Q-13. An analyst has been writing research reports on a firm for many years. As part of the analyst’s continuing research efforts, the analyst allowed the firm to fly him to the firm’s headquarters 500 miles away and put him up in the guest quarters the firm had for all corporate visitors. In the current year, the firm is planning a secondary share offering that coincides with the tenth anniversary of the firm going public. When the analyst arrived at the headquarters, he found a new set of high-quality golf clubs as a gift to him. On the golf clubs was the firm’s logo, and the firm was giving the clubs to all visitors this year in honor of the anniversary and the IPO. Based upon this information, Standard I (B), Independence and Objectivity, has: A. Been broken because of the value of the golf clubs and the value of the trip to the headquarters. B. Been broken because of the value of the golf clubs. C. Not been broken because the trip is allowed and the firm is giving the clubs to all visitors. Solution: B. Modest gifts and entertainment are acceptable. Should commercial transportation be unavailable, modestly arranged travel may be accepted to participate in appropriate information gathering events. Q-14. Romar Brockman, CFA, is a sell-side analyst. Approximately half of Brockman’s compensation comes from his firm’s Investment-banking division. Brockman was asked to write a report about Anacortes Concrete (AC), an Investment-banking client. Despite concerns about the slowdown in concrete demand, Brockman issued a very positive report on AC. When issuing his report, Brockman least likely violates the CFA Institute Standard relating to: A. Loyalty to Employer. B. Loyalty, Prudence, and Care. C. Independence and Objectivity. Solution: A. The Standards require members to put client interests ahead of member and employer interests. As Brockman’s compensation is dependent upon investment banking revenues, Brockman may not be objective. When issuing the report, he is in jeopardy of violating Standards relating to Independence and Objectivity; Loyalty, Prudence, and Care; and Disclosure of Conflicts. Q-15. Kavily Poven recently left his job as a research analyst for a large investment adviser. While looking for a new position, he was hired by an investor-relations firm to write a research report on one of its clients, a small educational software company. The investor-relations firm hopes to generate investor interest in the technology company. The firm will pay Poven a flat fee plus a bonus if any new investors buy stock in the company as a result of Poven’s report. If Poven accepts this payment arrangement, he most likely violates the Code and Standards with respect to: A. Disclosure of Conflicts. B. Misconduct. C. Independence and Objectivity. Solution: C . If Poven accepts this payment arrangement, he will be in violation of Standard I(B) because the compensation arrangement can reasonably be expected to compromise his independence and objectivity. The agent option granted by Poven may compromise his objectivity.
1._______________ (通过体育锻炼)，we can always stay healthy. 2.According to the scientific research , _____________ (听音乐能使我们放松).Is this really true? 3.______________ (我们绝对不能)ignore the value of knowledge. 4.As is known to all, ______________ (假冒伪劣商品)harm the interests of consumers. 5.Faced with failure, some people can stand up to it, _____________ (从失败中汲取教训)and try hard to fulfill what they are determined to do. 答案及解析 1. By taking exercises 解析：通过锻炼，我们可以保持健康。其实这题答案不止一个。“锻炼”可以用名词也可以用动词短语。“通过”可以用by表示方式，through表示途径。 By taking exercises /Through exercises。往往by用于“by + doing”，而through后接名词哦。 2. listening to music enables us to feel relaxed 解析：“听音乐”在句中作主语，“听”应当处理成动名词形式。“能使我们放松”很多同学会采用 can make us feel relaxed的结构。其实，enable就有“能够使某人……”的含义，注意enable sb. to do 的表达。 3. On no account can we 解析：本题是强调语气，强调“决不能”，所以联想到on no account ,by no means, at no time, in no case等。不管用哪一个，都要注意它们是含有否定的意味的，因此在置于句首时应使用倒装语序。 4. fake and inferior commodities 解析：“假冒伪劣商品”包含两层含义：一是假货，二是次品，在翻译成英文的时候应该注意两层含义的正确译法。“假冒”不能用false而应选择fake，“次品”可以说inferior表示质量差，也可以用commodity of low quality。 5. draw useful lessons from it 解析：句意为：面对失败，有的人能够顽强抵抗，从中吸取教训，努力实现他们的目标。本句由三个并列的谓语成分构成，谓语动词分别是stand up to“汲取”和try。 推荐阅读： 读在职研究生会浪费很多时间吗? 在职联考gct逻辑练习题5.14 在职联考gct英语练习题5.14
