财经词典-汉英对照

1、傲高盛财经词典 捌- 汉英对照0-9矮中文词句佰English背English啊 Defini拜tions啊144A拌 条例稗Rule 肮144A哀An SEC 安rule th瓣at modi盎fied a 叭two-yea霸r holdi班ng peri叭od requ版irement半 on pri唉vately 埃placed 案securit案ies by 芭permitt按ing Qua氨lified 坝Institu佰tional 扒Buyers 搬(QIBs) 昂to trad搬e these熬 positi爸ons amo叭ng them翱selves.疤 懊18定律暗Rul

2、e of案 18澳A rule 佰whereby败 the su捌m of th隘e infla熬tion ra俺te and 靶the P/E澳 ratio 凹of the 啊Dow Jon佰es Indu佰strial 胺Average懊 is an 哎indicat扳or of t绊he dire百ction o芭f the s胺tock ma扮rket. I氨f the t扳otal is半 above 靶18, sto爱cks are般 suppos皑ed to d矮ecrease傲. If th扒e total芭 is und暗er 18, 班then th捌e stock扮 ma

3、扳1940年投资鞍公司法挨Investm颁ent Com半pany Ac耙t of 19班40哀Created懊 in 194捌0 throu哀gh an a芭ct of C傲ongress斑, this 靶piece o扒f legis爸lation 哎clearly扒 define摆s the r笆esponsi吧bilitie埃s and l扳imitati奥ons pla盎ced upo百n fund 耙compani瓣es that挨 offer 蔼investm爸ent pro百ducts t氨o the p昂ublic.耙72定律盎Rule of拌 72坝A rule 八stat

4、ing背 that i搬n order背 to fin颁d the n把umber o霸f years靶 requir按ed to d班ouble y八our mon懊ey at a敖 given 暗interes巴t rate,昂 you di癌vide th爸e compo半und ret柏urn int伴o 72. T挨he resu颁lt is t罢he appr把oximate罢 number傲 of yea俺rs that盎 it wil埃l take 笆for you办r inves袄tment t鞍o doubl扮e.A-Z坝中文词句巴English碍English柏 Defi

5、ni背tions背APICS扳（美国生产及库岸存控制协议）扳商业前景指数 拜APICS B碍usiness傲 Outloo疤k Index矮 背A natio佰nal man爱ufactur傲ing ind白ex that熬 survey唉s sever胺al manu吧facturi板ng firm般s on a 耙monthly班 basis.班 If the拔 index 佰is abov稗e 50 it摆 signal奥s expan办sion, i扳f it di耙ps belo稗w 50 it跋 indica笆tes con袄tractio叭n.澳CAMELS评八级制度 般CAME

6、LS 按Rating 袄System 奥An inte蔼rnation百al bank蔼-rating柏 system板 with w拌hich ba白nk supe胺rvisory熬 author阿ities r捌ate ins按titutio奥ns acco伴rding t暗o six f矮actors.爸 The si班x areas伴 examin安ed are 安represe芭nted by澳 the ac蔼ronym 版CAMELS.懊 挨CEDEL 坝CEDEL 蔼One of 邦two pri稗ncipal 蔼clearin爱g house叭s for E胺uromark爱e

7、t secu班rities.凹 佰Notice 背that th隘e formu拔la may 瓣also be巴 writte蔼n as: a哀ccounts笆 payabl笆e / (co扒st of s败ales/nu扒mber of奥 days).俺 翱Notice 扒that th靶e formu霸la may 耙also be碍 writte敖n as: a白ccounts白 receiv案able / 半(credit捌 sales/阿number 吧of days案). 耙Net Ope胺rating 版Income 昂翱案埃罢氨 罢Total D斑ebt Ser疤vice 白

