To; Roberts. hifi. co. uk

From; Dave@electricalsupplies.com

We are sorry that our computer ordering system broke【16】______last week. The system is now up and【17】______(run) again, but we think the goods you ordered will arrive two or three days late. I think the goods you’ve just ordered should arrive【18】ar______Thursday. Thanks a lot for telling us about the problem with the ZP200. You' 11 be【19】pie______to know the problem’s been put right now.

Regarding the exhibition you' re organizing: It seems you want to return the goods you don’t sell. We' re certainly interested, but could I ask for more【20】det______ before I let you know? Finally, just【21】______tell you, as of May 1, our warehouse will be open 24 hours a day.

Dear Ms Roberts,

We would like to【22】ap______for the failure of our computer ordering system last week. Please be reassured that the goods ordered will only be【23】de______by two or three working days. The estimated arrival time for your【24】______(late) order is Thursday.

We are【25】gra______to you for reporting the defect in the ZP200 model. We are happy to announce that the defect has now been remedied.

You mention the【26】______ (possible) of taking goods from us on a " sale or return" basis at an exhibition you are organizing. We can certainly【27】con______our interest, but we would like to request【28】______(far) information before we commit ourselves to a【29】______.

Please be advised【30】______as of May 1 our warehouse will be open 24 hours a day.

Yours sincerely,

David Smith

(16)

When Robert Shiller, a Yale economist and bestselling author, told a crowd of finance professors and economics students last spring that only 10 percent of his money was invested in stocks, they gasped.

Managers might suggest anywhere from 50 to 90 percent. But 10 percent? This was heresy.

How about 0 percent?

That's the share that investors should plow into domestic stocks, according to Ben Inker, director of asset allocation for Grantham, Mayo, and Van Otterloo & Co. (GMO), a money-management firm with some $85 billion in assets.

Welcome to a contrarian view of today's equity markets. A small but vocal band of heretics is calling into question not only the profit potential of stocks but also the foundation for conventional wisdom about investing. Even for those who disagree with them, their arguments serve as a reality check for the market.

Are conventional portfolios really as safe as experts say?

"Don't be surprised that the Wall Street brokerage firms spend most of their time telling you that stocks are cheap," warns Mr. Inker. "Wall Street likes the market. It likes trading. Wall Street makes a lot more money off of trading stocks than trading bonds."

The trick is to determine your portfolio's exposure to risk, analysts say. And that depends to a surprisingly large degree-on how diversified it is and how long you're prepared to stay the course. These are key elements of "modern portfolio theory,", which came into being in the 1950s and eventually won its creator, Harry Markowitz, a Nobel Prize.

Essentially, portfolio theory holds that investors reap the greatest return with the least risk when they allocate their money among diverse classes of assets, hold them for the long term, and rebalance the portfolio when the various classes of assets stray too far from their original allocation.

To make it work, you need to own asset classes that don't move in lock step, make accurate estimates of their future returns, and use a very long time horizon. A miscalculation in even one of these steps, however, can seriously hurt the prospects for reaching your ultimate goal.

"The long-term nature is the driving force of the portfolio," says Jerry Korabik, vice president of Ibbotson Associates, a Chicago-based asset allocation adviser. "All of our clients are institutions, and we develop portfolios with 10-, 20-, even 30-year time horizons."

Riding the roller coaster

Thus, investors should never try to get in and out of the market at specific times, the theory holds. Instead, they should ride the inevitable ebb and flow of prices. If they have allocated their money correctly, some portion of their portfolio will almost always be making money. By rebalancing their portfolios periodically-selling off some of the winning asset classes and buying more of the losers- they are continually buying low and selling high, at least in a relative sense.

This buy-and-hold strategy has won over hordes of investors. The average Fidelity retirement account has nearly 60 percent of its money in stocks, a recent study found. The overall average for retirement accounts: 61 percent, according to the Employee Benefit Research Institute. Even equity allocations for college and university endowments hover around 57.1 percent, says the National Association of College and University Business Officers.

The problem is that investors sometimes have to be extraordinarily patient for the strategy to pay off. In 1981, for example, the S&P 500 Index stood at the same level it first achieved in 1965. Today, the index is about 30 percent lower than its peak in 2000. Do investors really have to put up with such long periods of losses?

Profits of impatience

No, say a small contingent of money managers. By avoiding the stock market as their primary engine for profit during the past five years, several of the

A．the fund's performance during the 1990s is very poor

B．the fund lost money during the 1990s

C．the fund did exceedingly well during the 1990s

D．the fund's profits were not good enough

Forty years ago, a historic document was signed in Rome that was to change the economic outlook and the future of many countries in Europe. That document was the Treaty of Rome, and this year, on March 25, 1997, the European Union celebrated the 40th anniversary of its signing. A revised draft treaty on European Union (The Maastricht Treaty) was presented in Rome on that date. (1) The revised Treaty is a continuation of the process towards integration of the countries of Europe that began in 195'7.

