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2018年11月19日 12:40:30 | 作者:度排名名医 | 来源:新华社
Business Dual-class share structures The cost of control 商业 双重股份制结构 控制的代价 The trouble with non-voting shares无选举股份的麻烦SHAREHOLDERS in News Corporation have only themselves to blame. When they entrusted Rupert Murdoch with their money, they knew he would not let them tell him what to do with it. The Murdoch family owns about 12% of the company but controls almost 40% of the votes, through a special class of shares which have superior voting rights. Such ;dual-class; share structures are quite common, especially at media firms. (The Economist Group has a version.) They can shield managers from stockmarket short-termism and hostile takeovers. But they cause problems, too.新闻出版公司的股东只能为他们的行为买单。当将自己的钱委托给鲁伯特·默多克时,他们知道他不会让他们告诉他该怎样处理这些钱。默多克家族拥有公司12%的股份,却控制着40%的股权,这更高的表决权就是通过一种特殊的股份标准实现的。这种;双重标准;股份制结构相当常见,特别是在传媒公司中。(经济学人合作团队就是个例子)。他们可以使经理人免受由股票市场短期损益和敌对的收购带来的损失。Two studies of American firms by Paul Gompers, Joy Ishii and Andrew Metrick, covering the years from 1994 to 2002, found that dual-class firms perform worse than comparable firms where all shares confer equal voting rights.两项由Paul Gompers,Joy Ishii 和Andrew Metrick三人进行的对美国公司的研究包括了1994年到2002年的内容,发现当所有股东商谈平等投票表决权时,实行双重标准的公司表现的比同类公司差劲。Dual-class firms are fonder of debt than equity, to prevent the dilution of controlling stakes. Yet surprisingly, their shares do not trade at a big discount on stockmarkets. A study by Chad Zutter and Scott Smart found that dual-class initial public offerings (IPOs) achieved only slightly lower price-earnings and price-sales ratios than comparable single-class IPOs。实行双重标准的公司更倾向于运用债务而不是资本金来降低控制风险。然而令人吃惊的是,他们的股份不会在股票市场上以很大的折扣进行交易。一项由Chad Zutter和Scott Smart主持的研究发现,双重标准IPO达到的跟同类单标准IPO公司相比只是轻微地降低了市盈率。Nor does this strange ownership model show any sign of going out of fashion. There were 12 dual-class IPOs in America last year, not far from the norm for the nine-year period in the 1990s studied by Mr Zutter and Mr Smart.但这种奇怪的所有权例子也没有任何过时的迹象。美国去年有12家进行双重标准IPO的公司,这与Zutter和Smart先生研究的20世纪90年代中实行的标准相差无几。Dual-class structures are not just a way for press barons to keep their hands on the hatchet with which they threaten governments. Internet firms love them, too, since they allow founders brimming with self-belief to raise cash without surrendering control. Googles IPO in 2004 involved two classes of share. LinkedIn followed suit this year. The IPO filings of Zynga and Groupon would also grant managers control over voting rights.双重标准结构并不只是一种让出版业大王高举斧头威胁政府的一种方法。因特网公司业很喜欢他们,因为他们允许创办人满怀自信地筹集资金而不听从别人的摆布。谷歌在2004年进行的IPO就实行了这种双标股份制。在接下来的几年里都是这样的。IPO档案管理者的Zynga和Groupon也会准予经理人对投票表决权进行控制。Investors who seek long-term gains may be happy to cede control if they think the boss is a genius. It worked for the holders of B shares in Warren Buffetts Berkshire Hathaway. It once worked for investors in Mr Murdoch, too. But tech punters have not been so lucky. The number of dual-class firms listed in America fell from 482 in 2000 to 362 in 2002 as the dotcom bubble burst. If the current internet boom follows a similar path, News Corporation shareholders will not be the only ones feeling second-class.找到长期获利的投资者也许会很高兴地把操纵权转让,如果他们认为老板是个天才的话。他曾经在华伦巴菲特的Berkshire Hathaway中为B股股东工作。他也曾经在默多克为投资者务。但技术投资者就不会这么幸运了。双重编制公司在美国的数量由于受到网络公司泡沫破裂的影响已从2000年的482家减少到2002年的362家。如果现今的因特网向同样地方向发展,新闻公司股东将不会是唯一感受到不被重视的人。 /201301/223229

