福连金生(Mark)2013.5

⒈Erich Hartmann 二战中击落敌机352 架的德国空军头号飞行员埃里希·哈特曼（1922~1993）——“王牌中的王牌”;1942年11月5日第一次战绩击落伊尔-2 强击机；1943年7月5日，哈特曼一天出动4 次，击落 5 架拉-5 歼击机；9月底，哈特曼击落敌机115 架，破莫德斯创造的击落敌机100 架的记录，成为新的"空军英雄"。

10月29日，他击落了第150 架，平了克鲁平斯基于10月1日创造的150 架的记录；1944年3月2日，达到了202 架；1944年7月1日，哈特曼已击落250 架；8月23日达290 架；1945年5月8日，击落第352 架飞机；西线战斗7架，东线战斗345架。

⒉Gerhard BarkhornG·巴克霍恩少校（1919~1983）——在世界空战史上只有两个人击落过超过300 架的飞机，其中一个是众所周知的空前绝后的超级王牌--埃里希·哈特曼，另一个就是G·巴克霍恩少校，他总共击落了301 架飞机（全部为东线战斗所获），是德国的第二号王牌。

1941年7月2日，首次击落敌机；11月底，其个人战果累计已达10 架；12月底100 架；1943年11月30日，累计已达200 架；1945.年1月5日，巴克霍恩的个人战果已猛增到301 架。

⒊Günther Rall京特·拉尔少校（1918~？）——1940年5月12日在法国上空首次击落一架霍克75A 型敌机；1943年8月29日成为德国空军中个人战果愈200 架的第三号人物；1943年11月28日又成为继诺沃特尼之后的全军第二个个人战果突破250 架记录的飞行员。

德国的第三号空战王牌，他总击落了275 架飞机；西线 4 架、东线271 架（包括15 架伊尔-2）。

⒋Otto Kittel——“the Annihilator of Shturmovik”奥托·基特尔中校（1917~1945）——“屠夫杀手”；1941年6月22日奥托·基特尔首次击落SB-2 和雅克-1。

