商务英语阅读(第二版) 王关富 Unit10 banking 课后答案教案资料

商务英语阅读(第二版)王关富Unit10banking课后答案Chapter10TheAlchemistsofFinanceExercises1.Questionsonthetext1)What’sthemaindifferencebetweencommercialbanksandinvestmentbanks?Intoday'sbusinessenvironment,themainbusinessofcommercialbanksistocollectdepositsandmakeloans,whilethatofinvestmentbanksistounderwritestocksandbondsandadvisecompaniesonmergersandacquisitions.2)Whydoinvestmentbankstrytokeepquietabouttheirbigprofits?Investmentbankstrytokeepquietabouttheirbigprofitsfortwomajorreasons:first,theyareundermorescrutinybyregulatorsandinvestors;second,privateequityandhedgefundshaveovertakentheminraisingmoneyandmakingexcessivebets.3)Whatchangeshavetakenplaceinthefinancialmarketssincethe1980s?Themainchangessince1980shavebeentherapidgrowthoffinancialinstrumentswithunprecedentedbreadth,depthandrichness,broughtoutbytechnologyandinnovation.Examplesofthosefinancialinstrumentsarepublicandprivatedebtsecuritiesandderivatives.4)Whydobankersandregulatorsworryaboutapossiblecollapseofaninvestmentbank?Theyworryaboutapossiblecollapseofaninvestmentbankbecausesuchaneventwillhaveseriousimplicationsforthewholefinancialsystem,anditisvitaltoknowhowsuchinstitutionsevolve,howtheyhandlerisksandhowwellthoserisksarespreadaroundthefinancialsystem.5)Whichthreefactorscanexplainthehugeprofitforinvestmentbanks?Thosefactorsare:first,thealchemist'strickofturningdebt(mostlyleaden)intoderivatives(mostlyliquid);second,theemergenceofanewclassofleveragedclient(hedgefundsandprivateequity);third,seekingoutnewcapitalmarketsandclientsaroundtheworld.Meanwhile,inallthesepursuitsthebanksarenowusingtheirownmoney,todifferingdegrees.6)Whatdoestheexpression“thewildeast”referto?ThatexpressionreferstothenewmarketsemerginginEuropeandAsia.Theintroductionoftheeuroin1999andtherapidgrowthofeconomiesinthoseregionshaveattractedinvestmentbanks.7)WhatmakesLondonanimpressiverivaltoNewYorkasaglobalfinancialcenter?LondonhasbecomeanimpressiverivaltoNewYorkasaglobalfinancialcenterbecause:first,Londontradesawiderangeofassetsandisregulatedonthespot;second,LondonisahubforEuropeandcontinentEuropeancountriescanraisecapitalthere;third,LondonisalsoregardedasaspringboardforemergingmarketssuchasChinaandRussia.8)Howdoinvestmentbanksmanagetherisks?Investmentbankstrytofindthemosttalentedpeopletohandletheintricateassets;theymeasurethecorrelationsbetweendifferentfinancialinstrumentsinanattempttospreadrisk;theyinvesthundredsofmillionsofdollarsayearintechnologiestomeasureandstress-testrisks;theyalsotrytoboosttheirrisk-weightedcapital.9)Accordingtothetext,what’stherelationshipbetweenrevenueandriskinfinance?Therelationshipbetweenrevenueandriskisfundamentalinfinance.Risk-takingisawardedbypossiblehighrevenue.Lowriskoftenmeanslessrevenue.However,inordertogainmorerevenue,youneedtotakemorerisks.Youshouldcarefullycalculatetheriskandbalanceitagainstrevenuebeforehand,oryouwillpayahighpriceforfoolishinvestmentbet.10)Whichoneismoreimportanttothegrowthofthefinanceindustry,innovationorregulation?Basedonthetext,bothinnovationandregulationarevitaltothehealthygrowthofthefinanceindustry.Withoutinnovation,investorshavefewerplacestogainreturnsontheirmoneyandthoseseekingmoneywouldhavemuchmoredifficultiesinobtainingit.Thusinnovationbooststherapidgrowthoffinanceindustryandbringsbenefitstomorepeoplebothindevelopedcountriesanddevelopingcountries.However,innovationwithoutproperregulation,suchasthesecuritiesthatnooneknowshowtoexactlymeasuretheirrisk,couldleadthegrowthofthefinanceindustrytoadisastrousend.2.Fillineachblankofthefollowingsentenceswithoneofthephrasesinthelistgivenbelow:1)Thegovernmenthastakenmanymeasurestobringdownthepricesofoil.2)Employeesareaskedtokeepquietabouttheiryear-endbonus.3)Regulatorsdemandthemonopolycompanytosplitintosmallerentities.4)It’sreportedthatChinaTelecomplanstospinoffitsnetworkservicesunitinHK.5)Thetraffichadseizedupformilesbecauseoftheaccident.6)Accordingtothoserepresentatives,newforcesareatworkintherefiningindustry.7)Weshallneverknowhowshemanagedtoacquireherpromotion;thereisnowaytoaccountforit.8)AnationwidelawaimedatstampingoutpassivesmokinginpublicspacesinSwitzerlandcameintoforceonSaturday.9)Innovationswillbringaboutdramaticchangesinthisindustrialsector.10)Iwouldsaythat,onbalance,ithasn'tbeenabadyear.3.MatchthetermsincolumnAwiththeexplanationsincolumnB:AB1)liquiditycrisisa)abankthatprovidescheckingaccounts,savingsaccounts,andmoneymarketaccountsandthatacceptstimedeposits.62)leveragedbuy-outthepublicforthefirsttime.53)creditcrunchb)acompanyissuescommonstockorsharestoc)thesituationinwhichabusinessexperiencesalackofcashrequiredtogrowthebusiness,payforday-to-dayoperations,ormeetitsdebtobligationswhentheyaredue,causingittodefault.14)over-the-countersecuritiesd)theacquisitionofanothercompanyusingasignificantamountofborrowedmoney(bondsorloans)tomeetthecostofacquisition.25)initialpublicofferinge)afinancialinstitutionthatassistsindividuals,corporationsandgovernmentsinraisingcapitalbyunderwritingand/oractingastheclient'sagentintheissuanceofsecurities.86)commercialbankf)anaggressivelymanagedportfolioofinvestmentsthatusesadvancedinvestmentstrategiessuchasleveraged,long,shortandderivativepositionsinbothdomesticandinternationalmarketswiththegoalofgeneratinghighreturns.97)stresstestg)asharpincreaseintheinterestratesandastrongdecreaseinallocatedcredits.38)investmentbankh)aprocessthatmeasureswhetheroneinstitutionhasadequatecapitaland/orassetstorespondeffectivelytovarious,adversescenariosusuallypresentedbyacomputerprogram.79)hedgefundi)securitiestradedinsomecontextotherthanonaformalexchangesuchastheNYSE,etc.410)riskmanagementj)theidentification,assessment,andprioritizationofrisksfollowedbycoordinatedandeconomicalapplicationofresourcestominimize,monitor,andcontroltheprobabilityand/orimpactofunfortunateeventsortomaximizetherealizationofopportunities.104.TranslatethefollowingintoChinese：在去年信贷危机爆发的时候，联邦的监管者们向国内的各主要金融机构注入了数以百亿计美元，而他们这么做的原因在于这些银行是如此之大以至于官员们担心它们的破产将会拖垮整个金融体系。如今，这些银行中最大的几家甚至变得更大了。这场危机对控制着美国金融的不少巨头们而言很可能是件好事。由联邦政府安排的一系列兼并行动将陷入困境的银行平安地并入了更为安全稳定的企业中。这场危机还让幸存者们得以乱中重生，市场地位得到巩固，对消费者信贷拥有更大的控制权，并获得更多的盈利空间。如今，这个国家每十美元的储蓄中就有超过一美元是由摩根大通银行（J.P.MorganChase）掌控的，该银行则由华尔街的一些老字号机构组成。美国银行（BankofAmerica）和西海岸最大的银行------富国银行（WellsFargo）的情况也是如此，而前者在收购美林证券（MerrillLynch）时遭受重大损失，又因金融危机被政府部分收购。联邦政府数据显示，现在每两笔抵押贷款中就有一笔和每三张信用卡中就有两张是由以下银行发放的：上述三家银行，再加上由政府救助并拥有的花旗银行（Citigroup）。在去年九月金融体系几乎完全崩溃一年后，联邦政府的应对措施重新界定了美国人获得抵押贷款、学生贷款和其他信贷的方式，并高调主导了一场关于高管薪酬的全国性讨论。不过，在这场危机带来的所有后果中最让高层监管者们不安的是那些超大型银行却变得更大，而且它们之间的联系更为紧密。监管者们有两方面的担忧：一是消费者对服务的选择余地最终会越来越小，二是银行会认为如果事情弄砸了它们总会得到政府的支持。这一假设的保证意味着如果大公司认为联邦官员总会替它们收拾烂摊子的话，它们就会重操旧业，再次从事那些曾引起此次危机的高风险行为。这个名为“道德风险”的问题可以在一定程度上说明政府官员为何要严密监控那些获得了救助的银行------监督其高管的薪酬并审查其重要部门或分支机构的出售。除此外，此问题还促使奥巴马政府采取措施建立新的监管体系以防新危机的再现。此项计划还对大型金融机构设置了更高的资本标准，并授权政府可以接管各类陷入困境的金融机构以便逐步而有序地停止其业务。5.Fillineachofthefollowinggapswithoneofthesentencesgivenbelow:1)Yetinvestmentbankshaverecentlychangedoutofallrecognition.2)Iftheydecidedthepropertywasabargain.3)Inshort,investmentbankinghasmigratedfromanagencymodeltowardsaprincipalone.4)Itismakingbiggerbetswithitsowncapital,too.5)Themainengineoftransformationhasbeencompetition.6)Othershavegonefornichemarkets.SupplementaryReadingTheSecret'sOut:CanSwissBankingAdapttoScrutiny?1.Accordingtothearticle,what’sthekeytothesuccessofSwissbanks？A.Longhistory.B.Goodlocations.C.Reputationfordiscretion.D.Servicetoreducetax.2.WhichoneofthefollowingstatementsaboutBradleyBirkenfeldisNOTtrue?A.HehasworkedinGeneva.B.Heisjailedforhiswrongdoing.C.HewasforcedtogivesomeconfidentialdocumentstoU.S.officials.D.HewasaformerbankerofUBS.3.Accordingtothearticle,itismainly__________thatbuiltSwitzerland’swealth.A.speciallocalfoodB.well-developedtourismindustriesC.strictgovernmentadministrationandmanagementD.thebankingindustry4.AllofthefollowingstatementsarefeaturesofSwissbanksexcept_________.A.Mostofthemareprivatebanks.B.Theytrytogainasmanyregularclientsaspossible.C.Theypreferwealthypeople.D.Theyusuallyhavemanyforeignclients.5.AfterachangeinSwisslawpermittedUBStogiveU.S.officialsdetailsof4,450American-heldaccounts,_________.A.U.S.officialsstoppedtheirinvestigation.B.noactionshavebeentakenagainstUBS.C.manySwissfeltthattheywereoffended.D.UBScloseditsU.S.unit.6.Accordingtothearticle,allofthefollowingcountri