Einstein has the sort of victory tour of the world.爱因斯坦赢得了世界胜利之旅的待遇。In America, newspapers were reporting his boat goes across the Atlantic, Einstein is coming.在美国,报纸报道他的船穿过大西洋,爱因斯坦就要来了。There are 15,000 people waiting to meet Einstein in Lower Manhattan.在曼哈顿下城有15000人等待着见爱因斯坦。This first theoretical physicist, he traveled all up and down the east coast, through the middle west.这是第一位理论物理学家,他通过西方中部游遍东海岸各处。Einstein is a total phenomena. 爱因斯坦是全部的一种现象。But more importantly for Einstein, the scientific community is still debating whether his theory is correct.但对于爱因斯坦更重要的是,科学界仍在讨论他的理论是否正确。And the more attention Einstein gets, the more his theory is thrown into doubt.爱因斯坦得到的关注越多,他的理论也越陷入质疑。Einstein is being exposed to increasing criticism of his theory of relativity.爱因斯坦的相对论暴露出越来越多的批评。People said we have to re-do the test.人们表示我们必须从头再次进行测试。In September of 1922, a total solar eclipse will be fully visible in Australia.在1922年的9月,日全食将在澳大利亚完全可见。And William Wallace Campbell sees an opportunity to set the things right once for all.而威廉·华莱士·坎贝尔看到了重来一次的机会。He started making plans to completely re-do his equipment.他开始重新制定计划,完全重新订制他的设备。Completely re-design, re-design entirely with this measurement in mind.完全地重新设计, 用头脑中的计算完全重新设计。注:听力文本来源于普特201205/184631

Going back, say, ten years ago, would you ever imagine that you would have been able to tell what colour any dinosaurs would have been?回首过去,比如十年前,想象一下,你还能辨别出每一种恐龙可能是什么颜色吗?No, I mean I think at that time I would have said that its one of the things we will never know. And so we just focus up and see what weve got here.不能。我想那时候我会说这件事我们永远不会知道。所以我们只是专注起来,看看我们在这里留下的。Using a scanning electron microscope, Mike can find clues about the pigmentation of these ancient fossil feathers. 在电子扫描显微镜的帮助下,迈克可以找到有关这些古老化石特征的线索。And if we just have a look at this, the required time amount of locations, thats 9,000 times.如果我们只是看这个,需要放大倍数为9000倍。All these sausage shapes then are melanosomes, and then a living feather.所有这些香肠形状都是黑素体,然后是逼真的羽毛。They would be full of the chemical melanin, which would in fact give the colour.他们会充满化学黑色素,这些才是真正有颜色的原因。And these sausage-shaped ones are a sure indicator of a particular kind of melanin, which is the one that gives a black or dark brown colour.这些香肠形状的东西是一个特殊黑色素的标志,也是羽毛显现出黑色或者棕色的原因。So in some cases like this, the field of views is completely packed with the sausage-shaped ones.所以在某些情况下,能看见这一块地方充满了香肠形状的物质。So we know this must have been intensely black. If they were more loosely spaced, we would know it was a paler colour, maybe dark brown or even gray.所以我们知道这里一定是密集的黑色。如果他们是比较松散的排列的,它就会呈暗淡的颜色,也许是深棕色或者是灰色。So is it just really the presence or absence of the black pigments that you are able to ascertain?那么你能够确定它是真的存在或缺少黑色的色素吗?Well, the wonderful thing is there is another form of melanin that gives a ginger colour.嗯,奇妙的是,还有一种形式的能够呈现出姜色的黑色素。And so, and it is packaged in a different shape of melanosome, not this kind of cigar-shaped or sausage-shaped one, but a spherical one, a little ball. Close it up. We get the vacuum going.所以,它存在于一个不同形状的黑色体中,不是这种雪茄型或者香肠型的,而是球形的,一个小球。这块地方还有很大的空间。A sample taken from a different fossil shows what the structures that carried this ginger pigment look like.