http://www.numbersleuth.org/worlds-gold/ Embed this infographic on your site! All The World's Gold We here at NumberSleuth are all about exploring the world of numbers, and with this infographic we decided to take a look at the numbers behind the entire amount of gold in the world as well as other facts about gold. Below are a series of questions that we began with and the answers we discovered in our research. We believe that this is the most thorough and in-depth resource with facts about the world's gold on the Internet and we hope you have as much fun reading through the information as we did in putting it all together. 1. How much above-ground gold (gold that has been mined) is there in all the world? The best estimate at the end of 2011 is that around 165,000 metric tons (or tonnes) have been mined in all of human history. That’s about 181,881 ordinary tons or 363,762,732 pounds, or 5,820,203,717 ordinary ounces. Gold typically is measured in what are known as troy ounces, which are a little bigger than ordinary ounces (a troy ounce is 31.1034768 grams whereas an ordinary ounce is 28.3495231 grams). There are 32.1507466 troy ounces in a kilogram or 32,150.7466 troy ounces in a metric ton. “More than half of all humanity’s gold has been extracted in the past 50 years. Now the world’s richest deposits are fast being depleted, and new discoveries are rare. Gone are the hundred-mile-long gold reefs in South Africa or cherry-size nuggets in California. Most of the gold left to mine exists as traces buried in remote and fragile corners of the globe. It's an invitation to destruction. But there is no shortage of miners, big and small, who are willing to accept.” SOURCES: http://ngm.nationalgeographic.com/print/2009/01/gold/larmer-text , http://www.gold.org/about_gold , and http://minerals.usgs.gov . 2. How much gold gets mined per year worldwide? The table below shows world gold production from 1900 thru 2011. Production in 1900 was around 400 metric tons per year and has consistently moved up over the years. It is currently around 2,500 metric tons per year. The all time high was reached in 2001, with 2,600 metric tons of gold production worldwide. The total gold mined from 1900 to the present is just under 141,000 metric tons. Given that humans have mined a total of 165,000 metric tons over the course of history, that leaves just 24,000 metric tons mined before the 20thcentury. SOURCE: http://goldratefortoday.org/world-gold-production-1900-2010 . Year World Production (in metric tons) Average Price Total Dollar Value by Year Troy Ounces per Year 1900 386 $18.96 $235,297,168.04 12,410,188.19 1901 395 $18.98 $241,037,362.33 12,699,544.91 1902 451 $18.97 $275,064,748.01 14,499,986.72 1903 496 $18.95 $302,191,297.44 15,946,770.31 1904 526 $18.96 $320,638,109.81 16,911,292.71 1905 575 $18.92 $349,767,972.26 18,486,679.30 1906 608 $18.90 $369,450,659.33 19,547,653.93 1907 623 $18.94 $379,366,592.60 20,029,915.13 1908 668 $18.95 $406,983,440.91 21,476,698.73 1909 687 $18.96 $418,780,192.85 22,087,562.91 1910 689 $18.92 $419,113,274.59 22,151,864.41 1911 699 $18.92 $425,196,195.84 22,473,371.87 1912 705 $18.93 $429,072,611.36 22,666,276.35 1913 694 $18.92 $422,154,735.22 22,312,618.14 1914 663 $18.99 $404,789,795.47 