Journal of Clinical Laboratory Analysis00:1–6(2014) Determination of Anticyclic Citrullinated Peptide Based on Biotin–Streptavidin-Amplified Time-ResolvedFluoroimmunoassayHuiming Sheng,1Zhi-Gang Hu,2,3∗Jie Liu,2Fenghong Yuan,2Mei Li,2Yaohong Zou,2and Yu Chen31Shanghai Tongren Hospital Affiliated to Shanghai Jiaotong University,School of Medicine,Shanghai,China2Affiliated Wuxi People’s Hospital of Nanjing Medical University,Wuxi,China 3Department of Laboratory Medicine,The First Affiliated Hospital,College of Medicine,ZhejiangUniversity,Hangzhou,ChinaBackground:A rapid and sensitive time-resolvedfluoroimmunoassay(TRFIA) based on the biotin–streptavidin amplifi-cation system was developed for the deter-mination of anticyclic citrullinated peptide (anti-CCP).Methods:Europium-labeled streptavidin derivatives combined with eu-ropium and anhydride of diethylene triamine pentaacetic acid were used to label strep-tavidin,biotin was coupled with rabbit anti-human IgG to form a biotin–anti-human IgG bridge between streptavidin–europium and the anti-CCP antibody in the immunoas-say.The anti-CCP assay was carried out by measuring thefluorescence of Eu3+–streptavidin at615nm.Results:The pre-sented method produced a wide linear range from0.58to9,463U/ml,while itwas only591.4–18.48U/ml when using anELISA kit,and featured a detection limit upto0.5U/ml for anti-CCP.The values deter-mined by the biotin–streptavidin–TRFIA andELISA correlated well(R2=0.8927).The method was applied to determine anti-CCPin serum samples with satisfied recoveriesof96.45–104.63%.Conclusion:The assayresults obtained by the present methodshowed that biotin–streptavidin-amplifiedTRFIA improve the traditional ELISA kit foranti-CCP detection.Therefore,it offers abetter alternative immunoassay in rheuma-toid arthritis b.Anal.00:1–6,2014.C 2014Wiley Periodi-cals,Inc.Key words:cyclic citrullinated peptide;rheumatoid arthritis;time-resolvedfluoroim-munoassayINTRODUCTIONRheumatoid arthritis(RA)is an inflammatory autoim-mune disease,with a prevalence of0.3–1%worldwide, which leads to progressive joint erosion and substantial disability if not treated early.A reliable and specific test for a marker present early in the disease would be use-ful for identifying RA patients prior to the occurrence of joint damage(1).Antibodies to citrullinated proteins(ACPA)are specific serological markers for RA(2).ACPA constitute a grow-ing family of autoantibodies,and the major breakthrough came with the realization of the crucial role of peptide epitopes,which were citrullinated posttranslationally,and the subsequent development of the anticyclic citrullinated peptide antibodies(anti-CCP)test(3).The anti-CCP an-tibodies can be detected in up to80%of patients with RA,which is highly specific for the disease,and may be of value for both the diagnosis and prognosis of RA, particularly implicated in more erosive disease course(4). Grant sponsor:Wuxi’s Hospital Administration Center Key Subject;Grant number:YGZ1101;Grant sponsor:Directive Planning Project of Wuxi Science and Technology Bureau,China;Grant number:CSE31N1302.∗Correspondence to:Zhigang Hu,Affiliated Wuxi People’s Hospital of Nanjing Medical University,214023,Wuxi,China.E-mail:jswx-hzg@Received24November2013;Accepted25June2014DOI10.1002/jcla.21796Published online in Wiley Online Library().C 2014Wiley Periodicals,Inc.2Sheng et al.Time-resolvedfluoroimmunoassay(TRFIA),a nonra-dioimmunoassay,offers better sensitivity than other tradi-tional FIA methods due to the uniquefluorescence prop-erties of lanthanide chelates and the time-resolved mea-surement mode,which allows the specificfluorescence to be measured after the backgroundfluorescence has al-ready declined(5).Bioanalytical assays based on TRFIA have made a substantial impact on routine and research areas(6).Up to now,the use of Eu3+-labeled streptavidin(Eu3+–streptavidin)and time-resolvedfluorometry has been well suited as an indirect label for its relatively high affinity to biotin and low nonspecific binding properties.As a tetrameric structure with four binding sites for biotin,it can be used for amplifying signal(7).Moreover,a univer-sal detection reagent,europium chelate,as afluorescent marker has attracted much attention for high-throughput screening of large populations of biologically active sam-ples(8,9).In this study,the europium chelate of Eu3+–streptavidin was prepared and used as a signal generation reagent after its binding to the biotin moieties of the surface immuno-complex.A novel,rapid,biotin–streptavidin-amplified TRFIA for the determination of anti-CCP was developed and is described here.This method was applied to deter-mine anti-CCP in human serum samples with satisfactory results.MATERIALS AND METHODSChemicals and InstrumentationAuto DELFIA1235,Eu3+-labeled regent,and Eu3+-labeled enhancement solution were purchased from Wallac Oy(Turku,Finland).The96-well polystyrene microtiter plates and recombinant CCP antigen were ob-tained from AESKU(Dresden,Germany).Monoclonal rabbit anti-human IgM was purchased from Sigma(St. Louis,MO).N2-[p-isocyanate-benzyl]diethylenetriamine tetraacetic acid(DTTA)was purchased from Sigma Aldrich(St.Louis,MO).Bovine serum albumin(BSA) was purchased from Institute of Biological Products Min-istry of Health(Shanghai,China).Sephadex G25was pur-chased from Pharmacia(Piscataway,NJ).Concentrated wash buffer and enhancement solution were provided by Institute of Nuclear Medicine(Jiangsu,China).Other reagents used were of analytical reagent grade.ELISA Kit and Reference Standard of the Anti-CCP PreparationCommercial ELISA kits of the anti-CCP IgG were ob-tained from AESKU,Dr.Fenning(Kirchzarten,Ger-many),and ORGENTEC(Mainz,Germany),respec-tively.Reference standard of the anti-CCP was obtained from AESKU.Preparation of Solid AntigenEach well of polystyrene microtiter plates was coated with100μl of recombinant CCP antigen diluted with coating buffer(pH9.6,50mmol/l Na2CO3-NaHCO3) by incubating at4°C overnight.The coating buffer was discarded.After three times wash,some binding sites not occupied by the coating buffer were then blocked by250μl 3g/l BSA(Institute of Biological Products Department of Health,Shanghai,China)in phosphate buffer solu-tion(PBS;pH7.4)and the plates were incubated at4°C overnight.After the blocking buffer was discarded,the plates were vacuum-dried and stored at−20°C until anal-ysis.Biotin Labeling of Anti-Human IgGOne milligram of N-hydroxysuccinimidobitin (Promega,Madison,Wisconsin)was added to0.5mg of a1mg/ml solution of rabbit anti-human IgG(St. Louis,MO)in pH7.2,0.05M PBS.The reaction mixture was incubated at37°C for1h and then dialyzed overnight at4°C with PBS.The biotin-labeled antibody was stored at−20°C until use.Eu3+-Labeled Streptavidin PreparationEu3+labeling of streptavidin(Sigma)was performed us-ing a Eu3+-labeling Kit(EG&G-Wallac,Turku,Finland) strictly according to the manufacture’s instructions.One milligram of streptavidin was loaded on a PD10column and eluted using carbonate buffer(pH8.5,50mmol/l Na2CO3-NaHCO3)containing0.155mol/l NaCl.Then streptavidin was mixed with0.2mg Eu3+-DTPAA(di-ethylenetriamine pentaacetic acid;Sigma Aldrich)fol-lowed by vigorous stirring at30°C for20h.The resulting mixture was then fractionated on a Sepharose CL-6B(1×40cm;Pharmacia)with pH7.8,80mmol/l Tris-HCl buffer.The absorbance values of the elution were measured at280nm to obtain protein concentra-tions.After purification,equal amount of AR glycerin was added before subpackaging and stored at−20°C until use.Anti-CCP Antibody AssayThe procedures for BAS-TRFIA of serum anti-CCP antibody were performed using an indirect ELISA tech-nique.Hundred microliters of serum diluted with assay buffer was pipetted into each coated microtiter well,and incubated for30min at25°C.The plates were washed fourb.Anal.Determination of Anticyclic Citrullinated Peptide3times with wash buffer,then100μl of rabbit anti-humanIgG was added to each well,and incubated with shakingfor30min at25°C.The plates were washed again fourtimes,then pipetted with100μl buffer,diluted with Eu3+-labeled streptavidin to each well,and incubated with shak-ing for15min.After washing six times with wash buffer,100μL of enhancement solution was pipetted into eachwell.The plates were shaken for5min.Eu3+fluorescenceintensity(cps)was measured with auto DELFIA1235.The concentrations of anti-CCP antibody in respectivesamples were determined based on the calibration curvesusing Multicalc software program.Evaluation on the Kits(1)Precision testing.Three pools of mixed serum speci-mens with high,intermediate,and low concentrationof anti-CCP antibody were subpackaged and stored at −20°C.Mixed with the serum specimens and evaluat-ing their concentrations with samples,the coefficientof variations(CVs)was calculated.(2)Linear range testing.Serum from patient with thehighest anti-CCP antibody concentration was dilutedin a twofold serial dilution manner,and the anti-CCPantibody concentrations of diluted specimens weredetected using the established BAS-TRFIA kit and acommercial ELISA one,respectively.The linear curveof dilution concentration was obtained with dilutionmultiple as the horizontal abscissa andfluorescentintensity as the vertical ordinate.(3)Sensitivity testing.The sensitivity of the assay wasback-calculated by the obtained meanfluorescentcounts(n=20)of the zero standard plus2SD inthe calibration curve.(4)Clinical applications.The specificity of anti-CCP an-tibody detection was evaluated by testing serum from52healthy blood donors,32systemic lupus erythe-matosus(SLE),27Sjogren’s syndrome(SS),10sclero-derma,20mixed connective tissue disease(MCTD),23multiple sclerosis(MS)patients.(5)Correlation test.The anti-CCP antibody concentra-tions of32serum specimens from patients with RAwere detected using the established BAS-TRFIA kitand a commercial ELISA kit,respectively,and thenthe values obtained were analyzed.(6)Stability testing.New BAS-TRFIA kit and threeELISA kits were put into the37°C water box for7days and then compared with the one stored in rou-tine conditions.(7)Coefficient of recovery.Three sera with high antibodyconcentrations were diluted with sample buffer andassayed in the new TRFIAkit.Fig.1.Serial dilutions of a specimen with the highest anti-CCP IgG concentration were tested with TRFIA and ELISA,respectively.Double Y-axis curve was determined according to dilution strength(X-axis)as well as BAS-TRFIAfluorescence intensity and ELISA absorbance(the two Y-axes).Statistical AnalysesData were analyzed using the SPSS13.0software.Re-gression analysis and analysis of variance were used to calculate correlation and test linearity,respectively.In-terassay and intra-assay variation was calculated using the CV.The statistical significance level was set at0.05. RESULTSLinearityA strong positive specimen from9,081to0.55U/ml was diluted and the serial dilutions with the established TRFIA as well as ELISA were detected.The curve of de-tectable range of the two methods is shown in Figure1,in which we observe that for the established TRFIA kit there was a good linear range within9,463–0.58U/ml,whereas it was within591.4–18.48U/ml when using an ELISA kit,indicating that the method of TRFIA we established has a wider detectable range than the commercial ELISA. Calibration Curve for Determination of Anti-CCP IgGAs shown in Figure2,the time-resolvedfluorescence intensities are directly proportional to the concentrations of anti-CCP IgG.The concentrations of anti-CCP IgG were2,365.8,591.44,147.86,36.96,9.24,0.58U/ml.The line equation for the calibration curve of anti-CCP IgG was Y=3.79071+0.79505X+0.01094X2,where X is the concentration of anti-CCP IgG(GPL U/ml)and Y is fluorescence intensity.The sensitivity of the assay,defined as the mean signal of the zero standard plus2SD,was 0.5U/ml.b.Anal.4Sheng et al.Y : A x i s T i t l eX:The concentration for anti-CCP IgG (U/ml)Fig.2.Standard curves for anti-CCP IgG by TRFIA at different concentrations (2,365.8,591.44,147.86,36.96,9.24,0.58U/ml).TABLE 1.Intrabatch and Interbatch Precision AnalysisBAS-TRFIA (U/ml)ELISA (U/ml)Mean ±SDCV (%)Mean ±SD CV (%)HighIntrabatch (n =20)241.5±7.63 3.16242.8±14.86 6.12Interbatch (n =10)240.9±10.33 4.29243.1±17.647.26IntermediateIntrabatch (n =20)72.7±2.78 3.8272.6±5.948.18Interbatch (n =10)72.3±3.38 4.6873.1±7.269.93LowIntrabatch (n =20)14.15±0.60 4.2414.32±1.389.61Interbatch (n =10)14.23±0.714.9714.37±1.5410.74Assay PrecisionThe precision of the assay was also analyzed by mea-suring three pools of mixed serum specimens with high,intermediate,and low concentration of anti-CCP IgG 20times in one series (intra-assay)and in duplicate in eight different series,and data were compared with those ob-tained by the ELISA kit.As shown in Table 1,the intra-assay CVs detected by TRFIA at mean anti-CCP IgG concentrations of 241.5,72.7,14.15U/ml were 3.16%,3.82%,and 4.24%,respectively,and the interassay CVs at mean concentrations of 240.9,72.7,14.23U/ml were 4.29%,4.68%,and 4.97%,respectively.In comparison,the intra-assay CVs detected by ELISA at mean concen-trations of 242.8,72.6,14.32U/ml were 6.12%,8.18%,and 9.61%,respectively,and the interassay CVs at mean concentrations of 243.1,73.1,14.37U/ml were 7.268%,9.93%,and 10.74%,respectively.Obviously,the TRFIA kit we established for anti-CCP IgG detection was better than the commercial ELISA kit in intra-and interassay precision with either rank of concentration.TABLE 2.Specificity of Anti-CCP Antibody in Different Types of PatientsCase and Negative control 15Positive ࣙSpecificity groupn U/ml U/ml(%)Healthy blood donors 5251198.1SLE 3231196.9SS2726196.3Scleroderma 10100100MCTD 2019195.0MS2322195.7Clinical ApplicationEach well of polystyrene microtiter plates was coated with recombinant CCP antigen.The specificity of anti-CCP antibody detection was evaluated by testing serum from 52healthy blood donors,32SLE,27SS,10sclero-derma,20MCTD,and 23MS patients.Cross-reactivities are shown in Table 2.Correlation With ELISAConcentration results of 32serum samples determined by TRFIA were compared with those obtained by an ELISA kit.The scatter plots showed that the two methods correlated well (Fig.3)and the correlation coefficient of the results obtained from the two assays was 0.8927.Stability of the TRFIA KitsThe assay kits were stored at 4°C and water bathed at 37°C for 7days.Then,the difference of fluores-cence intensity or absorbance—that is decline rate ofb.Anal.Determination of Anticyclic Citrullinated Peptide5Fig.3.Correlation between the BAS-TRFIA and ELISA. TABLE3.Stability of the BAS-TRFIA and ELISAGroups4°Cpreserve7days37°Cwater bath7daysThe declinedrate ofcombination(%)ELISA1(abs) 2.56 1.6336.3 ELISA2(abs) 2.39 1.6929.3 ELISA3(abs) 2.71 2.2317.7 BAS-TRFIA(cps)2,451,2362,153,41512.1 combination—was measured both by TRFIA and ELISA.We observed that it exhibited no visible change except for a decline by12.1%for TRFIA(17.7%,29.3%, 36.3%for the commercial ELISA)in the rate of combina-tion when compared with the one stored in routine con-ditions,suggesting that the established assay kit had good stability and could be stored at4°C for1year(Table3). Moreover,the accuracy decreased as time was extended by ELISA,but after enhancement solution was added the detection offluorescent results was not affected up to the next day.Thus,it can be seen that TRFIA is more stable.Coefficient of RecoveryThe recoveries of thefirst sample were100.98%, 102.25%,and96.45%,respectively.The recoveries of the second sample were100.46%,98.18%,and101.59%, respectively.The recoveries of the third sample were 104.63%,97.18%,and98.17%,respectively.The average recovery rate calculated by the average of nine individ-ual values by the formula of observed concentrations×100/expected concentration in Table4)was99.98%.TABLE4.Coefficient of Recovery:Three Sera With High Anti-body Concentrations Were Diluted With Sample Buffer and As-sayed in the New BAS-TRFIA KitObserved ExpectedSample Dilution(U/ml)(U/ml)O/E(%) 11:100266.41:200134.5133.2100.981:40068.166.6102.251:80032.133.396.40 21:100175.61:20088.287.8100.461:40043.143.998.181:80022.321.95101.59 31:10088.51:20046.344.25104.631:40021.522.12597.181:80010.8611.062598.17DISCUSSIONTo facilitate early diagnosis,a serological marker of RA that is detectable very early in the disease is needed.As mentioned above,several recent studies have shown that anti-CCP can be detected very early in the course of RA and may be helpful in early diagnosis.Herein,we developed a new sandwich TRFIA with biotin–streptavidin system as a quantitative and rapid immunological assay for measuring anti-CCP in clini-cal serum samples,since the new method combined the advantages of both high sensitivity of traditional TR-FIA and high affinity of biotin to streptavidin tetrameric bond.Moreover,the detectable signal can be amplified because of the tetrameric structure with four binding sites of streptavidin for biotin.The experimental results indi-cated that the new TRFIA is a promising immunofluoro-metric method with highly sensitive and specific,mean-while,the assay provided wider dynamic working ranges and better reproducibility.In Figure1,TRFIA demon-strated a good linear range within9,463–0.58U/ml,by contrast,within591.4–18.48U/ml of an ELISA kit.The expanded detection range will improve earlier detection and higher sensitivity in RA diagnosis(10,11).Further-more,the serologic-positive patients will be treated timely and effectively,subsequently,preventing irreversible joint damage(12).By comparison,the new assay has satisfied correlation with general commercial ELISA kit with the R2value 0.8927(Fig.3),moreover,its stability performance is bet-ter than the commercial ones,which will guarantee the more stable yield(Table3).In sum,the new TRFIA with biotin–streptavidin system as a quantitative and rapid im-munological assay for measuring anti-CCP is a promising alternative assay for RA diagnosis and monitor.b.Anal.6Sheng et al.CONFLICT OF INTERESTAll authors declare that they have no competing inter-ests.REFERENCES1.Raptopoulou A,Sidiropoulos P,Katsouraki M,Boumpas DT.Anti-citrulline antibodies in the diagnosis and prognosis of rheumatoid arthritis:Evolving concepts.Crit Rev Clin Lab Sci 2007;44(4):339–363.2.van Gaalen FA,Linn-Rasker SP,van Venrooij WJ,et al.Au-toantibodies to cyclic citrullinated peptides predict progression to rheumatoid arthritis in patients with undifferentiated arthritis:A prospective cohort study.Arthritis Rheum2004;50(3):709–715. 3.van Venrooij WJ,van Beers JJ,Pruijn GJ.Anti-CCP antibod-ies:The past,the present and the future.Nat Rev Rheumatol 2011;7(7):391–398.4.Forslind K,Ahlm´e n M,Eberhardt K,Hafstr¨om I,Svensson B;BARFOT Study Group.Prediction of radiological outcome in early rheumatoid arthritis in clinical practice:Role of antibodies to cit-rullinated peptides(anti-CCP).Ann Rheum Dis2004;63(9):1090–1095.5.Du L,Cheng S,Wang S.Determination of diethylstilbe-strol based on biotin-streptavidin-amplified time-resolvedfluoro-immunoassay.Luminescence2012;27(1):28–33.6.Hu Z,Liu J,Y e Y,Zhou Y,Yu L.Detection of anticardiolipinantibody igm by 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二外法语考研08年哈理工英语专业考研模拟二外法语考研Mais où sont donc les bas salaires?Ne soyez pas femmes! Ne soyez pas jeunes! Ne travaillez pas dans une petite entreprise! Fuyez le Sud-Ouest! A lire le rapport du C.E.R.C（Centre d’Etudes des Revenus et des Coûts）, on pourrait donner ces cruels et impossibles conseils pour échapper à la fatalité（不幸）des basses rémunérations. En effet, si les titulaires de bas salaires ne représentent que 13% de la popuplation masculine salariée, ce pourcentage atteint 33% pour les femmes. Et celles-ci, quel que soit leur âge, sont toujours, en plus grand nombre que les hommes, payées à des salaires insignifiants. La quasi-totalité des jeunes âgés de moins de 18 ans sont des bas-salariés, mais pour les hommes, cette proportion diminue très vite chez les plus de 25 ans：on n’en trouve plus que 7% chez les salariés âges de 26 à 30 ans et 5% chez les 31-40 ans. Que les bas salaires se rencontrent surtout parmi les apprentis, les manoeuvres, les employés de commerce, chacune s’en doute, mais sait-on qu’ils représentent 33% du personnel des entreprises de 1 à 5 salariés, alors que dans les sociétés de plus de 5000 personnes ils ne sont plus que 8%. Quand aux régions, c’est leSud-Ouest qui l’emporte avec le noir record de 34%, contre 7% à Paris. Questions1.Pourquoi dit-on：“Ne soyez pas femmes! Ne soyez pas jeunes!”?A.Parce que les femmes et les jeunes travaillent souvent dans de petites entreprises.B.Parce que les femmes et les jeunes sont souvent mal payés.C.Parce que les femmes et les jeunes habitent souvent dans le Sud-Ouest.D.Parce que les femmes et les jeunes ne peuvent pas trouver du travail.2.D’après le texte, ________.A.les femmes représentent toujours un pourcentage très fort des bas-salariés.B.les jeunes représentent un pourcentage des bas-salariés plus fort que les femmes.C.les femmes âgées représentent le plus fort pourcentage des bas-salariés.D.les femmes et les jeunes représentent le même pourcentage des bas-salariés.3.Parmi les quatre explications suivantes, laquelle convient mieux au texte?A.Tous les jeunes, à l’âge de 25 ans, ne touchent pas le bas salaire.B.Les femmes, comme les hommes, ne touchent pas le bas salaire à l’âge de 25 ans.C.Les hommes, même à l’âge de 25 ans, touche nt encore le bas salaire.D.Moins d’hommes, à l’âge de 25 ans, touchent le bas salaire.---- Et lui, il pourrait ___52___ toucher?---- S’il a un papier d’identité, oui.Dix minutes plus tard, mon fils, en maillot de bain, lui tend une carte d’identité avec une photo de lui à sept ans et, devant un public surpris, se voit donner le paquet de billets qu’on refusait à sa mère. Agitant les billets sous mon nez, mon fils me dit en souriant：---- C’est à moi maintenant. Vous avez ___53___ argent, Madame? Il finit___54___ me les donner en ajoutant:---- Tiens, les voilà. Mais rappelle-toi. Pas de fils, pas d’argent!Une fillette de huit ans avait-elle ___55___ de se faire payer ce mandat familial? Je ne sais pas, mais la mère, elle, ne l’avait pas.6.A. queB. auquelC. dontD. où7.A. Je tiensB. j’essaieC. Je commenceD. si8.A. commeB. puisqueC. parce queD. si9.A. aucunB. rienC. plusD. jamais10.A. etB. queC. doncD. ainsi11.A. variableB. valableC. supportableD. durable12.A. yB. enC. leD. les13.A. besoin d’B. peur d’C. peu d’D. beaucoup d’14.A. deB. parC. sansD. pour15.A. le droitB. l’airC. droitD. peur参考译文：在邮局一天，在海边，我发现自己和孩子们没带钱。

