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[阅读小分队] 【每日阅读训练第四期——速度越障13系列】【13-1】经管

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发表于 2013-1-10 21:32:49 | 显示全部楼层 |阅读模式
好久不见了,各位~
spence在此先谢谢上次代发作业的
风随心动01童鞋~~辛苦啦
很高兴由我来开启13系列的阅读= =,enjoy your reading!

【速度】


【速度一】

Hire a Great Chinese Engineer by Impressing His Girlfriend's Mom
by Doug Raymond

[attachimg=580,215]112790[/attachimg]

I thought hiring good engineers would be easy when I launched my startup, Julu Mobile, in Shanghai in early 2011. After all, China produces 600,000 engineering graduates each year, and as a former Google product manager I thought knew how to attract them.

However, I soon learned that hiring the best and brightest would be a lot harder than I thought. In my Silicon Valley experience, the best engineers look for audacious challenges, because the bigger the challenge, the greater their chance to prove themselves and reap the correspondingly larger rewards. Joining a startup company early is an exciting opportunity and potential path to glory for them.

In China, I have found that a different mindset dominates. When I started recruiting talent for my new company, before candidates asked about our strategy, they asked how much money we had. They wanted to know what my plans were for IPO. One candidate told me that he expected "a seven-figure package" (in US dollars). While there was some interest in our plans for China's mobile market, their primary concerns were economic and reputational: how could I prove to them that they would become rich, and that our company would be famous? I don't blame them for being skeptical of my tiny start-up, but I was struck by how much more risk-averse my prospects were than those engineers I'd worked with in Silicon Valley. Over the next months, I began to understand why.

【字数253】


【速度二】

Chinese young professionals today were born after the reform period of Deng Xiaoping, and have spent their entire lives in an economy that has grown 8 to 12 percent annually. They have seen astonishing growth in wealth around them, and expect the same for themselves. They are the legacy of China's one child policy, sometimes referred to as the "six pocket" generation, since they grew up with two parents and four grandparents (six pockets of money) focused on their educational and career success. Blessed with nearly unlimited resources from their elders, those who have succeeded in school join top International and foreign companies where they can expect rapid promotion and income growth.

However, this unprecedented opportunity has also generated high expectations from the elders and potential spouses of this new professional class. In China's family-centered culture, older generations depend on their offspring to provide for a significant part of their retirement, placing a strong expectation on these young professionals to do well financially.

Then there is the challenge of finding a spouse and starting their own families. On the Friday before one of my key hires, with an impressive background from a top global technology company, was scheduled to start work, I got a nervous sounding call from him. He hesitantly explained that he would not be able to join as agreed — his girlfriend's mother had decided that my company was too risky a proposition, and that he should keep his "safe" job. I was shocked. Shocked that he would make a decision on this basis, and shocked that he thought it was a sufficient explanation to reverse his decision.

However, for a young man in China, having a steady income and accumulating assets like an apartment is often a prerequisite for marriage, and even for dating. China's population has developed a significant gender imbalance, with 119 boys for every 100 girls.. This means that women increasingly have their pick, and they tend to choose men who are stable and successful — those who already own an apartment. This cultural emphasis on stability is at odds with the mindset often needed in an entrepreneurial environment. Young women in China don't face pressure to own an apartment like the males, but they do face pressure to find an affluent spouse. (Unfortunately, in China as in so many other places, there's a dearth of women in the engineering fields, so I encountered few female candidates in my recruitment efforts.)

【字数406】


【剩余部分】

In spite of rising affluence, accumulating assets has become increasingly difficult, as China's economic growth has also resulted in the runaway growth of prices. In a country where owning an apartment is a symbol of success, the ratio of real estate price to annual income is among the highest in the world. For example, in Beijing the price of an apartment has tripled since 2005, averaging 27 times the average annual household income, five times the international average. Those who do buy apartments typically do so with the considerable help from their "six pocket" families, increasing the pressure for financial success.

Unfortunately for entrepreneurs like me, it is hard to show prospective employees examples of local companies that have created extraordinary wealth for their employees. Even successful Internet companies like Baidu, Tencent, and Alibaba are closely held and most of the gains from their IPOs went to the top managers. For smaller companies like mine, there is less of a track record of acquisitions that would make employees optimistic that they would see an exit for themselves.