21,315,945.00 1915 704 $18.99 $429,822,045.27 22,634,125.61 1916 685 $18.99 $418,221,734.38 22,023,261.42 1917 631 $18.99 $385,252,429.78 20,287,121.10 1918 578 $18.99 $352,893,667.85 18,583,131.53 1919 550 $19.95 $352,774,067.07 17,682,910.63 1920 507 $20.68 $337,092,861.92 16,300,428.53 1921 498 $20.58 $329,507,857.78 16,011,071.81 1922 481 $20.66 $319,496,758.31 15,464,509.11 1923 554 $21.32 $379,741,470.30 17,811,513.62 1924 592 $20.69 $393,797,776.72 19,033,241.99 1925 591 $20.64 $392,182,523.21 19,001,091.24 1926 602 $20.63 $399,288,481.22 19,354,749.45 1927 597 $20.64 $396,164,071.66 19,193,995.72 1928 603 $20.66 $400,533,358.13 19,386,900.20 1929 609 $20.63 $403,931,370.54 19,579,804.68 1930 648 $20.65 $430,215,570.40 20,833,683.80 1931 695 $17.06 $381,201,757.21 22,344,768.89 1932 754 $20.69 $501,560,006.15 24,241,662.94 1933 793 $26.33 $671,297,622.28 25,495,542.05 1934 841 $34.69 $937,975,205.02 27,038,777.89 1935 924 $34.84 $ 1,035,001,978.67 29,707,289.86 1936 1,030 $34.87 $ 1,154,729,429.96 33,115,269.00 1937 1,100 $34.79 $ 1,230,376,921.64 35,365,821.26 1938 1,170 $34.85 $ 1,310,930,617.24 37,616,373.52 1939 1,230 $34.42 $ 1,361,153,298.51 39,545,418.32 1940 1,310 $33.85 $ 1,425,676,631.86 42,117,478.05 1941 1,080 $33.85 $ 1,175,366,994.20 34,722,806.33 1942 1,120 $33.85 $ 1,218,899,105.10 36,008,836.19 1943 896 $33.85 $975,119,284.08 28,807,068.95 1944 813 $33.85 $884,790,153.97 26,138,556.99 1945 762 $34.71 $850,355,739.84 24,498,868.91 1946 860 $34.71 $959,719,076.46 27,649,642.08 1947 900 $34.71 $ 1,004,357,173.04 28,935,671.94 1948 932 $34.71 $ 1,040,067,650.30 29,964,495.83 1949 964 $31.69 $982,178,302.00 30,993,319.72 1950 879 $34.72 $981,204,777.40 28,260,506.26 1951 883 $34.72 $985,669,873.08 28,389,109.25 1952 868 $34.60 $965,576,942.49 27,906,848.05 1953 864 $34.84 $967,794,057.97 27,778,245.06 1954 965 $35.04 $ 1,087,132,485.23 31,025,470.47 1955 947 $35.03 $ 1,066,549,898.77 30,446,757.03 1956 978 $34.99 $ 1,100,205,621.82 31,443,430.17 1957 1,020 $34.95 $ 1,146,141,965.54 32,793,761.53 1958 1,050 $35.10 $ 1,184,915,765.94 33,758,283.93 1959 1,130 $35.10 $ 1,275,195,062.40 36,330,343.66 1960 1,190 $35.27 $ 1,349,408,630.77 38,259,388.45 1961 1,230 $35.25 $ 1,393,975,995.71 39,545,418.32 1962 1,290 $35.23 $ 1,461,145,335.51 41,474,463.11 1963 1,340 $35.09 $ 1,511,747,395.58 43,082,000.44 1964 1,390 $35.10 $ 1,568,602,775.87 44,689,537.77 1965 1,440 $35.12 $ 1,625,953,277.65 46,297,075.10 1966 1,450 $35.13 $ 1,637,710,805.68 46,618,582.57 1967 1,420 $34.95 $ 1,595,609,403.01 45,654,060.17 1968 1,440 $39.31 $ 1,819,938,022.34 46,297,075.10 1969 1,450 $41.28 $ 1,924,415,088.49 46,618,582.57 1970 1,480 $36.02 $ 1,713,943,440.95 47,583,104.97 1971 1,450 $40.62 $ 1,893,646,823.99 46,618,582.57 1972 1,390 $58.42 $ 2,610,762,796.76 44,689,537.77 1973 1,350 $97.39 $ 4,227,067,635.35 43,403,507.91 1974 1,250 $154.00 $ 6,189,018,720.50 40,188,433.25 1975 1,200 $160.86 $ 6,206,122,917.69 38,580,895.92 1976 1,210 $124.74 $ 4,852,685,798.37 38,902,403.39 1977 1,210 $147.84 $ 5,751,331,316.59 38,902,403.39 1978 1,210 $193.40 $ 7,523,724,814.85 38,902,403.39 1979 1,210 $306.00 $ 11,904,135,436.12 38,902,403.39 1980 1,220 $615.00 $ 24,122,705,173.98 39,223,910.85 1981 1,280 $460.00 $ 18,930,359,598.08 41,152,955.65 1982 1,340 $376.00 $ 16,198,832,166.94 43,082,000.44 1983 1,400 $424.00 $ 19,084,683,181.76 45,011,045.24 1984 1,460 $361.00 $ 16,945,372,503.00 46,940,090.04 1985 1,530 $317.00 $ 15,593,433,608.47 49,190,642.30 1986 1,610 $368.00 $ 19,048,674,345.57 51,762,702.03 1987 1,660 $447.00 $ 23,856,496,992.13 53,370,239.36 1988 1,870 $437.00 $ 26,273,268,614.05 60,121,896.14 1989 2,010 $381.00 $ 24,621,363,253.75 64,623,000.67 1990 2,180 $383.51 $ 26,879,689,566.27 70,088,627.59 1991 2,160 $362.11 $ 