8、Net Inc吧ome 摆啊伴拌懊稗 癌Shareho疤lders 罢Equity霸The ROE邦 is use靶ful in 澳compari扳ng the 耙profita版bility 安of a co八mpany t稗o other伴 firms 芭in the 暗same in碍dustry.颁 爸Calcula哀ted as 隘total t巴ax paid坝 divide八d by ta熬xable i翱ncome. 澳2. In t拔he case伴 of fix翱ed inco耙me, a b挨ond wit蔼h a rat霸ing of 败BBB or 癌higher.袄

9、 邦Operati疤ng cash颁 flow i傲s calcu埃lated t皑hrough 挨a serie袄s of ad邦justmen板ts to n氨et inco佰me. It 摆can be 爱found o耙n the s矮tatemen摆t of ca澳sh flow蔼s. ? 板2. The 鞍differe坝nce bet八ween th澳e swap 板rate an颁d the l摆ending 瓣rate of耙fered t吧hrough 坝other i蔼nvestme氨nt vehi背cles wi昂th comp捌arable 搬charact班eris

10、tic耙s. 班GDP平减数 熬GDP Def败lator 扮An econ佰omic me百tric us傲ed to a颁ccount 蔼for inf皑lation 败by conv佰erting 搬output 跋measure板d at cu般rrent p坝rices i矮nto con扳stant-d柏ollar G爱DP. The盎 GDP de颁flator 八shows h袄ow much板 a chan靶ge in t扒he base败 years爱 GDP re班lies up稗on chan背ges in 皑the pri靶ce leve斑l. 鞍GDP差距 捌GDP

11、 Gap翱 蔼The sac罢rificed搬 output岸 within奥 a coun癌trys e绊conomy 皑due to 扒the fai敖lure to瓣 create案 suffic碍ient jo案bs for 芭all tho熬se will颁ing to 跋work. 笆H股 阿H-Share伴s 吧A share矮 of a C版hinese 唉company拌 listed挨 on the百 Hong K埃ong Sto暗ck Exch岸ange. 一划盎中文词句捌English般English跋 Defini板tions芭一次性偿还白Bullet 凹Repaym

12、e罢nt拌A singl矮e payme懊nt for 啊an enti矮re loan霸 amount暗 that i芭s paid 罢at matu拔rity. 唉一次总付分配芭Lump Su爸m Distr稗ibution班A one t凹ime pay凹ment fo般r the e拜ntire a啊mount d敖ue, rat懊her tha扳n break按ing pay扒ments i拜nto sma绊ller in安stallme挨nts. So安me lump暗-sum di按stribut败ions re盎ceive s靶pecial 肮tax tre芭atment.啊一

13、级资本跋Tier 1 熬Capital扮A term 胺used to俺 descri把be the 敖capital懊 adequa皑cy of a伴 bank. 蔼Tier I 按capital岸 is cor傲e capit阿al, thi罢s inclu佰des equ唉ity cap邦ital an半d discl捌osed re埃serves.坝一般义务债券八General柏 Obliga靶tion Bo拜nd疤A munic扳ipal bo芭nd back皑ed by t安he cred碍it and 哎taxing岸 power稗 of the氨 issuin爱g juris绊

14、diction靶, rathe叭r than 癌the rev蔼enue fr扳om a gi啊ven pro哎ject. 隘一般折旧制度傲General爸 Deprec哀iation 俺System吧The mos挨t commo瓣nly use爱d syste斑m for c唉alculat哀ing dep巴reciati哀on. Per霸sonal p版roperty败 is dep碍reciate坝d using稗 the de肮clining拌-balanc扳e metho佰d, whic啊h invol懊ves app按lying t版he depr岸eciatio半n rate

15、扒against百 the un拔depreci佰ated ba邦lance.二划肮中文词句邦English矮English奥 Defini昂tions熬七大工业国扒Group o扮f Seven瓣 (G-7)坝Seven o扒f the w爱orlds 扮leading败 countr斑ies tha盎t meet 唉periodi八cally t稗o achie笆ve a co巴operati岸ve effo扒rt on i艾nternat把ional e埃conomic拌 and mo半netary 安issues.白七大工业国拜G-7笆Seven o跋f the w瓣orlds 半le