排名姓名1比尔·盖茨/Bill Gates2沃伦·巴菲特/Warren Buffett3拉里·埃里森/Larry Ellison4查尔斯·科赫/Charles Koch4大卫·科赫/David Koch6克里斯蒂·沃尔顿及其家族/Christy Walton & family7吉姆·沃尔顿/Jim Walton9罗布森·沃尔顿/S. Robson Walton8艾丽斯·沃尔顿/Alice Walton10马克·扎克伯格/Mark Zuckerberg11迈克尔·布隆伯格/Michael Bloomberg12谢尔登·阿德尔森/Sheldon Adelson13拉里·佩奇/Larry Page14谢尔盖·布林/Sergey Brin15杰夫·贝索斯/Jeff Bezos16卡尔·伊坎/Carl Icahn17乔治·索罗斯/George Soros18史蒂夫·鲍尔默/Steve Ballmer19小福雷斯特·玛尔斯/Forrest Mars Jr21约翰·玛尔斯/John Mars19杰奎琳·玛尔斯/Jacqueline Mars22莱恩·布拉瓦特尼克/Len Blavatnik23菲尔·奈特/Phil Knight24哈罗德·哈姆/Harold Hamm25迈克尔·戴尔/Michael Dell26保罗·艾伦/Paul Allen27查尔斯·厄根/Charles Ergen28劳伦娜·鲍威尔·乔布斯及其家族/Laurene Powell Jobs & family 29安妮·考克斯·钱伯斯/Anne Cox Chambers30唐纳德·布伦/Donald Bren31雷·戴里欧/Ray Dalio32罗纳德·佩雷曼/Ronald Perelman33鲁珀特·默多克及其家族/Rupert Murdoch & family34约翰·保尔森/John Paulson35杰克·泰勒及其家族/Jack Taylor & family36阿比盖尔·约翰逊/Abigail Johnson37詹姆斯·西蒙斯/James Simons39陈颂雄/Patrick Soon-Shiong38安德鲁·比尔/Andrew Beal41菲利浦·安舒茨/Philip Anschutz40理查德·金德/Richard Kinder42乔治·凯瑟/George Kaiser43史蒂芬·舒瓦茨曼/Stephen Schwarzman44史蒂夫·科恩/Steve Cohen45大卫·泰珀/David Tepper46查尔斯·巴特及其家族/Charles Butt & family47埃里克·施密特/Eric Schmidt48小塞缪尔·纽豪斯/Samuel Newhouse Jr49托马斯·彼得菲/Thomas Peterffy50埃伦·穆斯克/Elon Musk51唐纳德·纽豪斯/Donald Newhouse52皮埃尔·奥米迪亚/Pierre Omidyar55小约翰·默纳德/John Menard Jr54达斯汀·莫斯科维茨/Dustin Moskovitz56汉克·梅杰和道格·梅杰/Hank & Doug Meijer59拉尔夫·劳伦/Ralph Lauren57吉姆·肯尼迪/Jim Kennedy57布莱尔·帕里-奥克登/Blair Parry-Okeden60小托马斯·弗里斯特及其家族/Thomas Frist Jr & family 61扬·库姆/Jan Koum62约翰·马龙/John Malone63詹姆斯·古德奈特/James Goodnight64爱德华·约翰逊三世/Edward Johnson III65艾利·布罗德/Eli Broad66兰达·威廉姆斯/Randa Williams67丹宁·阿瓦拉/Dannine Avara67米琳·弗朗茨/Milane Frantz67斯科特·邓肯/Scott Duncan70戈登·摩尔/Gordon Moore71大卫·杜菲尔德/David Duffield72查尔斯·约翰逊/Charles Johnson73大卫·格芬/David Geffen74查尔斯·施瓦布/Charles Schwab75米奇·阿里森/Micky Arison76莱斯利·卫克斯那/Leslie Wexner78萨姆纳·雷石东/Sumner Redstone77伊拉·雷纳尔特/Ira Rennert79小鲁珀特·约翰逊/Rupert Johnson Jr80杰弗里·希尔德布兰德/Jeffery Hildebrand81科尔茨·沃伦/Kelcy Warren83理查德·德沃斯/Richard DeVos82罗伯特·罗琳/Robert Rowling85斯蒂芬·罗斯/Stephen Ross84雷·李·亨特/Ray Lee Hunt87丹尼斯·华盛顿/Dennis Washington86卡尔·库克/Carl Cook88斯坦利·克伦克/Stanley Kroenke90理查德·勒弗拉克及其家族/Richard LeFrak & family89肯·格里芬/Ken Griffin91小赫伯特·科勒及家族/Herbert Kohler Jr & family92特雷弗·里斯-琼斯/Trevor Rees-Jones93利昂·布莱克/Leon Black94张东文夫妇/Jin Sook & Do Won Chang96乔治·罗伯茨/George Roberts97亨利克·拉维斯/Henry Kravis95安·沃尔顿·克伦克/Ann Walton Kroenke99伦纳德·斯特恩/Leonard Stern103大卫·格林/David Green98布鲁斯·科弗纳尔/Bruce Kovner102德克·齐夫/Dirk Ziff100罗伯特·齐夫/Robert Ziff100丹尼尔·齐夫/Daniel Ziff104山姆·泽尔/Sam Zell107布鲁斯·哈勒/Bruce Halle105杜纪川/John Tu108约翰·索布拉托及其家族/John A. Sobrato & family109泰伦斯·佩古拉/Terrence Pegula110尼古拉斯·伍德曼/Nicholas Woodman111伊丽莎白·霍尔姆斯/Elizabeth Holmes112泰德·勒纳/Ted Lerner113约翰·莫里斯/John Morris114舍希德·汗/Shahid Khan115乔治·卢卡斯/George Lucas116保罗·都铎·琼斯二世/Paul Tudor Jones II118柯尔克·柯尔克列恩/Kirk Kerkorian119杰里·琼斯/Jerry Jones117南希·沃尔顿·劳丽/Nancy Walton Laurie122迈克尔·伊里奇与玛丽安·伊里奇及其家族/Michael & Marian Ilitch & family 121卡伦·普利兹克/Karen Pritzker120丹尼尔·吉尔伯特/Daniel Gilbert126杰里·斯派尔/Jerry Speyer123罗伯特·克拉夫特/Robert Kraft125唐纳德·特朗普/Donald Trump124马克·舒恩/Mark Shoen128惠特尼·麦克米兰/Whitney MacMillan133老罗斯·佩罗 /H. Ross Perot Sr128保琳娜·麦克米兰·凯纳斯/Pauline MacMillan Keinath132乔治·林德曼及其家族/George Lindemann & family131莱昂·G. 库珀曼/Leon G. Cooperman128格温多琳·松泰姆·迈耶/Gwendolyn Sontheim Meyer134杰弗里·斯科尔/Jeffrey Skoll127里德·霍夫曼/Reid Hoffman138斯图尔特·瑞斯尼克和琳达·瑞斯尼克/Stewart and Lynda Resnick135小斯蒂芬·贝克特尔/Stephen Bechtel Jr140查尔斯·杜兰及其家族/Charles Dolan & family141玛莎·英格拉姆及其家族/Martha Ingram & family142菲利普·弗罗斯特/Phillip Frost143琳恩·舒斯特曼/Lynn Schusterman137罗纳德·劳德/Ronald Lauder139大卫·肖/David Shaw135赖利·柏克特尔/Riley Bechtel146史蒂芬·伍得瓦-赫兹/Steven Udvar-Hazy145约翰·萨勒/John Sall144米切尔·雷尔斯/Mitchell Rales151谢尔登·索罗/Sheldon Solow154小爱德华·罗斯基/Edward Roski Jr150弗雷德里克·史密斯/Frederick Smith152史蒂芬·斯皮尔伯格/Steven Spielberg147J.克里斯托弗·雷耶斯/J. Christopher Reyes147裘德·雷耶斯/Jude Reyes153丹尼尔·欧齐/Daniel Och149塔玛拉·古斯达夫森及其家族/Tamara Gustavson & family156史蒂夫·怀恩/Steve Wynn157艾萨克·珀尔马特/Isaac Perlmutter155黛安·亨德里克斯/Diane Hendricks166达格玛·杜比/Dagmar Dolby & family160哈伊姆·萨班/Haim Saban161伊斯里尔·英格兰德/Israel Englander163朗达·斯瑞克/Ronda Stryker162莱因霍尔德·施米尔丁/Reinhold Schmieding165安东尼·普里茨克/Anthony Pritzker164杰伊·罗伯特·普利兹克/Jay Robert (J.B.) Pritzker158布莱恩·阿克顿/Brian Acton168阿奇·阿尔迪斯·埃默森/Archie Aldis Emmerson169小朱利安·罗伯逊/Julian Robertson Jr172伊戈尔·奥兰尼科夫/Igor Olenicoff170吉姆·戴维斯及其家族/Jim Davis & family167约翰·多尔/John Doerr171丹·弗莱德金/Dan Friedkin182伯纳德·马库斯/Bernard Marcus174多丽丝·费舍尔/Doris Fisher173汤姆及朱迪·勒夫/Tom & Judy Love179威廉·科赫/William Koch176彼得·凯洛格/Peter Kellogg180约翰·保尔·德约里尔/John Paul DeJoria175王恒/Roger Wang177托马斯·普利兹克/Thomas Pritzker181兰德尔·柯克/Randal Kirk178埃文·威廉姆斯/Evan Williams184琼·蒂希/Joan Tisch186小阿莫斯·霍斯泰特/Amos Hostetter Jr189乔治·毕晓普/George Bishop185老杰里米·雅各布/Jeremy Jacobs Sr187雷·戴维斯/Ray Davis194小爱德华·德巴特罗/Edward DeBartolo Jr191罗伯特·巴斯/Robert Bass192乔治·佩雷斯/Jorge Perez190斯坦利·德鲁肯米勒/Stanley Druckenmiller183马克·贝尼奥夫/Marc Benioff188大卫·费罗/David Filo193肖恩·帕克/Sean Parker201老大卫·洛克菲勒/David Rockefeller Sr211大卫·默多克/David Murdock206莱安德罗·里扎托及其家族/Leandro Rizzuto & family202小威尔伯·罗斯/Wilbur Ross Jr197小罗伯特·里奇/Robert Rich Jr195丹尼尔·德阿尼罗/Daniel D'Aniello198大卫·鲁宾斯坦/David Rubenstein200詹姆斯·简纳德/James Jannard195小威廉·康威/William Conway Jr208玛丽·艾丽斯·多兰斯·马龙/Mary Alice Dorrance Malone 210奥普拉·温弗瑞/Oprah Winfrey207杰夫·格林/Jeff Greene205沃伦·斯蒂芬斯/Warren Stephens202杰夫·萨顿/Jeff Sutton199汤姆·戈尔斯/Tom Gores209凯文·普兰克/Kevin Plank202特拉维斯·卡拉尼克/Travis Kalanick213程正昌和蒋佩琪/Andrew & Peggy Cherng212阿尔弗雷德·陶布曼/Alfred Taubman215小沃尔特·斯科特及其家族/Walter Scott Jr & family217约恩·费舍尔/John Fisher216约翰·阿诺德/John Arnold219兰德尔·罗林斯/Randall Rollins223唐纳德·斯特林/Donald Sterling221尼尔·布卢姆/Neil Bluhm218盖瑞·罗林斯/Gary Rollins224理查德·雷恩沃特/Richard Rainwater220高民环及其家族/Min Kao & family222爱德华·兰帕特/Edward Lampert234W.