacturing wages lead to lower crime, as we might expect, but, while the estimated coefficient is by far the largest in magnitude, it is not statistically different from zero (tstatistic ≈ –1.37). The F test for joint significance of the wage variables, with 9 and 529 df , yields F ≈ 1.25 and p -value ≈ .26.13.16 (i) The estimated equation using the 1987 to 1988 and 1988 to 1989 changes, where we include a year dummy for 1989 in addition to an overall intercept, isˆhrsemp ∆ = –.740 + 5.42 d89 + 32.60 ∆grant + 2.00 ∆grant -1 + .744 ∆log(employ ) (1.942) (2.65) (2.97) (5.55) (4.868)n = 251, R 2 = .476, 2R = .467.There are 124 firms with both years of data and three firms with only one year of data used, for a total of 127 firms; 30 firms in the sample have missing information in both years and are not used at all. If we had information for all 157 firms, we would have 314 total observations in estimating the equation.(ii) The coefficient on grant – more precisely, on ∆grant in the differenced equation – means that if a firm received a grant for the current year, it trained each worker an average of 32.6 hoursmore than it would have otherwise. This is a practically large effect, and the t statistic is very large.(iii) Since a grant last year was used to pay for training last year, it is perhaps not surprising that the grant does not carry over into more training this year. It would if inertia played a role in training workers.(iv) The coefficient on the employees variable is very small: a 10% increase in employ increases hours per employee by only .074. [Recall:∆≈ (.744/100)(%∆employ).] Thishrsempis very small, and the t statistic is also rather small.13.17. (i) Take changes as usual, holding the other variables fixed: ∆math4it = β1∆log(rexpp it) = (β1/100)⋅[ 100⋅∆log(rexpp it)] ≈ (β1/100)⋅( %∆rexpp it). So, if %∆rexpp it = 10, then ∆math4it= (β1/100)⋅(10) = β1/10.(ii) The equation, estimated by pooled OLS in first differences (except for the year dummies), is4∆ = 5.95 + .52 y94 + 6.81 y95- 5.23 y96- 8.49 y97 + 8.97 y98math(.52) (.73) (.78) (.73) (.72) (.72)- 3.45 ∆log(rexpp) + .635 ∆log(enroll) + .025 ∆lunch(2.76) (1.029) (.055)n = 3,300, R2 = .208.Taken literally, the spending coefficient implies that a 10% increase in real spending per pupil decreases the math4 pass rate by about 3.45/10 ≈ .35 percentage points.(iii) When we add the lagged spending change, and drop another year, we get4∆ = 6.16 + 5.70 y95- 6.80 y96- 8.99 y97 +8.45 y98math(.55) (.77) (.79) (.74) (.74)- 1.41 ∆log(rexpp) + 11.04 ∆log(rexpp-1) + 2.14 ∆log(enroll)(3.04) (2.79) (1.18)+ .073 ∆lunch(.061)n = 2,750, R2 = .238.The contemporaneous spending variable, while still having a negative coefficient, is not at all statistically significant. The coefficient on the lagged spending variable is very statistically significant, and implies that a 10% increase in spending last year increases the math4 pass rate118119 by about 1.1 percentage points. Given the timing of the tests, a lagged effect is not surprising. In Michigan, the fourth grade math test is given in January, and so if preparation for the test begins a full year in advance, spending when the students are in third grade would at least partly matter.(iv) The heteroskedasticity-robust standard error for log() ˆrexpp β∆is about 4.28, which reducesthe significance of ∆log(rexpp ) even further. The heteroskedasticity-robust standard error of 1log() ˆrexpp β-∆is about 4.38, which substantially lowers the t statistic. Still, ∆log(rexpp -1) is statistically significant at just over the 1% significance level against a two-sided alternative.(v) The fully robust standard error for log() ˆrexpp β∆is about 4.94, which even further reducesthe t statistic for ∆log(rexpp ). The fully robust standard error for 1log() ˆrexpp β-∆is about 5.13,which gives ∆log(rexpp -1) a t statistic of about 2.15. The two-sided p -value is about .032.(vi) We can use four years of data for this test. Doing a pooled OLS regression of ,1垐 on it i t r r -,using years 1995, 1996, 1997, and 1998 gives ˆρ= -.423 (se = .019), which is strong negative serial correlation.(vii) Th e fully robust “F ” test for ∆log(enroll ) and ∆lunch , reported by Stata 7.0, is .93. With 2 and 549 df , this translates into p -value = .40. So we would be justified in dropping these variables, but they are not doing any harm.。