(2) The Treaty of Rome was a historic milestone on the road to European integration, but the foundations had been laid almost ten years earlier. In the aftermath of world War Ⅱ on May 9, 1950, Robert Schuman, Foreign Minister of France, proposed the pooling of coal and steel production as part of a Franco-German union.

Six founding countries signed the Treaty of Paris in 1951 to form. the European Coal and Steel Community (ECSC). A single market in coal and steel was to be set up among signatory countries. (3) Within a few months, all customs and discriminatory practices were swept away. For the coal and steel industries at least, frontiers ceased to exist. The Schuman Plan, as it was known, was the first step towards a united Europe. The signatory countries—Italy, France, Germany, Belgium, Luxembourg and the Netherlands—formed the building blocks of what know today as the European Union.

Six years later European leaders such as Konrad Adenauer, Paul-Henry Spaak and Jean Monnet thought it time to apply the same approach to the entire economies of the six members of the ECSC. (4) The Treaty of Rome established the European Economic Community (EEC) and the European Atomic Energy Community (Euratom) in 1957 and, in effect, marked the ‘relaunching of Europe’ after the devastating of World War II.

The EEC's immediate objectives were the establishment of a customs union to promote the four freedoms envisaged by the Treaty of Rome: the free movement of goods, persons, services and capital between the Member States. The Treaty also provided for a number of common policies in areas such as agriculture, external trade, transport and competition. (5) Its aim was to construct a common space in which national and common policies united to ensure stronger economic growth than was possible through the achievements of Member States acting individually.

A further advance took place in 196'7, when the executives of the three communities were merged to form. the European Community. The European Community was to be served by four main institutions—the European Commission, the Council of Ministers, the European Parliament and the European Court of Justice.

Ryder Wholesale Medical Supplies Ltd.

To: Mr. Frank Connoirs, Security Manager

From: Mr. Victors, Security Supervisor

Date: March 15th, 2009

Subject: Incident Report—Damage to Medical Equipment

Occurrence:

Date: March 14, 2009

Time: 10 : 30 p.m.

Location: Warehouse, Ubi Road

Description: While on patrol at the equipment warehouse, I noticed that the newly arrived equipment was very wet and had been severely damaged by water leaking through the ceiling.

Immediate actions taken:

a) The affected equipment was immediately removed from the damp area and dried by using blankets.

b) I made temporary repairs to stop the water entering the ceiling.

c) The matter was reported verbally to the Warehouse Manager at 7 : 00 a. m. today.

Findings:

A small team consisting of Mr. Smith (Maintenance), Mr. Robin (Warehouse Manager), and myself (Security), investigated the damages to the warehouse roof.

It was discovered that several parts of the roof were very weak indeed and in urgent need of repair. It was also found that the weakest part of the roof appeared to be over the equipment storage area.

Conclusions:

It appeared from our observations that recent heavy rain had weakened several parts of the roof, and that this was the cause of the water entering the warehouse.

Maintenance Department has agreed to make temporary repairs to the roof to stop water from entering the warehouse and provide temporary measures to protect equipment in the warehouse.

Recommendations:

It is strongly recommended that permanent repairs be carried out on the roof so as to solve the problem of water damage to equipment.

Victors Grow

Security Supervisor

What is the main function of this passage?

A．To report an incident of damage to the security manager

B．To narrate an incident of water leakage in his company

C．To describe the damage to the medical equipment to the general manager

D．To ask the security manager to repair the medical equipment

The following scenario relates to questions 6 to 10.

Ring Co has in issue ordinary shares with a nominal value of $0·25 per share. These shares are traded on an efficient capital market. It is now 20X6 and the company has just paid a dividend of $0·450 per share. Recent dividends of the company are as follows:

Ring Co also has in issue loan notes which are redeemable in seven years’ time at their nominal value of $100 per loan note and which pay interest of 6% per year.

The finance director of Ring Co wishes to determine the value of the company.

Ring Co has a cost of equity of 10% per year and a before-tax cost of debt of 4% per year. The company pays corporation tax of 25% per year.

Using the dividend growth model, what is the market value of each ordinary share?

A.$8·59

B.$9·00

C.$9·45

D.$7·77

What is the market value of each loan note?A.$109·34

B.$112·01

C.$116·57

D.$118·68

The finance director of Ring Co has been advised to calculate the net asset value (NAV) of the company.

Which of the following formulae calculates correctly the NAV of Ring Co?

A.Total assets less current liabilities

B.Non-current assets plus net current assets

C.Non-current assets plus current assets less total liabilities

D.Non-current assets less net current assets less non-current liabilities

Which of the following statements about valuation methods is true?A.The earnings yield method multiplies earnings by the earnings yield

B.The equity market value is number of shares multiplied by share price, plus the market value of debt

C.The dividend valuation model makes the unreasonable assumption that average dividend growth is constant

D.The price/earnings ratio method divides earnings by the price/earnings ratio

Which of the following statements about capital market efficiency is/are correct?