赫伯特·亨特/W. Herbert Hunt235伊莫金·鲍尔斯·约翰逊/Imogene Powers Johnson 229A.杰罗德·佩林齐欧/A. Jerrold Perenchio225克莱顿·马斯里/Clayton Mathile226蒂莫西·赫丁顿/Timothy Headington228肯·费舍尔/Ken Fisher230S.柯蒂斯·约翰逊/S. Curtis Johnson230海伦·约翰逊-雷波德/Helen Johnson-Leipold230H.菲斯克·约翰逊/H. Fisk Johnson227马克·库班/Mark Cuban230温妮·约翰逊-马奎特/Winnie Johnson-Marquart 236迈克尔·鲁宾/Michael Rubin238彼得·巴克/Peter Buck252伯纳德·索尔二世/Bernard Saul II237H.韦恩·胡森格/H. Wayne Huizenga250理查德·舒尔茨/Richard Schulze253大卫·邦德曼/David Bonderman247杰克·邓杰蒙德/Jack Dangermond239弗雷德·德卢卡/Fred DeLuca244詹姆斯·卡吉尔二世/James Cargill II244奥斯汀·卡吉尔二世/Austen Cargill II248罗恩·伯克尔/Ron Burkle244玛丽安·里布曼/Marianne Liebmann251迈克尔·莫里茨/Michael Moritz242罗德尼·刘易斯/Rodney Lewis249斯蒂芬·比斯奥迪/Stephen Bisciotti243小威廉·瑞格利/William Wrigley Jr241约书亚·哈里斯/Joshua Harris240杰克·多尔西/Jack Dorsey258亨利·希尔曼/Henry Hillman262肯尼思·朗格尼/Kenneth Langone264菲利普·拉芬/Phillip Ruffin254哈里·斯泰恩/Harry Stine265约翰·卡普尔/John Kapoor260迈克尔·米尔肯/Michael Milken263罗密什·T. 瓦德哈尼/Romesh T. Wadhwani255巴拉特·德赛/Bharat Desai & family257佩妮·普利兹克/Penny Pritzker256吉恩·普利兹克/Jean (Gigi) Pritzker261马克·罗文/Marc Rowan258拉斯·韦纳/Russ Weiner267B.韦恩·休斯 /B. Wayne Hughes269帕特里克·莱恩/Patrick Ryan272莫蒂默·扎克曼/Mortimer Zuckerman270伊莲·怀恩/Elaine Wynn271安妮塔·扎克尔/Anita Zucker266蒂尔曼·弗提塔/Tilman Fertitta287凯伦·约翰逊·博伊德/Karen Johnson Boyd278小克莱米·斯潘格勒/Clemmie Spangler Jr279赫伯特·西蒙/Herbert Simon277巴里·迪勒/Barry Diller284朱迪·福克纳/Judy Faulkner285泰·华纳/Ty Warner275比尔·格罗斯/Bill Gross281爱德华·巴斯/Edward Bass273冯国经/Victor Fung283约翰·卡西玛提蒂斯/John Catsimatidis286托马斯·西贝尔/Thomas Siebel281李·巴斯/Lee Bass280约瑟夫·格林迪斯/Joseph Grendys274丹尼尔·勒布/Daniel Loeb276罗伯特·培拉/Robert Pera290赫伯特·路易斯/Herbert Louis295迈克尔·贾哈里斯/Michael Jaharis290约瑟芬·路易斯及其家族/Josephine Louis & family 292约翰·阿里拉加/John Arrillaga296特德·特纳/Ted Turner300理查德·佩里/Richard Peery289格伦·泰勒/Glen Taylor288阿瑟·布兰克/Arthur Blank297汤姆·格里萨诺/Tom Golisano303约翰·普利兹克/John Pritzker293亨利·萨缪里/Henry Samueli298詹姆斯·迪南/James Dinan294丹尼尔·普利兹克/Daniel Pritzker301詹姆斯·寇特/James Coulter299托尔·彼得森/Tor Peterson302彼得·泰尔/Peter Thiel321大卫·戈茨曼/David Gottesman313法耶兹·沙罗菲/Fayez Sarofim306约翰纳尔·亨特/Johnelle Hunt322斯坦利·哈伯德/Stanley Hubbard315戈登·格蒂/Gordon Getty318乔治·阿吉罗斯及其家族/George Argyros & family 311罗恩·巴伦/Ron Baron305唐·汉基/Don Hankey314杰拉尔德·福特/Gerald Ford309詹姆斯·弗朗斯/James France320贝内特·多兰斯/Bennett Dorrance319C.迪恩·梅特珀罗斯/C. Dean Metropoulos316亚历克·戈尔斯/Alec Gores304霍华德·舒尔茨/Howard Schultz312小斯蒂芬·曼德尔/Stephen Mandel Jr308布拉德·凯利/Brad Kelley310道格拉斯·莱昂内/Douglas Leone323亚历山大·卡纳斯特尔/Alexander Knaster317诺姆·戈茨曼/Noam Gottesman328S. 丹尼尔·亚伯拉罕/S. Daniel Abraham328福利斯特·普勒斯顿/Forrest Preston326小德雷顿·麦克莱恩/Drayton McLane Jr328锡德·巴斯/Sid Bass328托马斯·李/Thomas Lee324凯瑟琳·洛奇克/Catherine Lozick325罗伯特·费舍尔/Robert Fisher332梅格·惠特曼/Meg Whitman327威廉·费舍尔/William Fisher333约翰·法伯/John Farber334迪恩·怀特/Dean White336比利·乔·麦库姆斯/Billy Joe (Red) McCombs337乔·曼苏维托/Joe Mansueto335布鲁斯·卡什/Bruce Karsh338霍华德·马克思/Howard Marks339帕特·斯瑞克/Pat Stryker340格伦·杜宾/Glenn Dubin341杨致远/Jerry Yang343斯图尔特·拉尔/Stewart Rahr342鲍勃·帕森斯/Bob Parsons344诺曼·布拉曼/Norman Braman346克里斯托弗·克莱恩/Christopher Cline345小亨利·罗斯 佩罗/H. Ross Perot Jr347克雷格·麦考/Craig McCaw348斯科特·库克/Scott Cook349切斯·科尔曼三世/Chase Coleman III350卡维塔克·拉姆·斯里兰姆/Kavitark Ram Shriram351罗纳德·威尼克/Ronald Wanek352保罗·辛格尔/Paul Singer353琳达·普利兹克/Linda Pritzker354马克·拉斯里/Marc Lasry355大卫·艾因霍恩/David Einhorn356苏珊·赫特·哈根及其家族/Susan Hirt Hagen & family 357肯尼思·菲尔德及其家族/Kenneth Feld & family361约翰·布朗/John Brown359欧文·雅各布斯/Irwin Jacobs360詹妮弗·普利兹克/Jennifer Pritzker358吉米·哈斯拉姆/Jimmy Haslam362纳尔逊·佩尔茨/Nelson Peltz363加里·伯勒尔/Gary Burrell364文森特·维奥拉/Vincent Viola365乔纳森·尼尔森/Jonathan Nelson366威廉·厄尔贝/William Erbey367马克·沃尔特/Mark Walter369乔恩·斯特瑞克/Jon Stryker368詹姆斯·埃尔舍/James Irsay372大卫·瓦伦塔斯/David Walentas370托马斯·塞康达/Thomas Secunda371丹·斯奈德/Dan Snyder373罗伯特·杜根/Robert Duggan374拉里·罗宾斯/Larry Robbins376彼得·皮特森/Peter Peterson375小乔·加美尔/Joe Jamail Jr379吉姆·贾斯提斯二世/Jim Justice II378汉密尔顿·詹姆斯/Hamilton James380维诺德·科斯拉/Vinod Khosla381乔恩·亚伯勒/Jon Yarbrough382曼努埃尔·莫罗恩及其家族/Manuel Moroun & family 384玛丽莲·卡尔森·尼尔森/Marilyn Carlson Nelson 384芭芭拉·卡尔森·盖奇/Barbara Carlson Gage383马里奥·加贝利/Mario Gabelli386汤姆·本森/Tom Benson389托马斯·斯泰尔/Thomas Steyer388路易斯·培根/Louis Bacon387马克·斯蒂文斯/Mark Stevens392布鲁斯·诺德斯特姆/Bruce Nordstrom391亨利·尼古拉斯三世/Henry Nicholas III390乔纳森·格雷/Jonathan Gray393安妮·吉廷杰/Anne Gittinger394菲利普·拉根/Phillip Ragon395理查德·海恩斯/Richard Hayne396J.乔·里克茨/J. Joe Ricketts397加里·迈克尔逊/Gary Michelson398尼尔·帕特森/Neal Patterson399埃里克·莱夫科夫斯基/Eric Lefkofsky400艾伦·奥尔巴赫/Alan Auerbach净资产（亿美年龄居住地财富来源81258华盛顿州麦地那微软68084内布拉斯州奥马哈伯克希尔哈撒韦 48670加利福尼亚州伍德赛德甲骨文42978堪萨斯州威奇托多元化经营42974纽约州纽约多元化经营38359怀俄明州杰克逊沃尔玛36666阿肯色州本顿维尔沃尔玛35270阿肯色州本顿维尔沃尔玛35264得克萨斯州沃思堡沃尔玛34730加利福尼亚州帕洛阿尔托Facebook34372纽约州纽约彭博31781内华达州拉斯维加斯赌场31741加利福尼亚州帕洛阿尔托谷歌31241加利福尼亚州洛斯阿多斯谷歌29950华盛顿州西雅图亚马逊26078纽约州纽约投资24084纽约州凯托纳对冲基金22358华盛顿州亨茨角微软22283怀俄明州比格霍恩糖果22278怀俄明州杰克逊糖果22274弗吉尼亚州普莱恩斯糖果21657英国伦敦多元化经营21276俄勒冈州希尔斯伯勒耐克17568俄克拉荷马州俄克拉荷马城石油天然气17549得克萨斯州奥斯汀戴尔17161华盛顿州默瑟岛微软, 投资16961科罗拉多州丹佛Dish网络公司16450加利福尼亚州帕洛阿尔托苹果，迪斯尼15894乔治亚州亚特兰大传媒15382加利福尼亚州纽波特海滩房地产15265康涅狄格州格林威治对冲基金14471纽约州纽约杠杆收购14083纽约州纽约传媒13758纽约州纽约对冲基金13692密苏里州圣路易斯市企业租车公司13352马萨诸塞州米尔顿资金管理12576纽约州东瑟塔科特对冲基金11962加利福尼亚州洛杉矶制药11961得克萨斯州达拉斯银行, 房地产10974科罗拉多州丹佛投资10969得克萨斯州休斯敦管道10572俄克拉荷马州塔尔萨石油天然气, 银行 