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郴州第一人民医院割包皮多少钱The economics of equity research股票研究经济学Analyse this分析分析The old model of stockmarket research is changing股市研究的旧模式正在改变。Sep 21st 2013 |From the print editionEQUITY research is meant to benefit both providers and recipients. It ought to help investors to allocate money more profitably. And the banks that give their clients free access to research hope that it will help them generate revenues from equity trading. But neither party is much satisfied by the conventional model.股票研究本应发行者和股东双双受益。应该帮助投资者更有利润的分配资金。为客户提供免费研究报告的希望这会帮助客户从股权交易中去的收益。但是双方对常规的模式都不满意。Start with the banks. A fall in trading revenues makes the economics of providing research less attractive. Between and 2013, total equity-trading commissions paid to brokers fell from .9 billion to .3 billion in America, and from euros 4.2 billion (.6 billion) to euros 3 billion in Europe, according to Greenwich Associates, a consultancy. The rise of passive investing and the sp of algorithmic trading have both reduced margins and dampened demand for research produced by and for humans.交易收入的下降使得经济学研究逐渐丧失吸引力。这从开始。根据咨询机构Greenwich Associates的数据,在年到2013年之间,在美国总股本交易中付给经纪人的佣金从139亿美元跌到了93亿美元,欧洲则从42亿欧元跌到了30亿欧元。被动投资的兴起以及算法交易的扩张都使得研究资料的利润率下降,需求也有所放缓。Nomura recently slashed its equity-research division to focus on its electronic-trading business, Instinet. Other banks are also cutting back. Global sell-side research budgets fell from a 2007 peak of .2 billion to just .8 billion in 2013, according to Frost Consulting. Sector coverage has contracted: banks now concentrate on large-cap sectors like oil, where trading volumes and revenue potential are higher.野村最近缩减了其股票研究部门,将注意力集中于电子交易公司Instinet。其他也正在削减研究部门。根据弗罗斯特咨询公司的数据,全球出售方的研究经费已经从2007年峰值的82亿美元降到了2013年的48亿美元。研究数据的行业覆盖率叶缩减了,现在集中在像原油等大宗商品行业,这些行业的交易量和收益潜力较高。Work has been shovelled to cheaper places to save cash. Much of Citigroup’s American equity coverage is now produced in Buffalo, New York. Deutsche Bank and J.P. Morgan have sent research work as far afield as India. Low-value-added tasks like data-crunching are not the only jobs being shipped out, claims Marc Vollenweider at Evalueserve, an outsourcing specialist. This process has its limits, however: client meetings still wholly happen face to face.工作都转移到了成本更低的地方以节省现金。花旗的美国股票报道现在在纽约的布法罗发出。德意志和JP根已经将研究工作转移到了印度。专业外包公司Evalueserve的Marc Vollenweider表示,不仅仅是像数据运算这些低附加值的任务被转移。但是,这个过程也有其局限性,客户会议仍然全部为面对面会议。The attitude of asset managers is also hardening. With research expenses “bundled” into commissions for executing trades, brokers tend to flood their clients with research reports in order to try to grab a larger slice of trading revenues. Asset managers leave most of them un. A survey by Britain’s CFA Society found that only 22% of its members thought this model best serves the interests of investors.资产管理公司的态度也在变硬。随着研究经费“捆绑”到执行交易的佣金中,经纪人往往给他们客户提供大量的研究报告,以此在交易收益中获得更大的比例。资产管理公司的这些材料大都没读过。英国CFA协会进行的一项调查发现,只有22%的成员认为这种模式最符合投资者的利益。Independent research outfits offer an alternative. Though small, their share of the “research vote”, an estimate of market share produced by Greenwich Associates, has grown since 2011. They are untainted by the conflicts of interest that bedevil banks offering research on clients, and that led to a 2003 settlement enforcing stricter separation of investment banking and research in America. In Europe “commission sharing agreements” have grown in popularity since they were introduced in 2003. These unbundle brokers’ commissions into costs for executing trades and costs for research, which clients can use to buy services from third parties.