从另一个化石中取得的样品看起来像姜的形状。Thats entirely different. This surface looks as if theyve taken a melon baller and scooped up lots of little spherical hollows.这是完全不同的。表面上看起来好像是他们搓球机在球的表面制作了很多凹槽。So what colour would these melanosomes have made?所以这些黑色素造成了什么颜色?This is definitely ginger. And if you look at this ginger hair from a man of our human being, thats what you see ourselves.很明显是姜黄色。如果你看到一个人的头发是姜黄色的,那么你看到的就是你自己。So is it relatively easy to compare your dinosaur feathers with whats aly known about, the feathers of a living bird, to get that comparison to know what colours you were looking at here?因此通过已知的存活的鸟类的羽毛去比较恐龙的羽毛相对容易些,这样你就可以知道你在这里看到的是什么?We can put the specimens in one after the other. There is the modern one. There is the fossil. Spot the difference.我们可以将标本一个接一个的摆放。有现代的,也有化石。观察它们的区别。No difference at all. And who on earth would have thought a dinosaur was close to a bird?一点差别都没有。到底谁会觉得恐龙会和鸟有相似之处呢?But here we are, you know, its kind of proved in the skeletons. And now if you like, proved in the melatonin of the feathers.但是我们会,你知道,在骨骼上这已经得到实。现在如果你还想了解,可以实在羽毛的褪黑激素里。201302/225772

Books and Arts; Book Review;Fiction from Argentina;The price of love;文艺;书评;阿根廷小说;爱的代价;The juntas policy of eliminating its enemies still fascinates Argentinas novelists;军政府清除异己的政策至今仍吸引着阿根廷小说家;Purgatory. By Tomás Eloy Martínez. Translated by Frank Wynne.《炼狱》,Tomás Eloy Martínez著,Frank Wynne译。An Open Secret. By Carlos Gamerro. Translated by Ian Barnett.《公开的秘密》,Carlos Gamerro著,Ian Barnett译。Open Door. By Iosi Havilio. Translated by Beth Fowler.《敞开的门》,Iosi Havilio著,Beth Fowler译。7 Ways to Kill a Cat. By Matías Néspolo. Translated by Frank Wynne.《杀死一只猫的7种方式》,Matías Néspolo著,Frank Wynne译。It seems appropriate now that Argentinas investigation into the fate of its desaparecidos—the 8,960 people officially known to have “disappeared” under the military dictatorship of 1976-83—was headed by a writer. Ernesto Sábato, who died in April at the age of 99, described his task as a “slow descent into hell”. Ever since “Never Again”, his 1984 report on the “dirty war”, generations of Argentine novelists have followed Sábato into the inferno.1976-83年,在这段军事独裁时期阿根廷有8960人被官方确认为 “失踪”,对这些失踪者命运的调查,可以说走在最前沿的是一位作家。Ernesto Sábato,今年4月逝世,终年99岁,他将这项工作描述为“缓缓沉入地狱”。自从他对这场“肮脏战争”的报道《再也不会》(Never Again)于1984年发表后,一代代阿根廷小说家跟随Sábato走入这段地狱般的历史。For Argentine society, the chapter never closes. Continuing revelations about hundreds of adopted children who were abducted with their parents, or born in custody, have resulted in DNA tests and legal challenges by a campaigning group, “Grandmothers of the Plaza de Mayo”. Two of these fine recent novels revisit events during the junta. The others—both exceptional debuts—focus on a disturbing present, yet are haunted by unexplained disappearances.对于阿根廷社会来说,这一篇章永不会结束。当年数百儿童随父母一同遭到绑架,有的或出生在拘留所中,这些儿童随后被他人收养。随着他们身世不断被揭开,一个名为“五月广场祖母协会”的人权组织呼吁进行DNA鉴定,并质疑法律的公正性。最近一批优秀小说中有两部回顾了军政府时期的事件。其余几部均是杰出的处女作小说,故事围绕现代生活展开,但人们同样被不明原因的失踪事件困扰,终日惶惶不安。