16、ading哎 countr佰ies tha瓣t meet 笆periodi爸cally t败o achie般ve a co半operati拜ve effo傲rt on i傲nternat埃ional e矮conomic摆 and mo扳netary 盎issues.把二级市场绊Seconda暗ry Mark袄et唉A marke蔼t in wh捌ich an 肮investo唉r purch把ases an澳 asset 斑from an按other i澳nvestor鞍, rathe按r than 罢an issu笆ing cor坝poratio俺n.板二级发行半Seconda跋ry Off

17、e斑ring吧A sale 搬of secu芭rities 败in whic罢h one o昂r more 哀major s版tockhol吧ders in袄 a comp佰any sel笆l all o佰r a lar版ge port翱ion of 拌their h拜oldings拔. The u瓣nderwri碍ting pr爱oceeds 哎are pai疤d to th安e stock般holders阿, rathe板r than 班to the 袄corpora斑tion.霸人寿保险搬Life In搬surance八A prote佰ction a败gainst 皑the los凹t

18、incom八e that 百would r吧esult i岸f the i疤nsured 般were to岸 pass a蔼way. Th隘e named摆 benefi拔ciary r疤eceives叭 the pr爸oceeds 案and is 耙thereby隘 safegu扮arded f绊rom fin傲ancial 霸impacts罢 of the般 death 般of the 隘insured肮.吧二级资本蔼Tier 2 盎Capital艾A term 安used to肮 descri案be the 矮capital蔼 adequa昂cy of a拌 bank. 拜Tier II

19、绊 capita疤l is se八condary盎 bank c哀apital 扮that in氨cludes 爱items s坝uch as 斑undiscl暗osed re昂serves,叭 genera拜l loss 蔼reserve皑s, subo安rdinate八d term 哎debt, a拔nd more暗.三划霸中文词句蔼English俺English巴 Defini办tions绊个人收入绊Persona隘l Incom吧e邦An indi氨vidual霸s total板 earnin扮gs comi隘ng from扮 wages,瓣 busine按ss ente办rprise

20、s挨, and v哀arious 艾investm阿ents.斑个人消费开支艾PCE败Similar叭 to CPI霸, PCE i按s a rep搬ort (ac皑tually 癌a part 岸of the 白persona笆l incom凹e repor安t) put 版out by 拜the Bur稗eau of 胺Economi佰c Analy傲sis of 碍the Dep艾artment懊 of Com扒merce. 凹PCE is 奥a measu癌re of p俺rice ch鞍anges i唉n consu办mer goo百ds and 扮service袄s. It c吧o

21、nsists熬 of the扮 actual熬 and im俺puted e瓣xpendit哀ures of般 househ艾olds, a爸nd incl敖udes da疤ta pert班aining 班to dura哀bles, n傲on-dura佰bles, a爸nd serv叭ices.般个人理财暗Persona翱l Finan芭ce笆Financi阿al plan疤ning fo蔼r indiv巴iduals.办 Genera艾lly, it稗 involv爸es anal靶yzing t摆heir cu颁rrent f稗inancia颁l posit傲ion, pr皑edictin

22、绊g short爸-term a埃nd long敖-term n哎eeds, a胺nd reco扒mmendin蔼g a fin跋ancial 办strateg鞍y. This罢 may in爸volve a啊dvice o俺n pensi板ons, sc鞍hool fe熬es, mor白tgages,颁 life i安nsuranc罢e, and 摆investm稗ents.昂子公司、附属公绊司挨Subsidi搬ary佰A compa拌ny owne盎d by an爱other c凹ompany 耙that co拌ntrols 柏more th哎an 50% 艾of its 奥voting

23、癌stock. 哎上市公司矮Public 白Company芭A compa拔ny that芭 has is翱sued se俺curitie笆s throu拌gh an o昂ffering耙 which 矮are now凹 traded跋 on the扳 open m懊arket. 败上市证券氨Listed 埃Securit哀y吧Securit安ies tha按t have 懊been ac叭cepted 按for tra癌ding pu半rposes 哀by a re班cognize岸d and r爸egulate颁d excha耙nge.奥已充分反映实值跋Fully V奥alued扮A st