独立研究团队是另一个选择。尽管规模很小,但是据Greenwich Associates的市场份额数据,他们的“研究选择”比例自2011年来有所增长。他们受到长期困扰给客户提供调查报告的利益冲突的影响,这导致了在2003年美国出台了针对投资和研究机构更严格的分离。在欧洲,“佣金分成协议”自从2003年引入以来,已经变得越来越流行。这些自由的经纪人的佣金用于执行交易和研究的花费,客户可以用来从第三方购买务。Independent providers do not have an answer to every problem: making research on smaller firms profitable is a perennial issue. But they do offer radically different services from the banks’ unimaginative valuation models. Bespoke services are in demand. Hedge funds now use research dollars to pay for ground surveillance on the progress of mining or oil projects in Africa, in order to value them better. Others take to the sky. RS Metrics, a satellite-intelligence provider, has reported strong demand from the financial sector for its aerial-imaging services. Some funds even hire former intelligence agents, from firms like Business Intelligence Advisors, to test whether corporate bosses are massaging the truth in investor meetings.独立研究提供者不想回答所有问题:研究小公司获利是一个长期的问题。但是,他们确实提供区别于缺乏想象力的估值模型之外的完全不同的务。定制务是有需求的。现在,对冲基金运用研究资金付非洲矿业或石油项目进展的地面监测,为了更好的对这些项目进行估值。其他采取空中监视。RS Metrics是一个卫星情报提供商,该公司表示金融公司对他们的空中成像务需求强劲。一些基金甚至从类似商业情报顾问的公司雇佣了前情报人员考查公司老板们有没有在投资者会议上说实话。Old-style research is not about to die. Big banks retain 56.2% of the “research vote” (smaller brokers take another large chunk). Bank bosses still value the support research analysts can give their profitable investment-banking and corporate-advisory businesses. But with budgets under pressure and competition growing, the market is becoming more efficient.旧式研究不会消失。大的“研究选择”比例仍然在56.2%(稍小的经纪人占了剩下的比例)。老板仍人重视持研究分析给自己投资和咨询公司业务带来利润。但是预算压力以及竞争的增加使得市场变得更有效率。 /201309/258278郴州尖锐湿疣的治疗医院So now there are rumors and this is done,right?我听说 暮光之城破晓 已经拍完了 哈They keep saying that theres now gonna be more of at least another one.他们说还会有更多的续集出现 或者另外一集But thats not true,is that true?但这只是谣言 真的吗Its amazing,when theyre all talking about another one before this one not even come out.大奇怪了 现在这部还没拍出来呢 他们就在说另一部了Im not finish yet. right,yeah.And there is no more book.我还没拍完这个呐 亲 是啊 而且作者也不再写续集了Right,but you could kind of make up something after that,不过在 破晓 之后你可以再编点什么it doesnt have to be a book if it makes money and people love you不一定非得有小说原著 如果电影续集能大卖 大家有喜欢你们why wouldnt you make another one?Would you make another one?为什么不在拍一部呢 你们会拍下一部吗If there was an alien invasion and stuff.I was sort of thinking one day that they kind of...they sort of mixed up with the avengers or maybe just make it like twilight slash avengers.如果续集有外来物种入侵什么的 我想也许可以这么拍 某天 外来物种入侵 他们与复仇联盟的英雄们混在一起 或者电影就叫 暮光之城与复仇者联盟Thats actually a good idea.这可是个好点子I was also thinking another way of doing it is that make it look like Will grace,where Edward turns gay.我还想了另一个版本 就跟will grace差不多 不过eward 变弯了But they still stay together.And they raise the kid and everything.但是他们还是在一起了 他们共同抚养孩子 一起做所有的事情So you got some ideas,ha?Im writing some of these stuff down.你已经有点想法了 哈 我要把这点子记下来Maybe just combine that alien invasion.也许可以和外来物种入侵那段结合起来Thats right.Get my agent on the phone.太对了 快给我的经纪人打电话注:EllenShow中英字幕来源于:艾伦秀字幕组 /201311/264075郴州看男科哪家好?