CHAPTER THIRTEENDiscussion Questions1.Consider two products with the same cost but different margins. Which productshould have a higher level of product availability? Why?The product with the higher margin should be stocked at a higher level of availability than the product with the lower margin. The product with the higher margin will have a higher Cu, which is the cost of understocking. The cost of understocking is the sale price less the cost and may be thought of by the supplier as profit foregone. A higher cost of understocking results in a higher critical fractile, so the optimal cycle service level will be higher, which will yield a higher availability.2.Consider two products with the same margin carried by a retail store. Any leftoverunits of one product are worthless. Leftover units of the other product can be sold to outlet stores. Which product should have a higher level of availability? Why?The product with the higher salvage value should be stocked at a higher level ofavailability than those with the lower salvage value. The product with the higher salvage value will have a lower Co, which is the cost of overstocking. The cost of overstocking is the sale price less the salvage value. A lower cost of overstocking results in a highercritical fractile, so the optimal cycle service level will be higher, which will yield a higher availability.3. A firm improves its forecast accuracy using better marketing intelligence. Whatimpact will this have on supply chain inventories and profitability? Why?Improved forecast accuracy should result in a closer match between supply and demand, resulting in improved profitability. An improved match will result in lower levels ofunplanned carryover inventory and shortages at the end of planning periods. Theimproved match will lower the expected costs of having too much or too little inventory.4.How can postponement of product differentiation be used to improve supply chainprofitability?Postponement refers to the delay of product differentiation until closer to the sale of the product. Postponement allows producers to leverage two features common to forecasts: forecasts with shorter time horizons tend to be more accurate than those with longer time horizons; and aggregate forecasts tend to be more accurate than forecasts for individual items/models. More accurate forecasts allow for a better match of supply and demand, thereby lowering mismatch costs and increasing profitability as discussed in the previous question.5.What are some scenarios in which postponing product differentiation across allproducts may not be profitable? How can tailored postponement help in suchsituations?Postponement is valuable in a supply chain when a firm sells a large variety of products with highly unpredictable demand of about the same size that is not positively correlated.Postponement is not as valuable if a large fraction of the demand comes from a fewproducts. In such a setting, tailored postponement is most effective whereby base loads are not postponed but the variation is postponed.6.Zara has used local production in Europe to have short replenishment lead times.How does this capability of quick response help the company improve profits in a highly volatile trendy apparel marketplace?In a trendy apparel market there exists a high probability for inventory obsolescence due to the nature of the industry. Therefore, by postponing the final configuration of thegoods, Zara provides flexibility to its inventory to minimize this trend and better meet the ever changing demand.7.When can tailored sourcing be used to improve supply chain profits? What aresome challenges with implementing tailored sourcing?In tailored sourcing, firms use a combination of two supply sources, one focusing on cost but unable to handle uncertainty, and the other focusing on flexibility to handleuncertainty but at a higher cost. For tailored sourcing to be effective, having supplysources such that one serves as the backup to the other is not sufficient. The two sources must focus on different capabilities. The low-cost source must focus on being efficient and should be required to supply only the predictable portion of the demand. The flexible source should focus on being responsive and be required to supply the uncertain portion of the demand. As a result, tailored sourcing allows a firm to increase its profits and better match supply and demand.。

图书馆的组织英语作文高中The Organization of a Library。

Introduction:Libraries play a crucial role in society by providing a wealth of knowledge and resources to the public. They serve as a hub for learning, research, and personal growth. However, in order to effectively fulfill their mission, libraries must be well-organized and structured. This essay will explore the various aspects of organizing a library, including the layout, classification system, cataloging, and staffing.Layout:The layout of a library is an essential component ofits organization. It determines how easily patrons can navigate the space and locate the materials they need. A well-designed library should have clear signage, designatedareas for different types of materials, and comfortable seating areas for reading and studying. Additionally, libraries should consider the accessibility needs of all patrons, including those with disabilities, by providing ramps, elevators, and designated parking spaces.Classification System:A classification system is used to categorize and organize the library's collection of books and other materials. The most commonly used classification system is the Dewey Decimal System, which assigns a unique number to each subject area. This system allows for easy browsing and retrieval of materials. Libraries may also choose to use other classification systems, such as the Library of Congress Classification System, depending on their specific needs and resources.Cataloging:Cataloging is the process of creating a detailed record for each item in the library's collection. This includesinformation such as the title, author, publication date,and subject. Cataloging allows patrons to search for materials using keywords, titles, or authors, making it easier to find what they are looking for. In addition to physical cataloging, many libraries now offer online catalogs, allowing patrons to access the library'scollection remotely.Staffing:A well-organized library requires a dedicated and knowledgeable staff. Librarians play a crucial role in assisting patrons with finding materials, conducting research, and navigating the library's resources. They are responsible for maintaining the organization of the library, ensuring that materials are properly shelved, and assisting with cataloging and classification. Additionally, libraries may employ support staff, such as library assistants, to help with administrative tasks and provide basic assistance to patrons.Technology and Automation:In recent years, libraries have embraced technology to enhance their organization and efficiency. Automated systems, such as self-checkout machines and RFID tags, have simplified the borrowing process and reduced the need for manual handling of materials. Digital libraries and online databases have also become increasingly popular, allowing patrons to access a vast array of resources from the comfort of their own homes. However, it is important for libraries to strike a balance between technology and traditional services, ensuring that all patrons have access to the resources they need.Maintenance and Preservation:Maintaining the organization of a library requires ongoing effort and attention. Regular shelving and re-shelving of materials is necessary to keep the collectionin order. Libraries must also prioritize the preservation of their materials to ensure that they remain in good condition for future generations. This includes implementing proper storage and handling techniques, aswell as conducting regular inspections and repairs.Conclusion:The organization of a library is essential for its effective functioning and the satisfaction of its patrons.A well-designed layout, a comprehensive classification system, efficient cataloging, a knowledgeable staff, and the integration of technology are all crucial components of a well-organized library. By prioritizing organization and maintenance, libraries can continue to serve as invaluable resources for learning, research, and personal growth.。