10567纽约州纽约投资10358康涅狄格州格林威治对冲基金10057新泽西州利文斯顿对冲基金9876得克萨斯州圣安东尼奥超市9459加利福尼亚州阿瑟顿谷歌9286纽约州纽约传媒9269康涅狄格州格林威治折扣经纪9243加利福尼亚州洛杉矶特斯拉汽车8584新泽西州萨默塞特郡传媒8347夏威夷州檀香山电子港湾8274威斯康辛州奥克莱尔零售8230加利福尼亚州旧金山Facebook79-密歇根州大急流城超市7874纽约州纽约拉尔夫·劳伦7866乔治亚州亚特兰大传媒7863澳大利亚斯昆传媒7776田纳西州纳什维尔医疗保健7738加利福尼亚州圣克拉拉WhatsApp7673科罗拉多州伊丽莎白有线电视7571北卡罗来纳州卡里软件7384马萨诸塞州波士顿资金管理7281加利福尼亚州洛杉矶投资7053得克萨斯州休斯敦管道7050得克萨斯州休斯敦管道7045得克萨斯州休斯敦管道7031得克萨斯州休斯敦管道6985加利福尼亚州伍德赛德英特尔6874加利福尼亚州黑鹰商务软件6781佛罗里达州棕榈滩资金管理6771加利福尼亚州马里布娱乐6677加利福尼亚州阿瑟顿折扣经纪6665佛罗里达州巴尔港嘉年华邮轮6477俄亥俄州新奥尔巴尼零售6391加利福尼亚州比佛利山庄传媒6380纽约州纽约投资6373加利福尼亚州伯林格姆资金管理6355得克萨斯州休斯敦石油6258得克萨斯州达拉斯管道6188密歇根州荷兰安利6161得克萨斯州达拉斯投资6074纽约州纽约房地产6071得克萨斯州达拉斯石油, 房地产5980蒙大拿州米苏拉建筑，采矿5952印第安纳州布卢明顿医疗器械5767密苏里州哥伦比亚体育, 房地产5569纽约州纽约房地产5545伊利诺伊州芝加哥对冲基金5475威斯康辛州科勒卫浴器具5463得克萨斯州达拉斯石油天然气5363纽约州纽约私募股权投资5259加利福尼亚州比佛利山庄时装零售5071加利福尼亚州阿瑟顿私募股权投资5070纽约州纽约私募股权投资5065密苏里州哥伦比亚沃尔玛4976纽约州纽约房地产4972俄克拉荷马州俄克拉荷马城零售4969纽约州纽约对冲基金4950佛罗里达州北棕榈滩投资4948纽约州纽约投资4942纽约州纽约投资4873伊利诺伊州芝加哥房地产, 私募股权投资 4784亚利桑那州天堂谷轮胎4773加利福尼亚州绵延山庄电脑硬件4675加利福尼亚州阿瑟顿房地产4663佛罗里达州博卡拉顿天然气4539加利福尼亚州伍德赛德摄像机4530加利福尼亚州帕洛阿尔托血液检测4488马里兰州切维蔡斯房地产4466密苏里州斯普林菲尔德体育用品零售4464佛罗里达州那不勒斯汽车零部件4370加利福尼亚州安塞尔莫电影《星球大战》 4360康涅狄格州格林威治对冲基金4297加利福尼亚州比佛利山庄赌场, 投资4271得克萨斯州达拉斯达拉斯牛仔队4263内华达州亨德森沃尔玛4185密歇根州宾汉姆农场批萨4156康涅狄格州布兰福德酒店, 投资4152密歇根州富兰克林快速贷款公司4074纽约州纽约房地产4073马萨诸塞州布鲁克莱恩新英格兰爱国者队 4068纽约州纽约电视, 房地产4062亚利桑那州凤凰城U-Haul3985明尼苏达州明尼阿波利斯市嘉吉公司3984得克萨斯州达拉斯计算机服务, 房地产 3980密苏里州圣路易斯市嘉吉公司3978佛罗里达州棕榈滩投资3971新泽西州短山对冲基金3952加利福尼亚州兰乔圣菲嘉吉公司3949加利福尼亚州洛杉矶电子港湾3947加利福尼亚州帕洛阿尔托LinkedIn38-加利福尼亚州比佛利山庄农业, 水务3889加利福尼亚州旧金山工程，建筑3887纽约州牡蛎湾有线电视3879田纳西州纳什维尔图书发行，运输3877佛罗里达州迈阿密海滩制药3875俄克拉荷马州塔尔萨石油天然气, 投资 3870纽约州纽约雅诗兰黛3863纽约州纽约对冲基金3862加利福尼亚州旧金山工程，建筑3768加利福尼亚州比佛利山庄飞行器租赁3766北卡罗来纳州卡里软件3758马里兰州波托马克制造，投资3686纽约州纽约房地产3675加利福尼亚州洛杉矶房地产3670田纳西州孟菲斯联邦快递3667加利福尼亚州宝马山花园电影3660伊利诺伊州森林湖食品经销3659伊利诺伊州凯尼尔沃思食品经销3653纽约州斯卡斯代尔对冲基金3652加利福尼亚州马里布自建仓储3572内华达州拉斯维加斯赌场, 酒店3571佛罗里达州棕榈滩惊奇漫画3567威斯康辛州雅富顿屋顶装修3473加利福尼亚州旧金山杜比实验室3469加利福尼亚州比佛利山庄电视3466纽约州纽约对冲基金3463加利福尼亚州圣巴巴拉制造3460密歇根州波蒂奇医疗设备3459佛罗里达州那不勒斯医疗器械3453加利福尼亚州洛杉矶酒店, 投资3449伊利诺伊州芝加哥酒店, 投资3442加利福尼亚州帕洛阿尔托WhatsApp3385加利福尼亚州雷丁林地，伐木场3382纽约州纽约对冲基金3372佛罗里达州灯塔角房地产3371马萨诸塞州牛顿纽巴伦3363加利福尼亚州伍德赛德风险投资3349得克萨斯州休斯敦丰田经销商3285乔治亚州亚特兰大家得宝3283加利福尼亚州旧金山盖璞3276俄克拉荷马州俄克拉荷马城零售 & 加油站3274佛罗里达州棕榈滩石油, 投资3272新泽西州短山投资3270得克萨斯州奥斯汀美发产品，龙舌兰酒 3265中国南京零售3264伊利诺伊州芝加哥酒店, 投资3260佛罗里达州马那拉潘制药3242加利福尼亚州旧金山Twitter3188纽约州纽约多元化经营3177马萨诸塞州波士顿有线电视3177得克萨斯州伍德兰市石油天然气3174纽约州东奥罗拉体育经营3172得克萨斯州达拉斯管道3167佛罗里达州坦帕市购物中心3166得克萨斯州沃思堡石油, 投资3164佛罗里达州迈阿密公寓3161纽约州纽约对冲基金3150加利福尼亚州旧金山商务软件3148加利福尼亚州帕洛阿尔托雅虎3134纽约州纽约Facebook3099纽约州睡谷石油, 银行3091加利福尼亚州洛杉矶都乐公司, 房地产 3076怀俄明州谢里丹消费品3076佛罗里达州棕榈滩投资3073佛罗里达州伊斯拉莫拉冷冻食品3068弗吉尼亚州维也纳私募股权投资3065马里兰州贝塞斯达私募股权投资3065华盛顿州圣胡安群岛太阳镜3065弗吉尼亚州麦克莱恩私募股权投资3064宾夕法尼亚州科茨维尔金宝汤3060加利福尼亚州蒙特斯托电视3059佛罗里达州棕榈滩房地产, 投资3057阿肯色州小石城投资银行3054纽约市布鲁克林房地产3050加利福尼亚州比佛利山庄私募股权投资3042马里兰州卢瑟维尔Under Armour公司 3038加利福尼亚州旧金山拼车服务29-加利福尼亚州洛杉矶餐厅2990密歇根州布隆菲尔德山房地产2983内布拉斯州奥马哈公用事业，电信2976科罗拉多州印第安山奶酪2953加利福尼亚州旧金山盖璞2940得克萨斯州休斯敦对冲基金2882乔治亚州亚特兰大Rollins Inc.2878加利福尼亚州比佛利山庄房地产2876伊利诺伊州芝加哥房地产2870乔治亚州亚特兰大Rollins Inc.2870得克萨斯州沃思堡房地产, 能源, 保险 2865堪萨斯州利伍德导航设备2851佛罗里达州迈阿密海滩希尔斯百货2785得克萨斯州达拉斯石油, 房地产2784威斯康辛州拉辛清洁产品2783加利福尼亚州贝莱尔电视，Univision2773俄亥俄州布鲁克维尔宠物食品2764得克萨斯州达拉斯石油天然气, 投资 2763华盛顿州卡默斯资金管理2759威斯康辛州拉辛清洁产品2757威斯康辛州拉辛清洁产品2756威斯康辛州拉辛清洁产品2756得克萨斯州达拉斯网络传媒2755弗吉尼亚州弗吉尼亚海滩清洁产品2742宾夕法尼亚州布林莫尔网络零售2683康涅狄格州丹伯里赛百味2682马里兰州切维蔡斯银行, 房地产2676佛罗里达州劳德代尔堡投资2673佛罗里达州博尼塔温泉百思买2671得克萨斯州沃思堡私募股权投资2669加利福尼亚州雷德兰兹地图软件2666佛罗里达州劳德代尔堡赛百味2665威斯康辛州伯奇伍德嘉吉公司2663新泽西州利文斯顿嘉吉公司2661英国伦敦超市, 投资2661蒙大拿州博兹曼嘉吉公司2660加利福尼亚州旧金山风险投资2660得克萨斯州圣安东尼奥天然气2654马里兰州米勒斯维尔外包, 橄榄球2650佛罗里达州北棕榈滩口香糖2649纽约州纽约私募股权投资2637加利福尼亚州旧金山Twitter2595宾夕法尼亚州匹兹堡投资2579纽约州金沙角投资2579内华达州拉斯维加斯赌场, 房地产2572爱荷华州阿代尔农业2571亚利桑那州凤凰城医疗保健2568加利福尼亚州洛杉矶投资2567加利福尼亚州帕洛阿尔托软件2561佛罗里达州费希尔岛外包2555伊利诺伊州芝加哥酒店, 投资2552伊利诺伊州芝加哥酒店, 投资2552纽约州纽约私募股权投资2544佛罗里达州德拉海滩能量饮料2481肯塔基州列克星敦自建仓储2477伊利诺伊州温内特卡保险2477纽约州纽约房地产, 传媒2477得克萨斯州休斯敦能源, 体育2471内华达州拉斯维加斯赌场, 酒店2462南卡罗来纳州查尔斯顿化工2457得克萨斯州休斯敦餐厅, 赌场2390威斯康辛州普莱森山清洁产品2382北卡罗来纳州夏洛特投资2379印第安纳州印第安纳波利斯房地产2372纽约州纽约网络传媒2371威斯康辛州麦迪逊市医疗IT2370伊利诺州橡树溪房地产,豆豆娃2370加利福尼亚州拉古纳海滩投资2369得克萨斯州沃思堡石油, 投资2368中国香港贸易公司2366纽约州纽约石油, 房地产, 超市 2361加利福尼亚州伍德赛德商务软件2358得克萨斯州沃思堡石油, 投资2352伊利诺伊州芝加哥肉类加工2352纽约州纽约对冲基金2336加利福尼亚州圣何塞科技2286亚利桑那州凤凰城清洁产品2286纽约州纽约制药2284伊利诺伊州温内特卡清洁产品2277加利福尼亚州波托拉谷房地产2275乔治亚州亚特兰大有线电视2275加利福尼亚州帕洛阿尔托房地产2273明尼苏达州曼凯托印刷2272乔治亚州亚特兰大家得宝2272佛罗里达州那不勒斯支薪服务2261加利福尼亚州旧金山酒店, 投资2260加利福尼亚州纽波特海滩半导体2255纽约州纽约对冲基金2255加利福尼亚州马林县酒店, 投资2254加利福尼亚州旧金山私募股权投资2250瑞士楚格大宗商品2246加利福尼亚州旧金山Facebook2188纽约州莱伊投资2185得克萨斯州休斯敦资金管理2182阿肯色州费耶特维尔货运2181明尼苏达州圣保罗市DirecTV2180加利福尼亚州旧金山格蒂石油公司2177加利福尼亚州纽波特海滩房地产, 投资2171纽约州纽约资金管理2171加利福尼亚州马里布汽车贷款2170得克萨斯州达拉斯银行2169佛罗里达州代托纳比奇Nascar，赛车2168亚利桑那州天堂谷金宝汤2168康涅狄格州格林威治投资2161加利福尼亚州比佛利山庄私募股权投资2161华盛顿州西雅图星巴克2158康涅狄格州格林威治对冲基金2157密歇根州富兰克林香烟2157加利福尼亚州阿瑟顿风险投资2155英国伦敦石油，电信，银行 2153纽约州纽约对冲基金2153加利福尼亚州伍德赛德风险投资2090佛罗里达州棕榈滩Slim-Fast2081田纳西州克里夫兰医疗保健2078得克萨斯州坦普尔沃尔玛, 物流2071得克萨斯州沃思堡石油, 投资2070纽约州纽约杠杆收购2069俄亥俄州查格林瀑布制造2061加利福尼亚州旧金山盖璞2058加利福尼亚州阿瑟顿电子港湾2057加利福尼亚州旧金山盖璞2089纽约州纽约化工2091印第安纳州克朗角广告牌，酒店2086得克萨斯州圣安东尼奥房地产，石油，汽车 2058伊利诺伊州芝加哥投资研究2058加利福尼亚州洛杉矶私募股权投资2068加利福尼亚州洛杉矶私募股权投资2058科罗拉多州柯林斯堡医疗设备1957纽约州纽约对冲基金1945加利福尼亚州洛斯阿尔托斯雅虎1968纽约州纽约药品经销1963亚利桑那州斯科茨代尔网络托管1982佛罗里达州迈阿密艺术品, 汽车经销1956佛罗里达州北棕榈滩煤炭1955得克萨斯州达拉斯计算机服务, 房地产 1965华盛顿州亨茨角电信1962加利福尼亚州伍德赛德软件1939纽约州纽约对冲基金1957加利福尼亚州门洛帕克风险投资, 谷歌1973佛罗里达州圣彼得堡家具1969纽约州纽约对冲基金1960蒙大拿州圣依纳爵酒店, 投资1854纽约州纽约对冲基金1845纽约州威斯特彻斯特县对冲基金1879宾夕法尼亚州伊利保险1865佛罗里达州坦帕市马戏表演，现场娱乐 1880密歇根州波蒂奇医疗设备1880加利福尼亚州拉霍亚半导体1863伊利诺伊州芝加哥酒店, 投资1860田纳西州诺克斯维尔零售1872纽约州贝德福德投资1877堪萨斯州春山导航设备1858纽约州纽约电子交易1858罗德岛州普罗维登斯私募股权投资1865圣克洛伊岛财务1853伊利诺伊州芝加哥财务1756密歇根州卡拉马祖医疗设备1755印第安纳州卡梅尔印第安纳波利斯小马队 1775纽约州纽约房地产1760纽约州哈德逊克罗顿彭博1749马里兰州波托马克华盛顿红皮队1770加利福尼亚州帕洛阿尔托制药1744新泽西州阿尔派对冲基金1788纽约州纽约投资1788得克萨斯州休斯敦诉讼1748纽约州纽约对冲基金。

