商务英语阅读(第二版) 王关富 Unit10 banking 课后答案

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1、Chapter10TheAlchemistsofFinanceExercises1.Questionsonthetext1)What’sthemaindifferencebetweencommercialbanksandinvestmentbanks?Intoday'sbusinessenvironment,themainbusinessofcommercialbanksistocollectdepositsandmakeloans,whilethatofinvestmentbanksistounderwritestocksan

2、dbondsandadvisecompaniesonmergersandacquisitions.2)Whydoinvestmentbankstrytokeepquietabouttheirbigprofits?Investmentbankstrytokeepquietabouttheirbigprofitsfortwomajorreasons:first,theyareundermorescrutinybyregulatorsandinvestors;second,privateequityandhedgefundshaveo

3、vertakentheminraisingmoneyandmakingexcessivebets.3)Whatchangeshavetakenplaceinthefinancialmarketssincethe1980s?Themainchangessince1980shavebeentherapidgrowthoffinancialinstrumentswithunprecedentedbreadth,depthandrichness,broughtoutbytechnologyandinnovation.Examplesof

4、thosefinancialinstrumentsarepublicandprivatedebtsecuritiesandderivatives.4)Whydobankersandregulatorsworryaboutapossiblecollapseofaninvestmentbank?Theyworryaboutapossiblecollapseofaninvestmentbankbecausesuchaneventwillhaveseriousimplicationsforthewholefinancialsystem,

5、anditisvitaltoknowhowsuchinstitutionsevolve,howtheyhandlerisksandhowwellthoserisksarespreadaroundthefinancialsystem.5)Whichthreefactorscanexplainthehugeprofitforinvestmentbanks?Thosefactorsare:first,thealchemist'strickofturningdebt(mostlyleaden)intoderivatives(mostly

6、liquid);second,theemergenceofanewclassofleveragedclient(hedgefundsandprivateequity);third,seekingoutnewcapitalmarketsandclientsaroundtheworld.Meanwhile,inallthesepursuitsthebanksarenowusingtheirownmoney,todifferingdegrees.6)Whatdoestheexpression“thewildeast”referto?T

7、hatexpressionreferstothenewmarketsemerginginEuropeandAsia.Theintroductionoftheeuroin1999andtherapidgrowthofeconomiesinthoseregionshaveattractedinvestmentbanks.7)WhatmakesLondonanimpressiverivaltoNewYorkasaglobalfinancialcenter?LondonhasbecomeanimpressiverivaltoNewYor

8、kasaglobalfinancialcenterbecause:first,Londontradesawiderangeofassetsandisregulatedonthespot;second,LondonisahubforEuropeandcontine