24、ock哎 that h懊as reac肮hed a p搬rice th耙at accu笆rately 稗reflect傲s the s白trength邦 of the熬 compan柏y. 按已动用资本回报奥率澳Return 般On Capi奥tal Emp笆loyed (板ROCE)哎A ratio柏 that i哎ndicate版s the e碍fficien埃cy and 版profita阿bility 岸of a co芭mpanys扳 capita熬l inves埃tments.袄 吧Calcula埃ted as:爱 办Earning埃s befor罢e inter拔est and板

25、tax (E罢BIT) 奥绊跋哀白熬隘哀敖 挨(Capita叭l emplo拜yed + S邦hort te霸rm borr艾owings 哀- Intan安gible a笆ssets) 凹已动用资本回报唉率斑ROCE 啊A ratio邦 that i扮ndicate败s the e挨fficien笆cy and 肮profita败bility 氨of a co啊mpanys班 capita疤l inves敖tments.啊 扮Calcula袄ted as:懊 拔Earning坝s befor摆e inter敖est and碍 tax (E癌BIT) 盎隘案哀蔼隘板扒般 袄(Capita芭l

26、emplo鞍yed + S澳hort te斑rm borr盎owings 扮- Intan岸gible a败ssets) 白已发行股票霸Shares 扳Outstan版ding摆The num稗ber of 巴shares 八that ar把e curre伴ntly ow霸ned by 昂investo坝rs. Thi阿s inclu霸des res搬tricted斑 shares傲 (share颁s owned安 by the安 compan坝ys off埃icers a矮nd insi昂ders) a百nd shar绊es held疤 by the白 public办. Share坝s th

27、at 芭the com澳pany ha斑s repur氨chased 阿are not爸 consid白ered ou蔼tstandi把ng stoc扮k.斑大宗交易碍Block T鞍rade班The sal芭e or pu艾rchase 白of a la摆rge qua颁ntity o案f secur伴ities. 瓣广泛基础加权平败均鞍Broad-B般ased We疤ighted 按Average癌An anti傲-diluti唉on prov皑ision u哀sed for柏 the be岸nefit o颁f exist敖ing pre霸ferred 百shareho矮lders w熬h

28、en add瓣itional百 offeri板ngs are半 made b笆y the c背orporat隘ion. Th背e broad艾-based 凹weighte百d avera搬ge acco蔼unts fo碍r all e隘quity p熬revious颁ly issu扮ed and 柏current拜ly unde爸rgoing 懊issue.版广泛基础指数拌Broad-B阿ase Ind阿ex搬An inde昂x desig斑ned to 绊reflect拌 the mo摆vement 矮of the 佰entire 斑market.盎 拔下调评级百Downgra半de邦A

29、negat耙ive cha肮nge in 吧the rat捌ing of 绊a secur把ity. 按子弹式交易吧Bullet 叭Trade敖The act拜 of pur白chasing挨 an in挨 the mo颁ney pu败t optio安n so th坝at the 斑buyer c邦an capi哀talize 把on a be耙ar mark绊et by e爱ffectiv癌ely sho挨rting a瓣 stock 霸without百 waitin挨g for a澳n uptic伴k.扒已售商品成本皑COGS啊An expe皑nse tha绊t refle袄cts the

30、柏 cost o岸f the p板roduct 昂or good鞍 that g白enerate爸s reven搬ue for 岸a compa扳ny. Som霸etimes 埃referre翱d to as巴 Cost 靶of Sale瓣s.扮已售商品成本袄Cost of爸 Goods 百Sold (C扒OGS)半An expe蔼nse tha爱t refle搬cts the稗 cost o绊f the p瓣roduct 稗or good八 that g澳enerate背s reven疤ue for 俺a compa爸ny. Som白etimes 安referre捌d to as芭 Cost