第一幕第一幕雨〔伦敦夜晚十一点一刻钟。

正下着夏季的大。

到处有人拚命吹着哨子叫车子。

行人纷纷跑进市场和圣保罗教堂的门廊下去躲雨，那里已经有几个人了，其中有一位太太和她的女儿都穿着晚礼服。

大家都很愁眉苦脸地看着廊外的雨，只有一个背向着旁人，全神贯注地忙着在他日记本里写着。

〔教堂的钟打十一点一刻。

女儿（在当中廊柱的空间，靠近她左边的柱子）冷死我了。

佛莱第这半天是干什么去了他去了二十分钟了。

母亲（在她女儿的右边）没有那么久。

可是他也母亲旁边的人女儿母亲女儿女 儿 怎么样，叫到车子了吗？佛莱第 没有车子，简直就叫不到。

母 亲 佛莱第，一定有的。

你没有用心找啊。

他为什么叫不到？佛莱第要是有点儿该叫到一辆了。

他叫不到有什么办法，可怜的孩子？别人都叫到了车子。

〔佛莱第从索桑普腾路那边冒着雨急急忙忙跑过来，跑到两人中间，收起湿淋淋的伞他是个二十来岁的年轻人，穿着晚礼服，裤脚都湿透了该给我们叫到一辆车子了。

（在这位太太的右边 说什么也得十一点半才叫得到车子，太太，它们得把散场的一批客人送到家再转回来才行哩。

但是我们总得有车子呀。

我们不能在这儿站到十一点半钟。

真是糟透了。

这怪不着咱呀，太太。

办法，他在戏院门口就女 儿 你真气人。

你要我们自己去叫车子吗？个旁边的人母亲佛莱第女儿佛莱第女儿母亲佛莱第女儿佛莱第 车子都给人坐去了。

雨来的这么突然，谁也没准备；大家都得坐车子。

我这边跑到且陵十字街，那边差不多跑到洛德盖圆场；车都有人坐了。

特莱法格广场一辆车子都没有。

你去找过没有？你到特莱法格广场去找过吗？我一直跑到且陵十字街。

你要我走到汉默斯密斯去吗？那么你根本就没去找。

你真是没有用，佛莱第。

再找去吧；没找到车子别回来。

难道我们就该穿着这么单那只是白白叫我去淋雨罢了。

我们又怎么样？的地方待一夜吗？薄的衣服在这么个冷飕你这个自私的猪好了，好了；我去，我去。

（他打开雨伞向河滨方向急忙跑去，但一开步就撞着一个跑过来避雨的卖花女，把她手里的篮子撞落地上。

(8.1)（2）哺乳母亲：终止FARXIGA或终止哺乳. (8.3)（3）老年人：与减低血管内容量相关不良反应发生率较高。

(5.1，8.5)（4）肾受损：与减低血管内容量和肾功能相关不良反应发生率较高。

(5.2，6.1，8.6)完整处方资料1 适应证和用途FARXIGA(dapagliflozin)适用作为辅助在成人中对饮食和运动改善血糖控制有2型糖尿病[见临床研究(1 4)]。

1.1 使用限制建议FARXIGA不为1型糖尿病患者或为糖尿病酮症酸中毒治疗。

2 剂量和给药方法2.1 推荐给药FARXIGA的推荐起始剂量是5 mg每天1次，早晨服用，有或无食物。

在耐受FARXIGA 5 mg每天1次患者需要另外血糖控制时，剂量可增加至10 mg每天1次。

在有血容量不足患者中，建议在开始FARXIGA前纠正这种情况[见警告和注意事项(5.1)，在特殊人群中使用(8.5，8.6)，和患者咨询资料(17)]。

2.2 有肾受损患者建议开始FARXIGA治疗前和其后定期地评估肾功能。

在eGFR低于60 mL/min/1.73 m2患者中不应开始FARXIGA。

在有轻度肾受损患者(eGFR为60 mL/min/1.73 m2或更高)无需剂量调整。

当eGFR持续地低于60 mL/min/1.73 m2时应终止FARXIGA[见警告和注意事项(5.2)和在特殊人群中使用(8.6)]。

3 剂型和规格● FARXIGA 5 mg片是黄色，双凸，圆，薄膜包衣片在一侧刻有“5”和另一侧“1427”。

● FARXIGA 10 mg片是黄色，双凸，菱形，薄膜包衣片一侧刻有“10“和另一侧“1428”。

4 禁忌证● 对FARXIGA严重超敏反应史[见不良反应(6.1)]。

● 严重肾受损，肾病终末期(ESRD)，或用透析患者[见在特殊人群中使用(8.6)]。

5 警告和注意事项5.1 低血压FARXIGA致血管内容积收缩。

开始FARXIGA后可能发生症状性低血压[见不良反应(6.1)]特别是在有肾功能受损患者中(eGFR低于60 mL/min/1.73 m2)，老年患者，或用袢利尿剂的患者。

电影讲述了20年代一对年轻的英国夫妇来到中国乡村生活的故事，在这美丽却凶险的环境中，他们经历了在其英国家乡舒适生活中绝对无法想象和体验的情感波澜，并领悟到了爱与奉献的真谛。

故事以女主角吉蒂开篇，为了逃离20年代伦敦浮华却又空虚的社交圈，也为了不让自己变成一位老姑娘，吉蒂接受了沉默寡言的医生沃特•费恩的求婚。

费恩在把吉蒂带到上海后，便迅速地投入到了他的细菌学研究中去。

孤独的吉蒂和迷人的已婚男子查理•唐森发生了婚外情，当费恩发现时，他羞恨交加。

为了报复，也为了重振自己的生活，费恩决定孤注一掷，带吉蒂远走霍乱肆虐的偏远城镇。

沃特从一尘不染的研究室来到疫区，协助当地医生控制了疫情的蔓延。

吉蒂则开始在一家由法国修女住持的修道院中做义工，并逐渐找回了生活的勇气和意义。

就在沃特和吉蒂互相敞开心扉，日渐亲密的同时，沃特染上了霍乱。

沃特的生死决定了他们刚刚迸发出来的激情能否转化为永恒的爱情。

《面纱》—根据英国国家毛姆《华丽的面纱》改编，演员爱德华.诺顿娜奥米.沃茨黄秋生夏雨吕燕故事发生在上世纪20年代，年轻美丽的吉蒂为了逃离家庭的牢笼，接受了木衲呆板的的沃特求婚。

婚姻开始豪无情趣，就连上床也显得古板刻意，对爱情抱有浪漫情怀的吉蒂，显然过得很不开心，她跟随沃特来到上海后，很快和以婚男子唐森发生关系。

身为细菌学家的沃特专注工作，也很爱自己的妻子，可是他专注的工作状态和毫无情趣的生活方式让妻子觉得他不爱她。

她丝毫不在乎他的感受，以爱情的名义和唐森理直气壮的偷情。

当沃特明知自己的太太和唐森就在卧室，却克制住自己没有打扰他们。

沃特决定去广西霍乱重发地工作，让吉蒂做决定，要么和自己一起去，要么和他离婚，但他答应和吉蒂离婚的条件是唐森必须娶她。

她满怀信心的去找唐森，她以为他会跟她一样的高兴，谁知道唐森的态度让她大失所望，他认为她的想法可笑，他根本不可能离婚，他的职位和前程离不开妻子的庇护。

吉蒂终于意识到自己只是唐森的偷情对象，而她却把他当成自己爱情的全部，明白了这些之后，她随丈夫来到了疫区。

図書館記念日(4.2)さて、実は図書館記念日というのが２説に分かれています。

それはひとつがこの４月２日で、もうひとつが４月３０日です。

いづれも明治５年４月に湯島の昌平こう講堂跡に「書籍館（しょじゃくかん）」という日本初の近代図書館が設立されたのを記念するものです。

この書籍館はその後明治18年に上野に移転し、のち帝国図書館と改称、更に戦後は旧憲法下の貴族院・衆議院の図書館と合併して「国立国会図書館」という名前に変わりました。

現在の書籍収録点数は700万冊弱という、日本最大の図書館です。

現在国立国会図書館の本館は永田町の国会議事堂の隣ですが、上野の方は国会図書館支部上野図書館という名称になっています。

現在の建物は明治39年に建てられた優雅なもので、2000年には国立国際子ども図書館として生まれ変わる予定です。

(*1)さて、この書籍館の設立の日ですが、幾つかの文献を見た限りでは全て4月2日と書いてあります。

新暦換算したのかな?とも思ったのですが、明治5年4月2日は新暦に直すと5月8日になってしまいました。

4月30日説の方はよく分かりません。

ひょっとして2日に設立されて30日から一般開放されたのかな?とも思ったのですが、「現代こよみ読み解き事典」でも4月30日を図書館記念日にするのはやはり「東京書籍館」がこの日に設立されたからである、と書いてありますので、やはりこの事情は分かりません(^_^;なお近代図書館に限らず図書館の歴史を紐解くと、公共図書館の最初は770年頃に石上宅嗣が設立した芸亭（うんてい）、文献上残っている最初の図書館は702年に大宝律令によって設立された「図書寮」であるとされます。