25,146,950,798.86 69,445,612.66 1992 2,260 $343.82 $ 24,982,197,512.99 72,660,687.32 1993 2,280 $359.77 $ 26,372,472,957.76 73,303,702.25 1994 2,260 $384.00 $ 27,901,703,929.34 72,660,687.32 1995 2,230 $383.79 $ 27,516,271,133.88 71,696,164.92 1996 2,290 $387.81 $ 28,552,592,579.19 73,625,209.71 1997 2,450 $331.02 $ 26,074,223,341.85 78,769,329.17 1998 2,500 $294.24 $ 23,650,089,198.96 80,376,866.50 1999 2,570 $278.98 $ 23,051,397,286.22 82,627,418.76 2000 2,590 $279.11 $ 23,241,610,748.33 83,270,433.69 2001 2,600 $271.04 $ 22,656,759,732.01 83,591,941.16 2002 2,550 $309.73 $ 25,393,029,398.27 81,984,403.83 2003 2,540 $363.38 $ 29,674,663,280.75 81,662,896.36 2004 2,420 $409.72 $ 31,878,185,430.62 77,804,806.77 2005 2,470 $444.74 $ 35,317,845,915.92 79,412,344.10 2006 2,370 $603.46 $ 45,982,004,217.47 76,197,269.44 2007 2,360 $695.39 $ 52,763,246,120.49 75,875,761.98 2008 2,290 $871.96 $ 64,198,237,862.22 73,625,209.71 2009 2,450 $972.35 $ 76,591,357,218.45 78,769,329.17 2010 2,500 $1,224.53 $ 98,423,884,335.25 80,376,866.50 2011 2,500* $1,560.85** $ 125,456,232,076.53 80,376,866.50 *Estimated value for 2011. **Cumulative average thru November 22, 2011, http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx . SOURCE: This table thru 2009 appears here: http://minerals.usgs.gov/ds/2005/140/gold.pdf . 3. But didn’t the Spanish get lots and lots of gold from the New World, especially from the Aztecs and Incas? In fact, the Spanish got much more silver than gold from the New World. In the 16thcentury, when production was in full swing, the Spanish only got 154 metric tons of gold, whereas they got 7440 metric tons of silver. Gold production in the new world for the entire the 16thcentury was thus less than half of what it was worldwide in 1900. Here is a comparison, decade by decade, of Spanish gold and silver production in the New World in the 16thcentury: Year value in millions of pesos gold (in metric tons) silver (in metric tons) 1503-1510 1.18 5 0 1511-1520 2.18 9.2 0 1521-1530 1.17 4.9 0 1531-1540 5.58 14.5 86 1541-1550 10.46 25 178 1551-1560 17.86 42.6 303 1561-1570 25.34 11.5 943 1571-1580 29.15 9.4 1119 1581-1590 53.2 12.1 2103 1591-1600 69.6 19.5 2708 SOURCE: http://mygeologypage.ucdavis.edu/cowen/~GEL115/115ch8.html 4. How much gold, really, is 165,000 metric tons (the total mined throughout human history) and 2,500 metric tons (the total that’s currently mined annually)? An Olympic swimming pool is 50 by 25 by 2 meters. It therefore contains 2,500 cubic meters of water. Each cubic meter of water is one metric ton. Gold is 19.3 times as dense as water. Therefore an Olympic swimming pool would contain 48,250 metric tons of gold. It follows that 3.42 Olympic-sized swimming pools could contain all the gold that’s ever been mined. Another way to imagine this is to think of all the gold in the world ever mined as a single cube. That would be a cube with each side just over 20 meters, or 67 feet, in length. Given that about 2,500 metric tons of gold is mined each year, this annual production of gold would fit in a cube whose sides were 5 meters, or 16.6 feet, in length. All the production of gold in the world for a given year would thus fit in a 20 by 30 foot room with an 8 foot ceiling. 5. Given 165,000 metric tons as an upper bound on available gold, how much does that leave to each human on the planet? Humanity has just hit the 7 billion mark. That leaves just under 24 grams of gold to each person on planet earth, or .76 troy ounces or .83 ordinary ounces per person. In an ordinary male gold wedding band at 18-karat purity, there are about 5 grams of pure gold. That means every person on planet earth could own about 5 gold rings. At the current price of $1,750.00 per troy ounce of gold, that leaves $1,326.00 in gold for each person on planet earth. “Gold production has increased by a factor of 2.1 from 1959 to 2010. At the same time, the world population has been multiplied by a factor 2.2. Thus we produced more or less the same amount of gold per inhabitant as in 1959.” http://www.forbes.com/sites/afontevecchia/2010/11/19/how-many-olympic-sized-swimming-pools-can-we-fill-with-billionaire-gold More Gold Facts