31、 袄of Sale俺s.埃下游背Downstr奥eam熬Refers 暗to oil 班and gas邦 operat扮ions af版ter the澳 produc氨tion ph扒ase and岸 throug斑h to th案e point盎 of sal拜e. 靶已解除债务的破斑产人拜Dischar办ge in B阿ankrupt背cy白When a 袄bankrup搬t perso熬n or co摆mpany i靶s legal昂ly free唉 and cl安ear of 蔼any obl挨igation把 to rep碍ay cert扳ain deb板ts. 矮已缴资本袄Paid

32、-Up扮 Capita瓣l瓣The sta蔼te of a巴 settle阿ment wh袄en all 柏payment矮 obliga班tions f霸or a se巴curity 疤has bee盎n compl败eted. 唉兀鹫投资者半Vulture蔼 Capita霸list拌A slang搬 word f吧or a ve暗nture c肮apitali奥st who 氨deprive把s an in皑ventor 爸of cont罢rol ove爸r their板 own in邦novatio把ns and 爱most of胺 the mo蔼ney the矮y shoul暗d ha

33、ve 碍made fr败om the 爸inventi隘on. 按A ventu矮re capi按talist 办who inv败ests in胺 flound碍ering f案irms in斑 the ho捌pes tha败t they 哎will tu搬rn arou傲nd. 扒兀鹫基金懊Vulture氨 Fund敖A fund 哀that bu懊ys secu佰rities 颁in dist板ressed 罢investm白ents, s班uch as 安high-yi板eld bon肮ds in (埃or near扮) defau敖lt or e摆quities般 that a艾re

34、in (隘or near捌) bankr岸uptcy. 四划搬中文词句熬English拔English扳 Defini肮tions瓣五大工业国百G-5唉Five of捌 the wo瓣rlds l懊eading 捌countri懊es that板 meet p柏eriodic皑ally to拔 achiev拜e a coo耙perativ埃e effor邦t on in版ternati安onal ec摆onomic 熬and mon办etary i奥ssues. 胺五大工业国叭Group o胺f Five 熬(G-5)哀Five of按 the wo坝rlds l柏eading 瓣countr

35、i啊es that矮 meet p半eriodic唉ally to芭 achiev坝e a coo班perativ暗e effor肮t on in版ternati皑onal ec澳onomic 哀and mon蔼etary i挨ssues. 爱公开上市翱Going P凹ublic笆The pro班cess of癌 sellin爸g share板s that 罢were fo哎rmerly 奥private颁ly-held癌 to new扮 invest版ors for拌 the fi翱rst tim叭e.半开支比率澳Expense佰 Ratio叭The per白centage爱 of the矮

36、 assets扮 that w芭ere spe唉nt to r袄un a mu傲tual fu安nd. It 半include艾s thing奥s like 啊managem鞍ent and唉 adviso拔ry fees佰, trave柏l costs盎, and 1鞍2b-1 fe矮es. The霸 expens熬e ratio八 does n瓣ot incl案ude bro八kerage 熬costs f袄or trad哎ing the案 portfo肮lio.坝公开市场委员会熬Federal啊 Open M癌arket C盎ommitte挨e (FOMC颁)佰The bod澳y tha

37、t 安sets th熬e inter绊est rat八e and c捌redit p伴olicies稗 of the扒 Federa拔l Reser绊ve Syst拔em.佰公开市场委员会阿FOMC疤The bod坝y that 办sets th鞍e inter袄est rat埃e and c扳redit p芭olicies绊 of the邦 Federa般l Reser凹ve Syst碍em.扒日历年袄Calenda霸r Year懊The yea芭r that 拔begins 澳January奥 1 and 扳ends De唉cember 捌31叭公开发行价值笆Public 叭Offerin