To overcome these factors, I learned to pay a lot more attention to the personal and family dynamics of hiring. I spent more time explaining how employees would benefit financially if we succeeded. We offer generous housing fund benefits to help employees save for their down payments, and invite girlfriends and significant others to all company events. I have also found ways to target candidates who have more interest taking on technical challenges than making money.

China is full of talent, and as there are more entrepreneurial success stories for the employees of startup companies, I suspect it will be easier to attract the best.

【字数282】


【速度三】

Strategy and the Uncertainty Excuse
by Roger Martin

[attachimg=580,215]112791[/attachimg]

When I ask business executives about their company's strategy — or about an apparent lack thereof — they often respond that they can't or won't do strategy because their operating environment is changing so much. There isn't enough certainty, they argue, to be able to do strategy effectively.

This is an argument I hear particularly often in high-technology sectors. It is almost a mantra there, a badge of pride and superiority: "We run at breakneck speed in the world of high-tech and there isn't time to stop and do strategy. It will emerge naturally over time."

The implication is that only boring corporate bureaucrats in large corporations, where the future is (apparently) certain, engage in strategy. Growth companies, it seems, have far more urgent things to do.

I find this to be pretty interesting logic. Essentially, the argument is that the present it is too uncertain to make any strategic decisions about the future. However, at some future time, things will be certain enough to make choices.

I really wonder what makes them think so. Life is and always has been uncertain. If we live in an uncertain, fast-moving, turbulent world today, why would it be any different a week, a month or a year from now? If the world is too uncertain to choose today, what is it about the future than will make things more certain? At some point, do we simply declare the world to be certain enough to make strategy choices? How will we know it is the day? What criteria will we use to decide the requisite level of certainty has been reached? Or will we simply put of choosing forever, because certainty is utterly unachievable at any stage?

【字数290】


【速度四】

The danger, of course, is that while we are using uncertainty as an excuse to put off making strategic choices, the competition may be doing something else entirely. They may be strategizing their way to first mover advantages and positions that leave few if any attractive options in the market.

What I generally observe about companies that say that it is too uncertain to do strategy, is that they complain after the fact about having been blindsided by something unexpected. Their narrative tends to be that when it happened, it was just too late to do anything constructive about it. The failure wasn't at all their fault, because the industry is uncertain and this kind of stuff just happens naturally.

This is beautifully self-sealing logic that absolves leaders completely from any responsibility. Leaders who use this logic ensure that they don't acquire any useful lessons whatsoever from the experience. Because they have a narrative that says it wasn't their fault, they don't explore their actions. And when their company crashes and burns because it was beaten by some other company that actually had a strategy, these leaders go somewhere else and do the same thing all over again.

In truth every company has a strategy. Whether it 'does strategy' explicitly or not, the choices that it makes on a daily basis result in the company operating on some part of the playing field (i.e. making a where-to-play choice) and competing there in some fashion (i.e. making a how-to-win choice). It matters not a whit whether the industry is highly uncertain, every company competing in it has a strategy.

Without making an effort to 'do strategy,' though, a company runs the risk of its numerous daily choices having no coherence to them, of being contradictory across divisions and levels, and of amounting to very little of meaning. It doesn't have to be so. But it continues to be so because these leaders don't believe there is a better way.

【字数328】


【速度五】

Group most helped by ‘fiscal cliff’ deal: accountants
By Allan Sloan

The legislation that edged our country away from the alleged “fiscal cliff” isn’t named properly. Instead of calling it the American Taxpayer Relief Act of 2012, Congress should have called it the Accountant Full Employment Act of 2012. That’s because the legislation, which supposedly doesn’t increase taxes for anyone other than “the rich” with adjusted gross incomes of $400,000 for a single filer and $450,000 for a married couple, made an already incomprehensible tax system even more incomprehensible.

Then again, there’s the bright side — at least for some people: accountants. They’re in the one industry that needs lobbyists a lot less than other industries do, because they can just stand by and watch Congress and the president screw up the tax code year after year.

“If the tax system were simple, I wouldn’t have a job,” quips Roberton Williams, the Sol Price fellow at the Tax Policy Center.

Neither would someone considerably less famous: Carl Schwartz, senior tax partner at Rosenberg Rich Baker Berman & Co. of Maplewood, N.J. Schwartz, my long-time accountant, has shown me over the years that without expert help, I have absolutely no idea how much I pay in taxes on each extra dollar of income that I make. Theoreticians say this “marginal tax rate” drives taxpayer behavior. But good luck in figuring it out yourself, even with online tax calculators.