郴州治皮肤科郴州哪有治疗性功能障碍South Africa is a country that always creates an impression.南非是一个总是为人营造一种印象的国家。We know all of its diverse population, the trouble history of apartheid and its rebirth as a global travel destination.我们熟知这个国家的多样化人口,争议的历史及其作为全球旅游目的地的重生。I’ve been a fan of this country for many years.多年来我一直是这个国家的粉丝。But this is my chance to go beyond the obvious South Africa,但这次是我探寻超越显而易见的南非的一次机会,to explore on foot and take time to see how life and stunning landscape work today in the new South Africa.徒步探索并花时间了解今天在新南非生命及惊人的景象。A country thats now keen to invite the world.一个现在热衷于邀请世界的国家。Hello and welcome to one of the most famous wildlife reserves in the world, the Kruger national park.你好,欢迎来到其中一个最著名野生动物保护区世界,克鲁格国家公园。201306/244802湘南附属医院治疗阳痿早泄Finance and economics财经商业The German courts and the ECB德国法院和欧洲央行It isnt over尘埃未定European monetary policy has not been given the reprieve markets believe市场相信:欧洲货币政策还未被宣布死缓AS A working rule, the shorter a statement the more it says.作为一项工作法则,言论越是短小精悍,越是意味无穷。A commitment made by the European Central Bank in September 2012 runs to fewer than 500 words, but it was enough to send the bond vigilantes packing.欧洲央行在2012年九月的一项承诺短短不过500字,却足以让那些债券治安员卷铺盖走人。The ECB promised to make unlimited purchases of the sovereign debt of governments on the ropes.欧洲央行承诺无限制购买那些陷于困境的政府的主权债务。These Outright Monetary Transactions, whose dreary name disguises their punch, proved so potent a deterrent that they never had to be deployed.这些直接货币交易的名字沉闷无趣,却隐藏着强大的冲击力。事实明,OMT威慑力大到实质上从不需要被调配。But if quiescent markets were to turn nasty again, requiring OMT to be fired, would the central bank be acting within its powers?但如果目前晴空万里的市场又要风波再起,以至于要发射OMT这枚炮弹,欧洲央行还能够安于自司其职吗?For more than a year the German constitutional court in Karlsruhe has been contemplating this question.一年多以来,在卡尔斯鲁厄的德国宪法法院都对此问题苦思冥想。Even though the place to decide whether a European body is abiding by European law is in Luxembourg at the European Court of Justice, the court in Karlsruhe insists on its right to examine whether the acts of a European institution are infringing the German constitution.虽然只有位于卢森堡的欧洲法院才能决定欧体是否遵循欧洲法律,位于卡尔斯鲁厄的德国法院仍坚持要审查欧洲央行的行为是否侵犯了德国的宪法。The judges finally issued a ruling on February 7th.法官们最终在二月七日作出裁决。The judgment of the majority was far harsher than the yes, but verdict that had originally been expected.除去八位中的两位以此案不应被受理为由而有所反对外,多数裁决的结果可比人们原来预想中行倒是行,不过…的判决书严厉多了。Instead the court found that the central bank had overstepped its mandate and that OMT was a backdoor to monetary financing of governments, outlawed under European treaties.法院认为欧洲央行已经越位行职,OMT实际成为政府货币融资的后门,而后者已被被欧盟条约取缔。But the markets heaved a collective sigh of relief as they noted that in an unprecedented move the court had referred crucial points in the case to the ECJ.不过,在得知德国法院史无前例的将此案中的关键点移交给了欧洲法院后,各大市场都松了口气。Since the European court is thought of as a champion of European integration, OMT should be safe in its hands.由于欧洲法庭被公认为欧洲一体化的拥护者,在那里OMT应该会相当安全。But referring points in the case to the ECJ does not mean deferring to it.但是把案子要点交给欧洲法院并不代表让它最后拍板。The view that the constitutional court has thrown in the towel is incorrect, says Bruno de Witte, a professor of European Union law at Maastricht University; rather the German judges have given their interpretation and are asking the ECJ for its views.