Tomás Eloy Martínez (pictured above), a prominent journalist, novelist and academic who spent years in exile and died in 2010, is known for his explorations of the psychology of Peronism, among them “Santa Evita” (1995). In “Purgatory” (2008), his last novel, an Argentine cartographer in suburban New Jersey senses that her husband has returned to her, no older than when he disappeared 30 years earlier. After years of searching, she remains impervious to evidence of his death as it would confirm that her father, a cheerleading propagandist for the junta, connived in his killing. The novel alludes to the mixture of hypocrisy and collusion that characterised that period, and the banal sentimentality of its distractions—flying saucers, soap operas, fatherland and fútbol (the infamous 1978 World Cup hosted and won by Argentina). The heroines state of denial and her ghostly and erotic delusions mirror a country still struggling with reality.托马斯·埃洛伊·马丁内斯(Tomás Eloy Martínez)(见上图)是一位杰出的新闻工作者、小说家和学者,曾度过数年流亡生活,在2010年去世。他以庇隆主义心理学研究著称,代表作《圣埃维塔》(Santa Evita)(1995)。《炼狱》(Purgatory)(2008)是马丁内斯的最后一部小说。家住新泽西郊区的阿根廷制图师终于与丈夫重聚,但她发觉丈夫和30年前失踪时一样年轻。这些年她不停寻找,虽有据明丈夫的死亡,但她始终不为所动,因为这也可能实她的父亲,一名军政府高级参谋,参与了这起谋杀。小说影射了当时社会的伪善,人与人相互勾结,精神生活和日常消遣平庸乏味——飞碟、肥皂剧、谈论国事和足球(由阿根廷举办并夺冠的不甚光的1978年世界杯)。小说中的女主角拒绝接受现实,终日魂劳梦断,反应出一个国家仍在与现实抗争的社会现状。Craven complicity is at the heart of Carlos Gamerros “An Open Secret”, a literary thriller first published in 2002 that has the makings of a classic. The perfect crime is “one committed in the sight of everyone—because then there are no witnesses, only accomplices.” A veteran of the war in the Falklands (or Malvinas as they are known in Argentina) returns in the 1990s to his hometown in the pampas to probe the disappearance in custody of a troublesome young journalist during the weekend of Diego Maradonas football debut 20 years earlier. He finds a “conspiracy of chattiness” rather than of silence, over a murder the whole town was in on.懦弱的同谋是Carlos Gamerro小说《公开的秘密》(An Open Secret)的中心内容,该书最早出版于2002年,是一部有实力成为经典作品的惊悚小说。完美的犯罪是“众目睽睽之下的犯罪——因为这样没有目击者,只有同谋。”一位参加过福克兰群岛(阿根廷称之为马尔维纳斯群岛)战争的老兵上世纪90年代回到他在潘帕斯草原的家,对一起事件进行调查:20年前迭戈·马拉多纳首次登场比赛,就在那个周末,一个被拘留的麻烦缠身的年轻记者莫名失踪。他发现这并不是一场沉默的阴谋,而是“人人都在谈论的阴谋”,这起谋杀在全城人尽皆知。Mr Gamerro, who was born in 1962, departs from a previous generations reverence for eyewitness testimony and memorialising the dead. The tone is hard-boiled, its cynicism alleviated by rare lyrical flights, and the desaparecido emerges as a spoilt mamas boy and unsavoury womaniser. The “involuntary martyr” is no hero. The perspective is that of a generation seeking the unadulterated truth about their parents and grandparents during the “dirty war”—and hence their own identity. Amid the torrential self- justification of the townsfolk, from barbers to bankers, the subject becomes language itself, which is used to excuse and obfuscate. The stark epigraph is from William Burroughs: “To speak is to lie/To live is to collaborate.”Gamerro出生于1962年,对于历史见者的言和对死者的纪念方式,他没有像上一代人那样完全表现出敬畏。小说语调冰冷,偶有的情感抒发使文章少了些愤世嫉俗之感。失踪者被塑造成受妈妈宠爱的男孩的形象,喜欢拈花惹草,令人反感。“非自愿的牺牲者”绝非英雄。作者将视角投向一代人追寻真相,探查“肮脏战争”期间父辈和祖父辈最真实的经历——同时这也是对自己身份的探寻。从理发师到家,市民们自我辩护的话语铺天盖地而来,人人自顾开脱,令真相扑朔迷离,而这部分语言也构成了小说的主体。书中令人警醒的题词源自威廉·柏洛兹(William Burroughs)的语句:“语言即谎言/生存即勾结。”