If you consult the tax tables, my wife and I, whose income falls between the $250,000 that President Obama says makes us rich and the $450,000 level in the new legislation, pay the Internal Revenue Service 33 cents of each additional dollar of “earned income” that we make, and 20 cents for each added dollar of long-term capital gains and qualified dividends.

【字数298】


【剩余部分】

But if you consult Carl Schwartz, who used my 2011 income numbers to estimate this year’s taxes, our marginal rate is considerably higher. And really difficult to calculate.

Schwartz says my wife and I are in something called the “phaseout” bracket of the alternative minimum tax. Rather than paying our 33 percent stated rate or the 28 percent stated AMT rate, our marginal rate is actually 35 percent.

Because of the long-standing Medicare tax of 1.45 percent on employees’ earned income and 0.9 percent added this year because I’m a high earner and someone has to pay for Obamacare, my marginal rate is 37.35 percent.

If I got a raise of $150,000 or so — boss, are you listening? — my marginal tax rate on earned income would drop. I think. And my marginal rate on investment income would certainly drop sharply.

My rate on dividends and long-term capital gains this year isn’t the stated 20 percent maximum. It’s 27 percent, thanks to the AMT phaseout. Like other high-income types and outright rich types, I’ll also fork over an additional 3.8 percent on some of my investment income (or maybe all of it) to help pay for Obamacare.

I’m far from alone in having to deal with the incomprehensible (to non-accountants) impact of the AMT phaseout bracket. According to Bob Williams of the Tax Policy Center, married couples with alternative minimum taxable income (whatever on earth that is) of between $150,000 and $473,200 are affected this year. He doesn’t know how many of those couples there are. But I think it’s fair to say that it’s a good part of the middle and upper-middle classes.

The one good thing is that because I pay AMT, I’m not affected by the provision in the cliff avoidance legislation that reduces the value of personal exemptions and itemized deductions.

I’m not complaining about the amount of tax I pay. What bothers me is the convoluted way it’s calculated and collected. Raise my stated rate and make things simple, just please don’t torture me.

Too bad we can’t hire Apple to redesign the tax code. It would be high-priced and might break after two or three years, but it would sure be pretty while it lasted. And average people would be able to understand it without having to get Bob Williams or Carl Schwartz to help them out.

Allan Sloan is Fortune magazine’s senior editor at large.

【字数401】


【越障】

Are the Gains from Foreign Diversification Diminishing? Assessing the Impact with Cross-listed Stocks
KAREN K. LEWIS & SANDY LAI

Over the past few decades an increasing number of companies have listed their equities across international borders. The availability of these stocks on the exchanges of international markets has put them at the nexus of academic and policy discussions about the degree of integration of financial markets. These discussions have generated sometimes conflicting different themes. On the one hand, the domestic availability of foreign stocks may provide international diversification for domestic investors without these investors having to directly invest abroad. As such, these stocks allow for a relatively low transaction cost way to acquire foreign assets. On the other hand, the betas of these foreign company stock returns against the domestic market returns tend to increase after cross-listing, mitigating the potential for diversification. Moreover, the ability to cross-list in another market is often taken as a sign of liberalization for emerging markets. Therefore, periods when many stocks cross-list from a given country may coincide with changes in the comovement between that country and the rest of the world. As such, higher betas after crosslisting from a foreign stock and the U.S. market may simply re.ect a change in betas from the company’ s home market due to liberalization.

Combining these observations leads to important questions. Since betas against the domestic market increase after cross-listing, how much does this reduce the ability to use these stocks for foreign diversification without the need to invest abroad? And does this change in foreign company betas arise from a greater integration of the home country of that company, consistent with liberalization notion?

To address these questions, we study the diversification potential for foreign stocks before and after they are listed in the US exchanges. We first analyze the local market behavior of foreign stocks listed in the two major stock exchanges in the United States, the New York Stock Exchange and NASDAQ. We then examine whether and how their asset pricing sensitivities to the US market have changed over time. In order to allow for potential shifts in asset pricing characteristics at any point in time, we do not want to impose a change at the cross-listing date unlike the existing literature. Therefore, we require an empirical approach that allows for, but does not require, changes in asset pricing characteristics over time. We also need a framework considers discrete changes in stock price behavior to be consistent with both the emerging market liberalization literature and the event study approach used in the cross-listing literature. We therefore use the break-date estimator of Bai and Perron (1998). For each stock price in local markets, we first test for the number of breaks and estimate the break dates, if any are detected. We then use the parameter estimates before and after these dates to provide a time series of asset pricing characteristics for each stock. From this panel set of estimates we form portfolios of foreign stocks and consider how much risk reduction would be provided to a U.S. investor from these portfolios.