The list below details the 40 journals used by the Financial Times in compiling the Business School research rank, included in both the Global MBA and EMBA rankings. Accounting 1. Accounting, Organisations and Society (Elsevier) 2. Journal of Accounting and Economics (Elsevier) 3. Journal of Accounting Research (University of Chicago) 4. The Accounting Review (American Accounting Association) Entrepreneurship 5. Entrepreneurship Theory and Practice (Baylor University, Waco, Texas) 6. Journal of Business Venturing (Elsevier) General Management 7. Academy of Management Journal (Academy of Management, Ada, Ohio) 8. Academy of Management Review (Academy of Management) 9. Journal of International Business Studies (Academy of International Business) 10. Management International Review (Gabler) 11. Strategic Management Journal (John Wiley and Sons) Marketing 12. Journal of Marketing (American Marketing Association) 13. Journal of Marketing Research (American Marketing Association) 14. Journal of Consumer Research (University of Chicago) 15. Marketing Science (Informs) Organisational Behaviour 16. Journal of Applied Psychology (American Psychological Association) 17. Organization Science (Informs) 18. Organizational Behaviour and Human Decision Processes (Academic Press) Economics 19. Econometrica (Econometric Society, University of Chicago) 20. Journal of Political Economy (University of Chicago) 21. The American Economic Review (American Economic Association, Nashville) 22. The Rand Journal of Economics (The Rand Corporation) Finance 23. Journal of Finance (Blackwell) 24. Journal of Financial and Quantitative Analysis - NEW 25. Journal of Financial Economics (Elsevier) 26. Review of Financial Studies (Oxford University Press) Human Resource Management 27. Human Resource Management (John Wiley and Sons) 28. International Journal of Human Resource management (Routledge) Operations and IT 29. Information Systems Research (Informs) 30. Journal of Operations Management (Elsevier) 31. MIS Quarterly (Management Information Systems Research Centre, University of Minnesota) 32. Management Science (Informs) 33. Operations Research (Informs) Practitioners 34. Academy of Management Perspectives (AMP) 35. California Management Review (UC Berkeley) 36. Harvard Business Review (Harvard Business School Publishing) 37. Sloan Management Review (MIT) Other 38. Administrative Science Quarterly (Cornell University) 39. Journal of the American Statistical Association (American Statistical Association) 40. The Journal of Business Ethics (Kluwer Academic)
http://www.huffingtonpost.com/2013/02/12/top-one-percent-income-gains_n_2670455.html In the aftermath of the worst recession in decades, the richest Americans have been getting richer -- a lot richer -- while most Americans have gone the other direction. Add it all together, and the top 1 percent of households by income captured 121 percent of all income gains between 2009 and 2011, during the first two years of the economic recovery, according to new research by Emmanuel Saez, an economics professor at the University of California at Berkeley. (Saez is a renowned income inequality expert and winner of the prestigious John Bates Clark Medal, an award that the American Economic Association gives every year to the top economist under age 40.) How was the top 1 percent able to capture more