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GWD-29-Q11-Q13 一段纠结的文字--求 有空余时间的大牛解释

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发表于 2010-3-8 07:25:26 | 只看该作者 回帖奖励 |正序浏览 |阅读模式
Findingsfrom several studies on corporate mergers and acquisitions during the 1970’s and 1980’

s raise questions about why firms initiate and consummatesuch transactions. One study showed, for example, that acquiring firms were onaverage unable to maintain acquired firms’ pre-merger levels ofprofitability.  A second study concludedthat post-acquisition gains to most acquiring firms were not adequate to coverthe premiums paid to obtain acquired firms. A third demonstrated that, following the announcement of a prospective merger,the stock of the prospective acquiring firm tends to increase in value muchless than does that of the firm for which it bids.  Yet mergers and acquisitions remain common, andbidders continue to assert that their objectives are economic ones. Acquisitionsmay well have the desirable effect of channeling a nation’s resourcesefficiently from less to more efficient sectors of its economy, but theindividual acquisitions executives arranging these deals must see them asadvancing either their own or their companies’ private economic interests.  It seems that factors having little to dowith corporate economic interests explain acquisitions. These factors may includethe incentive compensation of executives, lack of monitoring by boards ofdirectors, and managerial error in estimating the value of firms targeted foracquisition. Alternatively, the acquisition acts of bidders may derive frommodeling: a manager does what other managers do.

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33.Q11: According to the passage, during the 1970’sand 1980’

s bidding firmsdiffered from the firms for which they bid in that bidding firms
A.   tendedto be more profitable before a merger than after a merger

B.   weremore often concerned about the impact of acquisitions on national economies

C.   wererun by managers whose actions were modeled on those of other managers

D.   anticipatedgreater economic advantages from prospective mergers

E.    experiencedless of an increase in stock value when a prospective merger was announced


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34.Q12: It can inferred from the passage that the author would be most likely toagree with which of the following statements about corporate acquisitions?

A.   Theirknown benefits to national economies explain their appeal to individual firmsduring the 1970’sand 1980’

s.
B.   Despitetheir adverse impact on some firms, they are the best way to channel resourcesfrom less to more productive sectors of a nation’s economy.

C.   Theyare as likely to occur because of poor monitoring by boards of directors as tobe caused by incentive compensation for managers.

D.   Theywill be less prevalent in the future, since their actual effects will gainwider recognition.

E.    Factorsother than economic benefit to the acquiring firm help to explain the frequencywith which they occur.


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35.Q13: The author of the passage implies that which of the following is apossible partial explanation for acquisition behavior during the 1970’s and 1980’

s?
A.   Managerswished to imitate other managers primarily because they saw how financiallybeneficial other firms’ acquisitions were.

B.   Managersmiscalculated the value of firms that were to be acquired.

C.   Lackof consensus within boards of directors resulted in their imposing conflictinggoals on managers.

D.   Totalcompensation packages for managers increased during that period.

E.    Thevalue of bidding firms’ stock increased significantly when prospective mergerswere announced.
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19#
发表于 2019-3-3 08:17:58 | 只看该作者
34.Q12: It can inferred from the passage that the author would be most likely toagree with which of the following statements about corporate acquisitions?

A.   Theirknown benefits to national economies explain their appeal to individual firmsduring the 1970’sand 1980’

s.
B.   Despitetheir adverse impact on some firms, they are the best way to channel resourcesfrom less to more productive sectors of a nation’s economy.

C.   Theyare as likely to occur because of poor monitoring by boards of directors as tobe caused by incentive compensation for managers.

D.   Theywill be less prevalent in the future, since their actual effects will gainwider recognition.

E.    Factors other than economic benefit to the acquiring firm help to explain the frequency with which they occur.

我觉得答案E有毛病..E说的是  help to explain the frequency
文章说的是It seems that factors (having little to do with corporate economic interests ) explain acquisitions
这里只是说解释 合并(原因)...而不是 合并的频率
18#
发表于 2018-12-19 15:07:16 | 只看该作者
感谢分享!               
17#
发表于 2018-12-10 07:55:31 | 只看该作者
edwardelric 发表于 2010-3-8 09:48
Findings from several studies on    为何公司搞合并?    corporate mergers a ...

厉害老板!!
16#
发表于 2018-12-10 07:50:37 | 只看该作者
D选项og的解释是,did not discuss compensation package。 我觉得og的意思是,compensation package指的是包括wage, incentive, bouns, group incentive, insurance, medical benefits and vacation(这是我compensation课例学到的)等等等等的东西,而原文只提到incentives compensation。这题其实就在纠结细节跟原文有什么区别啦
15#
发表于 2017-7-12 05:54:47 | 只看该作者
michwang 发表于 2017-4-28 23:01
I'm confused with B and D as well

同困惑了半天,仔细看了眼才发现,D选项:Total compensation packages for managers increased during that period.
而题目:The author of the passage implies that which of the following is a possible partial explanation for acquisition behavior during the 1970’s and 1980’s?
所以其实D的意思是:管理层报酬在70-80年代提高了,完全是无中生有
虽然和文章中词组有重合,但意思大相径庭。
原文These factors may include the incentive compensation of executives, ...给决策者的报酬激励。
14#
发表于 2017-4-28 23:01:48 | 只看该作者
messer 发表于 2010-12-12 21:49
1  incentivec ompensation of executives,2  lack of monitoring by boards of directors,3 &nb ...

I'm confused with B and D as well
13#
发表于 2016-11-17 16:27:07 | 只看该作者
12#
发表于 2016-1-18 10:32:27 | 只看该作者
messer 发表于 2010-12-12 21:49
1  incentivec ompensation of executives,2  lack of monitoring by boards of directors,3 &nb ...

原文: These factors may include the incentive compensation of executives, lack of monitoring by boards of directors, and managerial error in estimating the value of firms targeted for acquisition.
13题C选项:C.        They are as likely to occur because of poor monitoring by boards of directors as to be caused by incentive compensation for managers.这里全是原文原词重现,确实很有诱惑力。但是as likely... as...的意思是moitoring和compensation同样概率会导致merger。这就是无中生有了
11#
发表于 2014-6-6 04:46:06 | 只看该作者
把incentive compensation of executives只想成了经济上的补偿 理解了谢谢解释!!!
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