Our analysis delivers three main results that address the questions above. First, a large pro- portion of foreign cross-listed companies do show evidence of a shift in their betas against the U.S. market, consistent with the literature. Moreover, the evidence suggests that for about 80% of these companies there is only one break. Second, however, much of the shifts in company betas against the U.S. market appear to be driven by changes at the country level. In particular, roughly half of the foreign company returns do not show any further evidence of shifts in betas once conditioned on the relationship between their home market and the U.S. market. This result suggests that the apparent shifts in the company betas may simply re.ect a broader market shift, consistent with the liberalization literature. Third, the foreign betas against the U.S. market are generally increasing over time, both for the cross-listed companies and their home markets. As a result, we find that the potential variance reduction possible through holding these foreign securities is declining over time.

While our results are consistent with finding noted in the literatures above, our approach allows us to investigate new questions. For example, as in the literature on cross-listing events, we find that betas against the U.S. market tend to be higher after this event. But we do not need to condition on this event. Moreover, we can decompose the changes into changing betas at the country versus company level. Also, as in the diversification literature, we find that foreign cross-listed stocks provide hedging opportunities. However, we also can analyze changes in the diversification benefits of these stocks over time.

Finally, as in the liberalization literature, we test for and find breaks in the relationship between foreign country and the U.S. market returns. For example, Bekaert, Harvey, and Lumsdaine (2002) also use the Bai-Perron estimator to test for breaks in asset pricing relationships to date the implicit liberalization events for some emerging market economies.

While we share the use of the Bai- Perron methodology, there are important differences in our empirical strategy. Bekaert, Harvey, and Lumsdaine study breaks in emerging market indices using vector-auto-regressions including macro-economic variables that might be correlated with liberalization. By contrast, we test for breaks at the individual firm level and examine the implications for parameters in event time in keeping with the event study-driven cross-listing literature. To our knowledge, this paper represents the first study to analyze the potential for individual breaks for a large number of stocks and then study the resulting portfolio implications. Moreover, while companies from emerging markets are represented in our cross-listed portfolios, we are interested in the full range of foreign companies including those from developed markets as well. Finally, our analysis allows us to consider whether the individual firm returns re.ect breaks at the country level, as noted earlier.

The paper is organized as follows. Section 1 gives an overview of the empirical framework including the data and methodology. Section 2 reports the break date and parameter estimates for the foreign companies as well as their home markets. To gain insight into the economic significance of these parameters, Section 3 considers a thought experiment in which a US investor observes these parameters and then attempts to optimally diversify risk. Section 4 evaluates the robustness of our results to various assumptions. Section 5 provides concluding remarks.

【字数1054】

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发表于 2013-1-10 21:40:56 | 显示全部楼层
板凳!!!

速度

Time 1:
00'53'' (253) When I started my own companies in China , I thought it would be easy to hire excellent engineers. China produces 600,000 engineering graduates every year. I thought I knew engineers well and knew how to attract them. However, my Sillicon Valley experience did not adapt to the situation. I have found a different mindset dominates in china. Candidates asked how much many we have. Their primary concerns were economic and reputational: Whether they would be rich and whether our companies would be famous ?

Time 2:
1'50''(406) I soon understand why. China's young generation grow up in a background under the lead of Deng Xiaoping. They witnessed GDP was growing 8%-12%... People getting wealthy around them. Young generations hoped to become wealthy like others. Because of the "one-child policy", young generations grow in a family with two parents, and four grands.(meaning 6 pockets of money). In addition, olders who are retired in China depend more on their children , therefore they expect children do well financially.

剩余部分
1'14''(282) In China, owning a house is a symbol of wealth. The Beijing's housing prices is about 27 times greater than average. Unfortunately , for companies like me, it is hard to show that how prospective employees' future will be. Even the most successful internet companies, such as Baidu, Alibaba..., most part of income end in top managers' pockets. To overcome these difficulties, I began to pay more attention to personal and family driving factors. I explained more
on how much they will get if we succeed. We offered generous housing bonds and we invited girlfriends or families into company's activities.