ピゕノ調律の日(4.4)４月４日はピゕノ調律の日だそうです。

これは1994年に日本ピゕノ調律師協会が定めたもので、理由は次のようなものです。

・４月は April で頭文字がＡ。

これは調律の基準音である。

・Ａ音は440Hzなので、この数字にふさわしいのは4月4日である。

Copyright © 2011 by Beiting Cheng, Ioannis Ioannou, and George SerafeimWorking papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of workingCorporate Social Responsibilityand Access to FinanceBeiting Cheng Ioannis Ioannou George SerafeimWorking Paper11-130CORPORATE SOCIAL RESPONSIBILITY AND ACCESS TO FINANCEBeiting ChengHarvard Business SchoolIoannis IoannouLondon Business SchoolGeorge SerafeimHarvard Business SchoolMay 18th, 2011AbstractIn this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to reduced agency costs, due to enhanced stakeholder engagement through CSR and reduced informational asymmetries, due to increased transparency through non-financial reporting. Using a large cross-section of firms, we show that firms with better CSR performance face significantly lower capital constraints. The results are confirmed using an instrumental variables and a simultaneous equations approach. Finally, we find that the relation is primarily driven by social and environmental performance, rather than corporate governance. Keywords: corporate social responsibility, sustainability, capital constraints, ESG (environmental, social, governance) performanceI.INTRODUCTIONIn recent decades, a growing number of academics as well as top executives have been allocating a considerable amount of time and resources to Corporate Social Responsibility1 (CSR) strategies. According to the latest UN Global Compact – Accenture CEO study2 (2010), 93 percent of the 766 participant CEOs from all over the world declared CSR as an “important” or “very important” factor for their organizations’ future success. On the demand side, consumers are becoming increasingly aware of firms’ CSR performance: a recent 5,000-people survey3 by Edelman4revealed that nearly two thirds of those interviewed cited “transparent and honest business practices” as the most important driver of a firm’s reputation. Although CSR has received such a great amount of attention, a fundamental question still remaining unanswered is whether CSR leads to value creation, and if so, in what ways? The extant research so far has failed to give a definitive answer (Margolis and Walsh, 2003). In this paper, we examine one specific mechanism through which CSR may lead to better long-run performance: by lowering the constraints that the firm is facing when accessing funds to finance operations and undertake strategic projects.To date, many studies have investigated the link between CSR and financial performance, and have found rather conflicting results5. According to McWilliams and Siegel (2000), conflicting results were due to the studies’ “several important theoretical and empirical 1 Here, we follow a long list of studies (e.g. Carroll, 1979; Wolfe and Aupperle, 1991; Waddock and Graves, 1997; Hillman and Keim, 2001; Waldman et al., 2006) in defining corporate social responsibility as: “a business organization’s configuration of principles of social responsibility, processes of social responsiveness, and policies, programs, and observable outcomes as they relate to the firm’s social relationships” (Wood, 1991: p.693).2 “A New Era of Sustainability. UN Global Compact-Accenture CEO Study 2010” last accessed July 28th, 2010 at: (https:///sustainability/research_and_insights/Pages/A-New-Era-of-Sustainability.aspx)3Mckinght, L., 2011. “Companies that do good also do well”, Market Watch, The Wall Street Journal (Digital Network), last accessed April 11th, 2011 at: /story/companies-that-do-good-also-do-well-2011-03-234 Edelman is a leading independent global PR firm that has been providing public relations counsel and strategic communications services for more than 50 years. /5 Margolis and Walsh (2003) and Orlitzky, Schidt and Rynes (2003) provide comprehensive reviews of the extant literature.limitations” (p.603). Others have argued that the studies suffered from “stakeholder mismatching” (Wood and Jones, 1995), the neglect of “contingency factors” (e.g. Ullmann, 1985), “measurement errors” (e.g. Waddock and Graves, 1997) and, omitted variable bias (Aupperle, Carrol and Hatfield, 1985; Cochran and Wood, 1984; Ullman, 1985).In this paper, we focus on the impact of CSR on the firm’s capital constraints. By “capital constraints” we refer to market frictions6that may prevent a firm from funding all desired investments. This inability to obtain finance may be “due to credit constraints or inability to borrow, inability to issue equity, dependence on bank loans, or illiquidity of assets” (Lamont et al., 2001). Prior studies have suggested that capital constraints play an important role in strategic decision-making, since they directly affect the firm’s ability to undertake major investment decisions and, also influence the firm’s capital structure choices (e.g., Hennessy and Whited, 2007). Moreover, past research has found that capital constraints are associated with a firm’s subsequent stock returns (e.g. Lamont et al., 2001).There are several reasons why investors would pay attention to a firm’s CSR strategies. First, firm activities that may affect7 long-term financial performance are taken into account by market participants when assessing a firm’s long-run value-creating potential (Ioannou and Serafeim, 2010a; Groysberg et al., 2011; Previts and Bricker, 1994). Moreover, a growing number of investors use CSR information as an important criterion for their investment decisions – what is currently known as “socially responsible investing” (SRI). For example, in 2007 mutual funds that invested in socially responsible firms had assets under management of more than $2.5 and $2 trillion dollars in the United States and Europe respectively. In Canada, Japan 6Consistent with prior literature in corporate finance (e.g. Lamont et al., 2001), we do not use the term to mean financial distress, economic distress or bankruptcy risk.7 Margolis and Walsh (2003) perform a meta-analysis of the CSR studies and find that the link between CSR and financial performance is small, albeit it is positive and statistically significant.and Australia, the corresponding numbers were $500, $100 and $64 billion respectively (Ioannou and Serafeim, 2010a). Total assets under management by socially responsible investors have grown considerably in the last ten years in countries such as the United States, United Kingdom, and Canada. In addition, the emergence of several CSR rankings and ratings firms (such as Thomson Reuters ASSET4 and KLD), the widespread dissemination of data on ESG performance by Bloomberg terminals, as well as the formation of teams to analyze CSR data within large banks such as J.P. Morgan Chase and Deutsche Bank,8highlight the growing demand and subsequent increasing use of CSR information. Furthermore, projects like the Enhanced Analyst Initiative9(EAI) that allocate a minimum of 5 percent of trading commissions to brokers that integrate analysis of CSR data into their mainstream research has further increased investor incentives to incorporate CSR data in their analysis10. Finally, in several countries around the world, governments have adopted laws and regulations that mandate CSR reporting (Ioannou and Serafeim, 2011) as part of efforts to increase the availability of CSR data and bring transparency around nonfinancial performance.The thesis of this paper is that firms with better CSR performance face fewer capital constraints. This is due to several reasons. First, superior CSR performance is directly linked to better stakeholder engagement, which in turn implies that contracting with stakeholders takes place on the basis of mutual trust and cooperation (Jones, 1995). Furthermore, as Jones (1995) argues, “because ethical solutions to commitment problems are more efficient than mechanisms designed to curb opportunism, it follows that firms that contract with their stakeholders on the basis of mutual trust and cooperation […] will experience reduced agency costs, transaction costs8 Cobley, M. 2009. “Banks Cut Back Analysis on Social Responsibility”, The Wall Street Journal, June 11th 2009.9 An initiative established by institutional investors with assets totaling more than US$1 trillion.10 “Universal Ownership: Exploring Opportunities and Challenges”, Conference Report, April 2006, Saint Mary’s College of California, Center for the study of Fiduciary Capitalism and Mercer Investment Consulting.and costs associated with team production” (Foo, 2007). In other words, superior stakeholder engagement may directly limit the likelihood of short-term opportunistic behavior (Benabou and Tirole, 2010; Ioannou and Serafeim, 2011) by reducing overall contracting costs (Jones, 2005).Moreover, firms with better CSR performance are more likely to disclose their CSR activities to the market (Dhaliwal et al., 2011) to signal their long-term focus and differentiate themselves (Spence, 1973; Benabou and Tirole, 2010). In turn, reporting of CSR activities: a) increases transparency around the social and environmental impact of companies, and their governance structure and b) may change internal management practices by creating incentives for companies to better manage their relationships with key stakeholders such as employees, investors, customers, suppliers, regulators, and civil society (Ioannou and Serafeim, 2011). Therefore, the increased availability of data about the firm reduces informational asymmetries between the firm and investors (e.g. Botosan, 1997; Khurana and Raman, 2004; Hail and Leuz, 2006; Chen et al., 2009; El Ghoul et al., 2010), leading to lower capital constraints (Hubbard, 1998).In fact, the rapid growth of available capital through SRI funds in recent years (Ioannou and Serafeim, 2010a), and the corresponding expansion of potential financiers that base their investment decisions on non-financial information (Kapstein, 2001), may well be partially due to the increased transparency and an endorsement of the long-term orientation that firms with superior CSR performance adopt. In sum, because of lower agency costs through stakeholder engagement and increased transparency through nonfinancial reporting, we predict that a firm with superior CSR performance will face lower capital constraints.To investigate the impact that CSR has on capital constraints, we use data from Thompson Reuters ASSET411for 2,439 publicly listed firms during the period 2002 to 2009. Thompson Reuters ASSET4 rates firms’ performance on three dimensions (“pillars”) of CSR: social, environmental and corporate governance. The dependent variable of interest is the “KZ index”, first advocated by Kaplan and Zingales (1997) and subsequently used extensively by scholars (e.g. Lamont et al., 2001; Baker et al., 2003; Almeida et al., 2004; Bakke and Whited, 2010; Hong et al., 2011) as a measure of capital constraints.The results confirm that firms with better CSR performance face lower capital constraints. We test the robustness of the results, by substituting the KZ index with an indicator variable for stock repurchase activity, to proxy for capital constraints, and we find similar results. Importantly, the results remain unchanged when we implement an instrumental variables approach and a simultaneous equations model, mitigating potential endogeneity concerns or correlated omitted variables issues, and providing evidence for a causal argument. Finally, we disaggregate CSR performance into its three components to gain insight as to which pillars have the greatest impact on capital constraints. We find that the result is driven primarily by social and environmental performance.This paper contributes to both the theoretical and empirical literature on CSR. Although many studies have explored the link between CSR and value creation, few have focused on the crucial role that capital markets play as a mechanism through which CSR may translate into tangible benefits for firms (e.g. Derwall and Verwijmeren, 2007; Goss and Roberts, 2011; Sharfman and Fernando, 2008; Chava, 2010). We contribute to this literature by showing the impact that CSR has on the firm’s ability to access finance in capital markets.11ASSET 4 is widely used by investors as a source for environmental, social and governance performance data. Some of the most prominent investment houses in the world, such as BlackRock, use the ASSET 4 data. See: /content/financial/pdf/491304/2011_04_blackrock_appoints_esg.pdfFurthermore, this study sheds light on the core strategic problem: understanding persistent performance heterogeneity across firms in the long-run. We argue that differential ability across firms to implement CSR strategies, results in significant variation in terms of CSR performance which in turn, is directly linked to the firm’s ability to access capital. Differential access to capital implies variation in the ability of firms to finance major strategic investments, leading to direct performance implications in the long-run. In other words, by understanding the consequences of variability in CSR strategies we contribute towards understanding performance heterogeneity across firms in the long-run.The remainder of the paper is organized as follows. Section II discusses the prior literature linking CSR to value creation, and prior literature linking capital constraints with firm performance. Section III presents the theoretical argument and derives our main hypothesis. Section IV presents the data sources and the empirical methods. Section V presents the results and section VI provides a discussion of the findings, the limitations of the study and concludes.II.PRIOR LITERATURECorporate Social Responsibility and Firm PerformanceMany studies have investigated the link between CSR and financial performance, both from a theoretical as well as from an empirical standpoint. On the one hand, prior theoretical work rooted in neoclassical economics argued that CSR unnecessarily raises a firm’s costs, and thus, puts the firm in a position of competitive disadvantage vis-à-vis competitors (Friedman, 1970; Aupperle et al., 1985; McWilliams and Siegel, 1997; Jensen, 2002). Other studies have argued that employing valuable firm resources to engage in socially responsible strategies results insignificant managerial benefits rather than financial benefits to the firm’s shareholders (Brammer and Millington, 2008).On the other hand, several scholars have argued that