38、八g Price瓣 (POP)拌The pri挨ce at w矮hich ne叭w issue柏s are o白ffered 把to the 败public 半by an u百nderwri拌ter佰公开说明书爱Prospec瓣tus碍A forma巴l legal隘 docume扒nt desc阿ribing 氨details把 of a c爱orporat傲ion. Th笆e prosp白ectus i瓣s gener埃ally cr盎eated f拌or a pr办oposed 班offerin半g (usua版lly an 啊IPO), b捌ut they叭 can st吧ill be

39、 盎obtaine瓣d from 挨existin捌g busin袄esses a扮s well.跋 The pr拔ospectu肮s inclu伴des com翱pany fa败cts tha绊t are v肮itally 挨importa伴nt to p胺otentia扳l inves胺tors. 凹In this按 case o绊f mutua袄l funds搬, a pro搬spectus爸 descri奥bes the袄 funds绊 object啊ives, h霸istory,皑 manage搬r backg癌round, 挨and fin懊ancial 埃stateme盎nts.

40、 哎公开说明书定稿背Final P敖rospect傲us白A legal搬 docume矮nt stat白ing the扮 price 懊of a ne邦wly iss艾ued sec盎urity, 半the del艾ivery d澳ate, an阿d other暗 facts 斑that ar百e impor隘tant fo挨r inves耙tors.埃公开资产办Public 佰Assets 叭that ca扳n be tr俺aded in挨 a publ搬ic mark斑et, suc敖h as th佰e stock癌 market胺. 绊无风险回报率伴Risk Fr啊ee Rate搬 o

41、f Ret埃urn盎The quo捌ted rat按e on an笆 asset 邦that ha翱s virtu肮ally no皑 risk. 罢无风险资产哀Risk-Fr办ee Asse般t挨An asse稗t which扮 has a 耙certain半 future爱 return靶. Treas澳uries (昂especia氨lly T-b邦ills) a澳re cons啊idered 敖to be r澳isk-fre半e becau盎se they埃 are ba盎cked by摆 the 按U.S.安 govern疤ment. 叭公开流通股票案Float啊The tot半al

42、numb肮er of s佰hares p捌ublicly哎 owned 捌and ava啊ilable 坝for tra阿ding. T按he floa把t is ca爸lculate办d by su颁btracti半ng rest白ricted 袄shares 耙from ou挨tstandi懊ng shar挨es.肮今天最低埃Todays瓣 Low鞍The int盎ra-day 拌low tra叭ding pr摆ice. 稗今天最高佰Todays爱 High肮The int案ra-day 跋high tr胺ading p奥rice.挨开支爸Expense瓣Money s八pent by拔

43、a firm鞍 to con柏tinue i笆ts ongo阿ing ope跋rations哎. 隘Money s罢pent or靶 costs 癌incurre矮d that 挨are ded敖uctible鞍 and re案duce yo案ur taxa扳ble inc碍ome. 笆公司化、非共同挨化懊Demutua拌lizatio拜n扒The pro熬cess of爱 changi绊ng corp办orate s碍tructur扳e from 俺a mutua稗l fund 邦company凹 to som按e other哎 form, 懊such as佰 a limi爱ted lia傲

44、bility 凹or corp靶oration吧.版公司、企业哎Corpora疤tion巴The mos傲t commo袄n form 凹of busi唉ness or安ganizat吧ion. Th拜e total版 worth 凹of the 哎organiz阿ation i半s divid按ed into颁 shares皑 of sto邦ck, eac笆h repre隘senting邦 a unit白 of own暗ership.耙 A corp暗oration唉 is ong啊oing an扒d the o熬wners f百ace onl鞍y limit芭ed liab按ility.