(1) Insider information cannot be used to make abnormal gains in a strong form. efficient capital market

(2) In a weak form. efficient capital market, Ring Co’s share price reacts to new information the day after it is announced

(3) Ring Co’s share price reacts quickly and accurately to newly-released information in a semi-strong form. efficient capital market

A.1 and 2 only

B.1 and 3 only

C.3 only

D.1, 2 and 3

請幫忙給出每個問題的正確答案和分析，謝謝！

From: Byung-heun Min<hbyung@epublishing.co.kr> To: Isao Sasakksasaki@epubsoft.co.jp> Date: April 9 Subject: Software Programs Dear Dr. Sasaki, I was very happy to meet you at last weeks conference hosted by your company in Cheongju City. Your presentation was very informative and impressive. I was pleased to learn of your companys new software programs of e-pub books. While you are staying in Korea, would you be interested in coming to our Seoul office soon after that to give us a more in-depth presentation? I am currently traveling out of Seoul and will be back on April 15. April 20 would be the best day for us, since all of our staff members, including those who normally work in our Dae-jeon office, have been asked to come to our Gang~nam office on that day for our monthly staff meeting. I look forward to hearing from you. Byung-heun Min Chogak Cake Publishing From: Isao Sasakksasaki@epubsoft.co.jp> To: Byung-heun Min<hbyung@epublishing.co.kr> Date: April 10 Subject: Re: Software Programs Attachments: E-pub Software Dear Dr. Min, I am appreciative of your interest in our products and thank you for inviting me to your company. However, I am not free on the date you suggested because Ill be addressing the Web Publishing Conference in Busan that day. However, Ill be back in your area at a conference in Seoul on April 24. Would the date before or after that work for you? Attached, please find a file containing a description of our software programs. I look forward to presenting our products in person to you and your staff members. Sincerely, Isao Sasaki Osaka Publishing Co.

Why was the first e-mail written?

A．To place an order for new products.

B．To ask for a job interview.

C．To publicize a professional conference.

D．To propose an informational meeting.

To: Hara Yoshinorkhara@jstmail.co.jp> From: Bob Collins<bcollins@mnsmai.net> Date: June 30 Subject: July Meeting As discussed over the phone, we are planning to attend the workshop in Osaka. Our president and management continue to be impressed with your aggressive marketing and rising sales figures in Japan. After the workshop, I want to visit the manufacturing plant to see how they are making our mobile phones. Jim Hamilton, my assistant and I are still planning to arrive in Japan on July 3rd, and we expect to depart on July 8th. I am hoping that we can move our previously scheduled meeting to one day earlier. On July 5th I will need to meet instead with Jessica Park, who will be in Osaka for just one day before returning to Seoul. I apologize for this abrupt change of schedule. I am looking forward to seeing you soon. Thanks. Bob Collins Marketing Manager

According to the e-mail, what does Mr. Collins want to do?

A．Change the location of an event

B．Reschedule a meeting with Ms. Park

C．Purchase plane tickets to Seoul

D．Visit a plant in Osaka

The Kyoto Protocol requires ____-- to curb GHG emissions, especially CO

Recent financial information relating to Close Co, a stock market listed company, is as follows.

Financial analysts have forecast that the dividends of Close Co will grow in the future at a rate of 4% per year. This is slightly less than the forecast growth rate of the profit after tax (earnings) of the company, which is 5% per year. The finance director of Close Co thinks that, considering the risk associated with expected earnings growth, an earnings yield of 11% per year can be used for valuation purposes.

Close Co has a cost of equity of 10% per year and a before-tax cost of debt of 7% per year. The 8% bonds will be redeemed at nominal value in six years’ time. Close Co pays tax at an annual rate of 30% per year and the ex-dividend share price of the company is $8·50 per share.

Required:

(a) Calculate the value of Close Co using the following methods:

(i) net asset value method;

(ii) dividend growth model;

(iii) earnings yield method. (5 marks)

(b) Discuss the weaknesses of the dividend growth model as a way of valuing a company and its shares. (5 marks)

(c) Calculate the weighted average after-tax cost of capital of Close Co using market values where appropriate. (8 marks)

(d) Discuss the circumstances under which the weighted average cost of capital (WACC) can be used as a discount rate in investment appraisal. Briefly indicate alternative approaches that could be adopted when using the WACC is not appropriate. (7 marks)

下列四種匯票中，注明()是不可轉(zhuǎn)讓的。

A“Pay to Johnson Co.Ltd.Only”

B“Pay to Johnson Co.Ltd.and its order”

C“Pay to bearer”

D“Pay to the order of Johnson Co.Ltd.”