CSR may have a positive impact on firms by providing better access to valuable resources (Cochran and Wood, 1984; Waddock and Graves, 1997), attracting and retaining higher quality employees (Turban and Greening, 1996; Greening and Turban, 2000), better marketing for products and services (Moskowitz, 1972; Fombrun, 1996), creating unforeseen opportunities (Fombrun et al., 2000), and gaining social legitimacy (Hawn et al., 2011). Furthermore, others have argued that CSR may function in similar ways as advertising does and therefore, increase overall demand for products and services and/or reduce consumer price sensitivity (Dorfman and Steiner, 1954; Navarro, 1988; Sen and Bhattacharya, 2001; Milgrom and Roberts, 1986) as well as enable the firm to develop intangible resources (Gardberg and Fomburn, 2006; Hull and Rothernberg, 2008; Waddock and Graves, 1997). Within stakeholder theory (Freeman, 1984; Freeman et al., 2007; Freeman et al., 2010), which suggests that CSR is synonymous to effective management of multiple stakeholder relationships, scholars have argued that identifying and managing ties with key stakeholders can mitigate the likelihood of negative regulatory, legislative or fiscal action (Freeman, 1984; Berman et al., 1999; Hillman and Keim, 2001), attract socially conscious consumers (Hillman and Keim, 2001), or attract financial resources from socially responsible investors (Kapstein, 2001). CSR may also lead to value creation by protecting and enhancing corporate reputation (Fombrun and Shanley, 1990; Fombrun, 2005; Freeman et al., 2007).Empirical examinations of the link between CSR and corporate financial performance have resulted in contradictory findings, ranging from a positive to a negative relation, to a U-shaped or even to an inverse-U shaped relation (Margolis and Walsh, 2003). According toMcWilliams and Siegel (2000), conflicting results were due to “several important theoretical and empirical limitations” (p.603) of prior studies; others have argued that prior work suffered from “stakeholder mismatching” (Wood and Jones, 1995), the neglect of “contingency factors” (e.g. Ullmann, 1985), “measurement errors” (e.g. Waddock and Graves, 1997) and, omitted variable bias (Aupperle et al.,, 1985; Cochran and Wood, 1984; Ullman, 1985).In this paper, we shed light on the link between CSR and value creation, by focusing on the role of capital markets, as a specific mechanism through which CSR strategies may translate into economic value in the long run. More specifically, we argue that better CSR performance leads to lower capital constraints, which in turn has a positive impact on performance. Accordingly, the following subsection briefly reviews prior literature on the link between capital constraints and firm performance.Capital Constraints and Firm PerformanceFirms undertake strategic investments to achieve competitive advantage and thus, superior performance. The ability of the firms to undertake such investments is, in turn, directly linked to the idiosyncratic capital constraints that the firm is facing. Therefore, to understand the link between capital constraints and performance we first focus on the impact of capital constraints on investments. The theory of investment was shaped by Modigliani and Miller's seminal paper in 1958, which predicted that “a firm's financial status is irrelevant for real investment decisions in a world of perfect and complete capital markets.” The neoclassical economists derived the investment function from the firm's profit-maximizing behavior and showed that investment depends on the marginal productivity of capital, interest rate, and tax rules (Summers et. al. 1981; Mankiw 2009). However, subsequent studies in equity and debtmarkets showed that cash flow (i.e. internal funds) also plays a significant role in determining the level of investment (Blundell et. al. 1990; Whited 1992; Hubbard and Kashyap 1992). Importantly, studies have shown that financially constrained firms are more likely to reduce investments in a broad range of strategic activities (Hubbard, 1998; Campello et al., 2010), including inventory investment (Carpenter et al., 1998) and R&D expenditures (Himmelberg and Petersen, 1994; Hall and Lerner, 2010), thus significantly constraining the capacity of the firm to grow over time.Another set of studies has explored the relation between capital constraints and firm entry and exit decisions. Using entrepreneurs' personal tax-return data, Holtz-Eakin, Joulfaian, and Rosen (1994a) considered inheritance as an exogenous shock on the individual’s wealth and found that the size of the inheritance had a significant effect on the probability of becoming an entrepreneur. A follow-up paper (Holtz-Eakin, Joulfaian, and Rosen 1994b) has shown that firms founded by entrepreneurs with a larger inheritance (thus, lower capital constraints) are more likely to survive. Aghion, Fally and Scarpetta (2007) develop a similar argument by using firm-level data from 16 economies, comparing new firm entry and their post-entry growth trajectory.Another stream of literature, that considers incumbents as well as new entrants, (see Levine (2005) for a review of relevant studies) argues that capital constraints tend to affect relatively more the smaller, newer and riskier firms and channel capital to where the return is highest. As a result, countries with better-functioning financial systems that can ease such constraints, experience faster industrial growth. Given the idiosyncratic levels of constraints faced by companies of various sizes, scholars started to look at capital constraints as an explanation for why small companies pay lower dividends, become more highly levered and grow more slowly (Cooley and Quadrini 2001; Cabral and Mata 2003). For example, Carpenterand Petersen (2002) showed that a firm's asset growth is constrained by internal capital for small U.S. firms, and that firms who are able to raise more external funds enjoy a higher growth rate. Becchetti and Trovato (2002) found comparable results with a sample of Indian firms, and Desai, Foley and Forbes (2008) confirmed the same relation in a currency crisis setting. Finally, Beck et al. (2005), using survey data of a panel of global companies, documented that firm performance is vulnerable to various financial constraints and small companies are disproportionately affected due to tighter limitations. In sum, the literature to date has revealed that seeking ways to relax capital constraints is crucial to the firm-level survival and growth, the industry-level expansion and the country-level development.III.THEORETICAL DEVELOPMENTBased on neoclassical economic assumptions that postulate a flat supply curve for funds in the capital market at the level of the risk-adjusted real interest rate, Hennessy and Whited (2007) argued that “a CFO can neither create nor destroy value through his financing decisions in a world without frictions”. However, because of market imperfections such as informational asymmetries (Greenwald, Stiglitz and Weiss 1984; Myers and Majluf 1984) and agency costs (Bernanke and Gertler 1989, 1990), the supply curve for funds is effectively upward sloping rather than horizontal12 at levels of capital that exceed the firm’s net worth. In other words, when the likelihood of agency costs is high (e.g. opportunistic behavior by managers) and the capital required by the firm for investments exceeds the firm’s net worth (and it is thus uncollateralized), lenders are compensated for their information (and/or monitoring) costs by charging a higher interest rate. The greater these market frictions are, the steeper the supply curve and the higher the cost of external financing.12 For a full exposition of the model, based on neoclassical assumptions, see Hubbard (1998), p. 195-198.It follows then that adoption and implementation of firm strategies that reduce informational asymmetries or reduce the likelihood of agency costs, can shrink the wedge between the external and the internal cost of capital by making the supply curve for funds less steep. Equivalently, for a given interest rate, the firm is able to obtain higher amounts of capital. Better access to capital in turn, favorably impacts overall strategy by enabling the firm to undertake major investment decisions that otherwise would have been unprofitable, and/or by influencing the firm’s capital structure choices (e.g., Hennessy and Whited, 2007).We argue that firms with better CSR performance face lower capital constraints compared to firms with worse CSR performance. This is because superior CSR performance reduces market frictions through two mechanisms. First, superior CSR performance is the result of the firm committing to and contracting with stakeholders on the basis of mutual trust and cooperation (Jones, 1995; Andriof and Waddock, 2002). Consequently, as Jones (1995) argues, “because ethical solutions to commitment problems are more efficient than mechanisms designed to curb opportunism, it follows that firms that contract with their stakeholders on the basis of mutual trust and cooperation […] will experience reduced agency costs, transaction costs and costs associated with team production” (Foo, 2007). More specifically, such agency and transaction costs include “monitoring costs, bonding costs, search costs, warranty costs and residual losses”, according to Jones (2005, p.422). In other words, superior stakeholder engagement may not only directly limit the likelihood of short-term opportunistic behavior (Benabou and Tirole, 2010; Ioannou and Serafeim, 2011), but it also represents a more efficient form of contracting (Jones, 1995), which in turn is rewarded by the markets.In addition, firms with superior CSR performance are more likely to disclose their CSR strategies by issuing sustainability reports (Dhaliwal et al., 2011) and are more likely to provideassurance of such reports by third parties, thus increasing their credibility (Simnett et al., 2009; Benabou and Tirole, 2010). In turn, reporting and assurance of CSR activities: a) increases transparency around the long-term social and environmental impact of companies, and their governance structure and b) may change internal management practices by creating incentives for managers to better manage their relationships with key stakeholders such as employees, investors, customers, suppliers, regulators, and civil society (Ioannou and Serafeim, 2011). The increased availability of credible data about the firm’s strategies reduces informational asymmetries leading to lower capital constraints (Hubbard, 1998). Moreover, because reporting of CSR activities can also directly affect managerial practices by incentivizing managers to focus on long-term value creation, CSR reporting reduces the likelihood of agency costs in the form of short-termism.Indicatively, we note that the rapid growth of available capital for investment through SRI funds in recent years (Ioannou and Serafeim, 2010a), and the corresponding expansion of potential financiers that base their investment decisions on non-financial information (Kapstein, 2001), may well be due, to an extent, to the increased availability of information about the firm, and the resulting investor endorsement of the long-term focus that firms with superior CSR performance adopt. For example, many SRI funds use a positive screening model in which they overweight firms with good CSR performance in their portfolio, or a negative screening model in which they exclude from their investment universe companies with bad CSR performance, or an ESG integration model in which they integrate ESG data into their valuation models. Under all these investment models, SRI funds fully incorporated non-financial information in their decision making, over and above the traditional use of financial information.In sum, firms with better CSR performance are more likely to face lower capital constraints because of reduced informational asymmetries and reduced agency costs. This implies the following hypothesis:Hypothesis: Firms with better CSR performance face fewer capital constraints.IV. DATA AND EMPIRICAL METHODSDependent Variable: The KZ index of capital constraintsTo measure the level of capital constraints we follow the extant literature in corporate finance (e.g. Lamont et al. 2001; Almeida et al., 2004; Bakke and Whited, 2010) and construct the KZ index 13, using results from Kaplan and Zingales (1997). Specifically, as reported in Lamont et al. (2001), Kaplan and Zingales (1997) classify firms into discrete categories of capital constraints and then employ an ordered logit specification to relate these classifications to accounting variables. In this paper, and consistent with the prior literature, we use their regression coefficients to construct the KZ index 14 consisting of a linear combination of five accounting ratios: cash flow to total capital, the market to book ratio, debt to total capital, dividends to total capital, and cash holdings to capital. Firms with higher values of cash flow to total capital, dividends to total capital, and cash holdings to capital, and with lower values for the market to book ratio and debt to total capital are less capital constrained. The intuition behind these variables is that firms with high cash flows and large cash balances have more internal funds to deploy for new projects and as a result they are less capital constrained (Baker et al., 2003). 13 A variety of approaches including investment-cash flow sensitivities (Fazzari et al., 1988), the Whited and Wu (WW) index of constraints (Whitted and Wu, 2006) and other sorting criteria based on firm characteristics have been proposed in the literature as measures of capital constraints. Here, we use the KZ index because it has been the most prevalently used measure in the literature to date (Hadlock and Pierce, 2010). 14 More specifically we calculate the KZ index following Baker, Stein and Wurgler (2003) as: -1.002 CF it /A it-1 -39.368 DIV it /A it-1 - 1.315 C it /A it-1 + 3.139 LEV it + 0.283 Q it , where CF it /A it-1 is cash flow over lagged assets; DIV it /A it-1 is cash dividends over lagged assets; C it /A it-1 is cash balances over assets; LEV it is leverage and Q it is the market value of equity (price times shares outstanding plus assets minus the book value of equity over assets. The original odered logit regression and full exposition of the index may be found in Kaplan and Zingales (1997).。