Time 3:
00'52''(290) When I ask business executives about their company's strategy, they often argue that they cannot do strategy efficiently because their environment changing so fast. They think the strategy will turn out naturally overtime. I think this is an interesting logic . Our world is ever-changing. How could people think today is not certainty enough , but tomorrow it will be better ? What criteria we use to measure certainty ?

Time 4:
1'01''(328) The danger is that we are using uncertainty as an excuse to put off any strategies. Thus , the company's first mover advantages will leave few if they do not have any attractive opinions in the market. This beautiful self-sealing logic makes leaders avoid any responsibility.

Time 5:
1'03''(298) Group most helped by "Fiscal Cliff" are acountants. The legislation did not charge anyone more tax expect "rich people " , making an incomprehensible tax system even more incomprehensible. One of the acountants said "If the tax system were simple , I won't have a job."

剩余:1'18''(401)

越障
3'37''(1054)

Main Idea: Are the gains from Foreign Diversification diminishing ?
Author's attitude: Neutral
Structure:

>> Observations: Over past few decades, a increasing number of companies have listed their equities across international borders. These stocks on exchange of international markets have put them to discuss academic and policy of these financial markets.

>> Problems: Since betas against domestic markets increase after cross-listing, how this reduce foreign diversification without the need to invest abroad ?

>> Study methods: We study diversification potential for foreign stocks before and after they are listed in US exchanges. We analyzed the local market behavior in two major exchanges :New York Stock Exchanges and NASDAQ. We then examine whether and how their asset pricing sensitive to the U.S. market have changed overtime.
Use B-P methods to test and find breaks between foreign country and U.S. market returns.

>> Results:
1. A large portion of foreign-listed companies do show evidence of a shift in company betas against the U.S. market.
2. much of the shifts in company betas against the U.S. market appear to be driven by changes at the country level.
3. The foreign betas against U.S. market are generally increasing over time...

>> Illustrations : Differences between B-P methods and our empirical strategy...
发表于 2013-1-10 21:48:08 | 显示全部楼层
地板
1'40
2'40
1'40
1'50
1'50
1'40
1'50
发表于 2013-1-10 21:57:18 | 显示全部楼层
地板!!...没坐到

改鞋垫儿了!!
发表于 2013-1-10 22:03:25 | 显示全部楼层
有个想法,组织材料的同学能不能先把每篇文章的题目藏起来,比如放到需要回复的隐藏段里。因为往往题目提供了很多信息,削弱了active reading的重要性。IMO。
发表于 2013-1-10 22:13:56 | 显示全部楼层

speed
1 01:39
2 03:01
(02:24)
1/a start-up IT company want to recruit talent programmer (programmar in china. and he thought new chances will attract the talent.
2/but those programmers more concentrate on money and reputation because of great pressure from finding spouse.
3/the leader changed his strategy (stratdegy) and invited their spouse and significant people to join activities.
3 03:03
4 02:36
uncertainty is common in our life, but we also need strategies.
5 02:47
new tax law is complicated and accountants can help a lot.


obstacle
07:28
1/people like to make portfolio (profoli) to decrease the risk.
2/the research indicated sth.
``````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````
第二遍
1/get-listed in the foreign market has three benefits
--lower cost for investor
--higher betas
--liberalization in new market
2/raise several questions
3/the method to do a research to solve the questions above
--discrete
4/three results
--there is a shift in beta
--the shift is driven by country level
--foreign beta is increasing
5/more new questions about beta to research and the paper final focus.
发表于 2013-1-10 22:40:15 | 显示全部楼层
这两天的经管有点意思~
发表于 2013-1-10 23:50:01 | 显示全部楼层
辛苦Spencer了!我还以为作业的系的数跟月份相关,得跳第五期了呢,呵呵。

12系我欠的作业太多了,保证13系不欠了,并且一并把12系欠的作业补回来。

米线归队~

************作业分割线************

【13-1】
Time1-1'29"
Time2-2'14"
Rest-1'37"
Time3-1'28"
Time4-1'20"
Time5-1'44"
Rest-2'28"
Obstacle 6'39"

第一篇速度把我笑倒了。。。
发表于 2013-1-11 00:01:54 | 显示全部楼层
本来想前排留名的。占个地下室,明天读
发表于 2013-1-11 00:33:33 | 显示全部楼层
2,24
3,33
。。。。。。。。。。。。。。。
1,55
2,38
2,31
越障
8,12
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