45、办不可买回癌Non-Cal疤lable 绊Securit碍ies tha摆t canno岸t be ca按lled by拔 the is哎suer pr阿ior to 邦maturit半y.艾公平交易鞍Arms Le澳ngth Tr稗ansacti隘on摆When th白e buyer安s and s板ellers 百of a pr半oduct a暗ct inde颁pendent办ly of e肮ach oth蔼er and 隘have no埃 relati靶onship 耙to each耙 other.岸 懊公平价值拔Fair Va哀lue伴The est吧imated 敖value o瓣f

46、 all a稗ssets a蔼nd liab艾ilities把 of an 澳acquire盎d compa把ny used拌 to con鞍solidat盎e the f佰inancia柏l state爸ments o斑f both 唉compani背es. 芭In the 隘futures傲 market敖, fair 跋value i背s the e昂quilibr佰ium pri爱ce for 伴a futur敖es cont拜ract. T懊his is 佰equal t巴o the s昂pot pri班ce afte笆r takin盎g into 袄account瓣 compou颁

47、nded in胺terest 扮(and di办vidends扳 lost b氨ecause 氨the inv版estor o白wns the佰 future奥s contr岸act rat半her tha板n the p巴hysical案 stocks肮) over 氨a certa唉in peri罢od of t扳ime. 暗水平价差跋Horizon鞍tal Spr坝ead矮An opti笆ons str扳ategy i哎nvolvin吧g the s叭imultan蔼eous pu背rchase 绊and sal叭e of tw爸o optio佰ns of t岸he same拌 type

48、, 唉having 安the sam芭e strik邦e price半, but d拌ifferen半t expir佰ation d拜ates.安无对冲黄金股票版指数靶BUGS In按dex败Short f盎or bas鞍ket of 懊un-hedg板ed gold伴 stocks按, the 哎BUGS in般dex is 皑the AME白Xs ind扮ex meas斑uring g扒old com般panies 把that do跋 not he挨dge the瓣ir gold矮 produc拜tion be罢yond a 翱year an皑d a hal扒f.矮无记名票据拜Floate

49、r矮 胺A bond,熬 or som翱e other澳 type o佰f debt,把 whose 叭coupon 俺rate ch爸anges w蔼ith mar邦ket con翱ditions柏 (short爸 term i唉nterest靶 rates)俺. 阿不可抗力碍Force M摆ajeure疤Literal靶ly tran奥slated 拔as gre伴at forc傲e, thi稗s claus爱e is in疤cluded 邦in cont班racts t爱o remov背e liabi坝lity fo伴r unfor哎eseen e拌vents r哎estrict摆ing

50、 par昂ticipan邦ts from扳 fulfil案ling ob奥ligatio矮ns.坝双头垄断爱Duopoly安A situa瓣tion in霸 which 熬two com白panies 俺own all案 or nea搬rly all坝 of the绊 market袄 for a 摆given t哎ype of 搬product挨 or ser傲vice. 耙开市前交易把Pre-Mar板ket Tra昂ding昂Trading俺 done b癌efore t搬he regu傲lar mar霸ket ope拔ns. 按公司债券背Debentu巴re 班An unse凹cured

51、d背ebt bac败ked onl袄y by th捌e credi昂t worth爸iness o背f the b八orrower阿. There俺 is no 隘collate背ral, an皑d the a啊greemen肮t is do碍cumente凹d by an岸 indent柏ure. 岸中央银行阿Central爸 Bank办A bank 靶providi搬ng serv哀ices fo摆r a cou哀ntrys 叭governm办ent and背 major 坝commerc拜ial ban靶ks.凹公司税盎Corpora安te Tax暗A levy 巴placed 扳on

52、the 坝profit 叭of a fi摆rm; dif霸ferent 埃rates a跋re used耙 for di矮fferent坝 levels蔼 of pro伴fits.氨公平意见靶Fairnes奥s Opini鞍on癌An opin巴ion dev懊eloped 挨by qual艾ified a爱nalysts俺 or adv哀isors w奥ith the隘 purpos蔼e of pr敖oviding哀 key de爱tails a芭nd fact案ual pro碍of to t白he deci挨sion ma癌kers of熬 a merg疤er or a疤cquisit昂i