The bereaved mother in “An Open Secret” appears mad, though the madness is all around her. In “Open Door” by Iosi Havilio, who was born only in 1974, Argentina resembles an asylum. A young veterinary assistant relates how her female lover went missing. She fears that she may have seen her commit suicide off a bridge in Buenos Airess old port. Between trips to the morgue to identify corpses, she visits a pampas village named Open Door, after the psychiatric hospital that was founded there in 1898 as an “agricultural work colony”. In the countryside she moves between two partners: an ageing gaucho—whose name is the same as his ailing horse, Jaime—and an amoral, druggie country girl with plaits.《公开的秘密》中失去儿子的母亲显得有些精神失常,事实上这种荒诞不经充斥于她周边。《敞开的门》(Open Door)作者Iosi Havilio,是一位出生于1974年的年青作家。在阿根廷,open door被视为精神病院。故事中一个年轻的兽医助理在叙述她的女朋友失踪的情形。她似乎看到她从布宜诺斯艾利斯旧港口的一座桥上跳了下去,她很担心。在几次前往太平间辨认遗体的过程中,女主角拜访了一个潘帕斯小镇。小镇名叫敞开的门,是以1898年在此建成的精神病院得名,这里一直是“农业耕种殖民地”。在乡下她往返于两个情人之间:一个是老成的高楚牧人——名字和他的病马一样,Jaime;另一个是梳着辫子,不明事理、吸毒成瘾的乡下女孩。As sexual encounters unfold in the womans alienated voice, the characters merge with the village “loonies”. Events, like interchangeable lovers, have equal weight, from a stable fire to the brewing of maté tea, in an ambiguous tale that verges on dark comedy. A suspected UFO turns out to be the spotlit film set for a commercial. In an asylum without walls, there is “nothing to limit the illusion of absolute liberty”; ultimate control is when people no longer feel they are being coerced. With skill and subtlety, the novel hints that a whole society might labour under an illusion of liberty, manipulated by forces outside the frame.故事在女主角迷茫的声音中继续上演,浪漫情事随之展开,书中人物逐渐加入到小镇“疯子”的行列。对于女主角和各位情人之间发生的各种故事,作者给予了同等的笔墨,从描写马厩的热火到冲泡马黛茶的情节,整个故事寓意隐晦,充满黑色喜剧味道。一个疑似UFO的物体原来是为商业广告设置的聚光灯。在没有围墙的精神病院,“可以无限幻想绝对自由”;当人民不再感到压迫,即是统治的最高境界。小说巧妙地暗示了整个社会都在一种自由的假象下劳作,而操纵这一切的是的势力。What those malign forces might be is more explicit in “7 Ways to Kill a Cat” by Matías Néspolo, another debut novelist of Mr Havilios generation. His shantytown tale from southern Buenos Aires, which recalls the “City of God” slum in the Rio favelas, is set during Argentinas 2001 financial crash, with protesters defying tear gas, from teachers to lorry drivers. It opens in a barrio at the “wolfs mouth”, where the asphalt and streetlights give out, with two peso-less youths butchering a cat for meat. As they become embroiled in a lethal turf war between drug lords, the narrator, Gringo, probes the mystery of his mothers disappearance, and that of his cousin—a reformed gangster turned pavement hawker.这些邪恶势力究竟是什么,《杀死一只猫的7种方式》(7 Ways to Kill a Cat)对此进行了详尽的记述。作者Matías Néspolo,与Havilio是同时代人,也是一位初次亮相的作家。小说以2001年阿根廷经济危机为时代背景,当时从教师到卡车司机,都参与到抗议者队伍中,公然反抗警察镇压。这部窝棚区故事取材于布宜诺斯艾利斯南部,让人想到位于里约贫民窟的“上帝之城”贫民区。故事在有着“狼口”之称的地区展开,这是柏油路和路灯的尽头,两个身无分文的青年为了填饱肚子正在宰杀一只猫。之后他们卷入与毒枭争夺地盘的致命斗争,故事的叙述者Gringo对两起神秘失踪事件展开调查,一位是他的母亲,另一位是他的表兄——曾是一个恶棍,改过自新后成了街边小贩。Gringo, torn between moral scruples and the need to “look after number one”, learns that there are only two ways to kill a cat: civilised or savage. A police crackdown on the marchers prompts him to retaliate in what he sees as a “seriously civilised fashion”. One of the characters in “An Open Secret” claims bitterly that in Argentina, “the winners make history and the losers write it.” To judge from these novels that scour the past and mourn the future, it seems nobody won.Gringo在道德和“一己私欲”之间倍受折磨,他意识到杀死一只猫只有两种方式:文明的方式或野蛮的方式。警察对游行者的镇压迫使他以一种自认为“极度文明的方式”展开报复。《公开的秘密》中有人曾悲愤地说,在阿根廷“胜利者创造历史,失败者记录历史。”纵观这些追寻过去、忧心未来的小说,这里似乎并没有赢家。 /201301/219189

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