than all of the recovery's income gains? They became 11.2 percent richer while the bottom 99 percent got 0.4 percent poorer, when accounting for inflation, according to Saez. Saez released the updated figures in late January after finding last year that the top 1 percent had captured 93 percent of all income gains in 2010, the first full year of the economic recovery. Overall, between 1993 and 2011, the top 1 percent's incomes surged 57.5 percent, while the incomes of the bottom 99 percent grew just 5.8 percent, according to Saez. (Hat tip: The New Republic's Timothy Noah .)
by Lina Zeldovich Do you diligently read product labels and ask dozens of questions before buying a toothbrush? Do you need to know exactly how a new face cream will repair your skin while you sleep? You’re probably an “explanation fiend 魔鬼；能手；成癖者 :" a consumer who makes decisions based on comprehensive research. On the other hand, if endless descriptions of features and functionalities bog you down 使你陷入困境 , you’re probably an intuitive buyer, or an “explanation foe,” a new study suggests . A team led by Philip Fernbach , professor of marketing at the University of Colorado, and Steven Sloman , a cognitive psychologist at Brown, found that consumers fall into two distinctive groups: intuitive shoppers who prefer only basic information about a product before bagging it, and data-driven buyers who seek full details. To identify their “shopping style,” study participants were evaluated on something called the Cognitive Reflection Test (CRT) . They answered three tricky questions, each of which had an intuitive answer that was incorrect and a correct answer that required a bit more deliberation. Nearly half of the participants got all three questions wrong, and only ten percent thought the questions through enough to get all three right. Individuals with high CRT scores proved to be explanation fiends who analyze and question every bit of information, while those who picked the intuitive, but wrong, answers turned out to be explanation foes, who see too much data as a burden. Both types of shopper want to understand how a product works before deciding its worth, but their methods of building that understanding are different. When "explanation fiends" learned more about a product, they trusted it more and were more willing to buy it. But "explanation foes" felt confident in their assessment of a product—even when they were light on information about it. Both fiends and foes 敌人；反对者；危害物 also had to generate their own explanations of how products work, thus revealing what they actually understood. Data-driven explanation fiends began with a conservative assessment of their understanding, which didn’t change once they explained their perception of the product. On the contrary, the intuitive explanation foes demonstrated something called "the illusion of explanatory depth:" They started with a strong sense of understanding that plummeted as they tried to explain what they actually understood. Being an explanation fiend or foe is an indication of personality, not intelligence, Fernbach notes. However, marketers might be able to predict how certain types of consumers will respond to varying levels of detail. “In the general population there will be more explanation foes than among technical population,” for example, Fernbach explains. “Engineers will be more interested in how things work than an average consumer.” Such knowledge, he says, can help marketers tailor the explanation level for the community of consumers they are targeting, satiating the thinkers and shielding v. 保护（shield的ing形式） intuitive minds from information overload. 文献下载地址： http://www.jstor.org/stable/info/10.1086/667782 若您无法下载 可求助
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