53、on.拌牛市肮Bull Ma扒rket澳A marke跋t in wh阿ich pri八ces of 稗a certa罢in grou埃p of se敖curitie爱s are r把ising o板r are e捌xpected吧 to ris罢e.捌毛收入拔Gross I案ncome胺For ind埃ividual绊s, it i爱s your 艾total p霸ersonal吧 income艾 before霸 deduct扒ions. 拌For com疤panies,跋 it is 搬their r霸evenue 阿minus c摆ost of 把goods s捌old (al懊so c

54、all背ed gros扮s margi疤n). 啊内在价值坝Intrins笆ic Valu皑e阿The val斑ue of a凹 compan暗y or an耙 asset 邦based o矮n an un拔derlyin白g perce拔ption o安f the v疤alue. 背For cal罢l optio败ns, thi暗s is th百e diffe搬rence b扒etween 案the und颁erlying办 stock隘s price埃 and th绊e strik白e price吧. For p胺ut opti啊ons, it半 is the岸 differ氨ence b

55、e搬tween t啊he stri败ke pric绊e and t靶he unde澳rlying 败stocks耙 price.吧 In the蔼 case o奥f both 艾puts an佰d calls瓣, if th背e diffe捌rence b扳etween 奥the und板erlying袄 stock哎s price凹 and th爸e strik矮e price搬 is neg版ative, 跋the val拌ue is g案iven as敖 zero. 柏反向收购熬Reverse氨d takeo笆ver罢When a 翱larger 般company胺 is bou矮ght

56、 out艾 by a s爸maller 颁company扮. 办The pur肮chasing办 of a p八ublic c奥ompany 伴by a pr矮ivate c颁ompany.笆 百反收购措施岸Anti-ta芭keover 办Measure扳Measure八s taken般 on a c奥ontinua蔼l or sp拔oradic 哎basis b白y a fir蔼ms man阿agement皑 in ord氨er to p盎revent 佰or dete半r unwan矮ted tak氨eovers.佰反收购法规隘Anti-ta拔keover 盎Statute矮A set o

57、拜f state蔼 regula蔼tions t肮hat pre凹vent or唉 deter 碍compani傲es from霸 attemp胺ting ho坝stile t办akeover袄s. Thes氨e regul八ations 坝vary ac把ross st拌ate lin按es and 搬typical佰ly affe爸ct only柏 the co氨mpanies般 incorp斑orated 爸within 坝the sta拜te.绊无形之手扮Invisib把le Hand拌Coined 绊by Adam笆 Smith 霸in his 阿1776 bo皑ok An I巴nq

58、uiry 把into th拌e Natur隘e and C白auses o懊f the W扳ealth o盎f Natio班ns. In 爸his boo暗k he st胺ates: 挨Essenti肮ally Sm拌ith say耙s that 澳individ懊uals tr半y to ma挨ximize 鞍their o笆wn good啊 (and b坝ecome w般ealthie靶r), and拌 by doi拔ng so, 皑through八 trade 懊and ent把reprene捌urship,凹 societ八y as a 胺whole w柏ill be 斑better

59、懊off. Fu盎rthermo案re, any斑 govern叭ment in罢tervent班ion in 板the eco熬nomy is盎nt nee翱ded as 啊the inv叭isible 办hand wo暗uld bes叭t guide澳 the ec皑onomy. 班及时生产拜Just In懊 Time捌A produ败ction s拜trategy摆 compan败ies emp凹loy to 隘increas肮e effic安iency a翱nd decr唉ease wa盎ste by 背produci翱ng good暗s only 跋as they绊 are or罢d

60、ered o爱r neede埃d. 伴专利权霸Patent皑A gover暗nment l岸icense 版that al皑lows on摆e exclu扒sive ri伴ghts to案 a proc阿ess, de癌sign, o绊r new i袄nventio摆n.阿双谷经济衰退巴Double 佰Dip Rec般ession摆When th按e gross瓣 domest挨ic prod盎uct (GD案P) grow凹th slid般es back哀 to neg皑ative a俺fter a 扒quarter啊 or two暗 of bri澳ef posi熬tive gr颁owth.