宪法法院并没有自认失败,马斯特里赫特大学的布鲁诺·德维特如是说,这不过是德国的法官们在给出自己的解读之后寻求欧洲法院的观点而已。They will take these into account when passing their final judgment, based as before on whether OMT infringes Germanys basic law.他们会在达成最后判决之前把这些观点加以考量,而判决仍旧同之前一样会基于OMT是否违反了德国的基本法。If the European court simply upholds the ECBs defence of bond buying, which is that it lies squarely within the central banks monetary-policy mandate, then that could set the stage for a clash of the courts.如果欧洲法院简单粗暴的持欧洲央行购买债券的辩解,声称这完全在央行的货币政策职责范围内,那么这就为法院之间的冲突拉开了帷幕。Given how harsh its ruling has been, the German court might insist that, notwithstanding a favourable judgment from the ECJ, OMT is incompatible with the constitution.德国法院一向作风凌厉,即使欧洲央行做出对OMT有利的判决,它也许会坚称OMT与宪法互不相容。Though it could not prevail upon the central bank to revise OMT, the court could try to prevent the German Bundesbank from participating in it.虽然德国法院不能够凌驾于欧洲央行之上来修改OMT,法院依然能够阻止德国央行参与其中。Can such a battle between Karlsruhe and Luxembourg be avoided?这场卡尔斯鲁厄和卢森堡之间的冲突能够被避免吗?In effect the German court sets out its terms for a compromise.实际上德国法庭已经在法律条款上做出了让步,In the event of a restructuring, it does not want the ECB to be on an equal footing with private creditors, accepting losses like them on debt acquired through OMT.在重组方面,它并不想让欧洲央行像私人债权人一样通过从OMT取得债款的方式接受损失。The court also says that the policy should, where possible, avoid interfering with price formation which may refer to setting targets for bond yields.法庭同时声称政策在可能的情况下都不应该干涉价格形成。These demands could probably be met without defanging OMT.这些要求都能够在不削弱OMT的情况下被满足。The third stipulation—that purchases should not be unlimited—might castrate it.第三个规定—不能无限制购买—可能使得OMT力量全失。Yet even on this point there may be room for compromise by recognising that OMT does have effective limits since it would only target bonds between one and three years from maturity.不过即使是在这一点上仍旧有回旋余地,因为OMT专门购买在一到三年之间到期的债券,因此实际上是有有效限制的。At this level of judicial jousting, realpolitik rather than the strict letter of the law prevails.这种水平的司法角逐之下,现实政治绝对胜过法律条文。Though it might be tempting for the ECJ to slap down the constitutional court, Germany underpins the euro and the single currency is central to the integrationist project.虽然欧洲法庭可能想借机打击宪法法院,德国却是撑欧元的重要力量,而单一货币是欧洲一体化的核心。A face-saving fudge seems the most likely outcome; the ECJ after all sits in the city that gave its name to a paragon of the genre, the Luxembourg compromise on EU members voting rights.一通顾全面子的谎话或许是最有可能的结果。毕竟欧洲法院位于卢森堡, 针对欧盟成员国投票权签署的卢森堡协议,正是以这个城市命名的典型。The ECBs formal commitment of September 2012 may have been short, but it was a good deal longer than the impromptu vow made by Mario Draghi six weeks earlier to do whatever it takes to save the euro, which turned out to be OMT.欧洲央行 在2012年九月的承诺虽然简短,但是比起马里奥德拉基在六周前即兴发表的竭尽所能救欧元的誓言可长多了,而那个誓言最后演变成了OMT。In fact the ECB boss added a crucial and usually omitted rider to his pithy pledge: within our mandate.实际上央行老大在他简短誓词中加了一个常常被忽略的关键词语:在我们的职责范围之内。That qualification is now being spelt out by the judges.这个条件现在被法官们重点强调。When they have resolved the matter to their satisfaction it seems unlikely that OMT will be quite so mighty a weapon as it appeared to be when it was first unveiled.在他们圆满解决这个事情之后,OMT就不太可能像它初次露面时显得那样强大了。 /201402/277091郴州市中医院男科预约

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