GWD29-11-13

rio

13题的答案找到对应：

Alternatively, the acquisition acts of

 (40)    bidders may derive from modeling:

a manager does what other man-

agers do.

大家注意看这里用的是modeling也就是说很可能是director迫使manager，

最起码不能说明Managers wished to imitate other managers 这一句

因此A是不正确的。

B说得很清楚：

and managerial error in estimating the

value of firms targeted for acquisition.

and managerial error in estimating the

value of firms targeted for acquisition.

fpig

以下是引用mymengming在2006-7-26 22:59:00的发言：

but the individual acquisitions execu-

tives arranging these deals must see

them as advancing either their own or

 (30)      their companies’ private economic

interests.It seems that factors having little to do with corporate economic

       interests explain acquisitions.  These

factors may include the incentive

 (35)
         compensation of executives, lack

of monitoring by boards of directors,

and managerial error in estimating the
                    Q13

value of firms targeted for acquisition.

      Alternatively, the acquisition acts of

 (40)     bidders
                            may derive from modeling:

a manager does what other man-

agers do.

13题答案应该是A

如上所示

同意mymengming，红色部分排除B，兰色部分支持A

giraffevoice

以下是引用MaccMichAA在2006-10-14 10:55:00的发言：

我开始也选的A 但是问题问的是竞标公司与被竞标公司的区别 前面的前辈说得很正确 即使A可以从文章推出

 Findings from several studies on

       corporate mergers and acquisitions

       during the 1970’s and 1980’s raise

Line
                questions about why firms initiate and

  (5)      consummate such transactions.  One

study showed, for example, that acquir- Q11

ing firms were on average unable to

maintain acquired firms’ pre-merger

levels of profitability.  A second study

 (10)      concluded that post-acquisition gains

to most acquiring firms were not ade-

quate to cover the premiums paid

to obtain acquired firms. 
                    A third         Q13

demonstrated that, following the

 (15)      announcement of a prospective

merger, the stock of the prospective

acquiring firm tends to increase in

value much less than does that of

the firm for which it bids.

According to the passage, during the 1970’s and 1980’s bidding firms differed from the firms for which they bid in that bidding firms

             

1. tended to be more profitable before a merger than after a merger

       11题A可以从原文直接读出来呀？

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

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

    D.   anticipated greater economic advantages from prospective mergers

    E.   experienced less of an increase in stock value when a prospective merger was announce

      E倒是有点问题，原文说merger宣布后,biding firms股票涨得没有报价那么多，和E不是一个意思。

YY_lalala

以下是引用mymengming在2006-7-26 22:59:00的发言：
It seems that factors hav-

ing little to do with corporate economic

       interests explain acquisitions.  These

factors may include the incentive

 (35)
         compensation of executives, lack

of monitoring by boards of directors,

and managerial error in estimating the Q13

value of firms targeted for acquisition.

      Alternatively, the acquisition acts of

 (40)     bidders may derive from modeling:

a manager does what other man-

agers do.

13题答案应该是A

如上所示

就是因为标出的红色部分才要选B啊：

跟公司经济利益无关的因素解释了收购：这个因素包括：1）2）3）错误估计了被收购企业的价值

A看上去对，但是文章只说managers does what other managers do, 但没有说其他managers做的就是对的，更没说其他managers的收购有获益。A太发散了，已经脱离原文了

所以坚持B

colorful_na

..

罗马青年

Q11:

According to the passage, during the 1970’s and 1980’s bidding firms differed from[w1]  the firms for which they bid in that bidding firms

             

1. tended to be more profitable before a merger than after a merger[w2] 
2. were more often concerned about the impact of acquisitions on national economies
3. were run by managers whose actions were modeled on those of other managers
4. anticipated greater economic advantages from prospective mergers
5. experienced less of an increase in stock value when a prospective merger was announced

 [w1]题目关键词提示这是在比较，因此回原文找比较的地方：less than…..

A third

demonstrated that, following the

 (15)      announcement of a prospective

merger, the stock of the prospective

acquiring firm tends to increase in

value much less than does that of

the firm for which it bids[w1] .
                            

---

 [w1]后半句意思：

出钱并购的公司，其股票价格将比被并购的公司上涨的少，E是原文同义替换；

 [w2]这是被兼并acquired
      的公司兼并后利润下降，题目问的是
      出价去并购的公司,不要误选为这个A；

Q12:

It can inferred from the passage that the author would be most likely to agree with which of the following statements about corporate acquisitions?

             

1. Their known benefits to national economies explain their appeal to individual firms during the 1970’s and 1980’s.[w1] 
2. Despite their adverse impact on some firms, they are the best way to channel resources from less to more productive sectors of a nation’s economy.
3. They are as likely to occur because of poor monitoring by boards of directors as to be caused by incentive compensation for managers.
4. They will be less prevalent in the future, since their actual effects will gain wider recognition.
5. Factors other than economic benefit to the acquiring firm help to explain the frequency with which they occur.[w2] 

---

 [w1]错，是私人经济利益，but the individual acquisitions executives arranging these deals must see [w1]
          them as advancing either their own or

their companies’ private economic
          interests.

 [w2]原文It seems that factors having little to do with corporate economic [w2]

       interests explain acquisitions.

Q13:

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?

 

 

1. Managers wished to imitate other managers primarily because they saw how financially beneficial other firms’ acquisitions were.

2. Managers miscalculated the value of firms that were to be acquired.[w1] 

   C. Lack of consensus within boards of directors resulted in their imposing                       conflicting goals on managers.[w2] 
          

  D. Total compensation packages for managers increased during that period.

  E. The value of bidding firms’ stock increased significantly when prospective mergers were announced.

---

 [w1]答案是原文的同义替换：

managerial error in estimating the
             value of firms targeted for acquisition.

 

 

 [w2]原文没谈到consensus，而是lack
             of monitoring

[此贴子已经被作者于2007-7-24 2:20:01编辑过]

eng70778

13题为什么不选D呢？题目问的是imply。看来看去只有D是imply的，其它都是直接可以从原文中找到的啊？

kaijen

Q11

According to the passage, during the 1970’s and 1980’s bidding firms differed from the firms for which they bid in that bidding firms

             

1. tended to be more profitable before a merger than after a merger   

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

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

    D.   anticipated greater economic advantages from prospective mergers

    E.   experienced less of an increase in stock value when a prospective merger was announce

  11题為什麼不是A呀？

我覺得A符合原則一
One study showed, for example, that acquiring firms were on average unable to
maintain acquired frims' pre-merger levels of profitability

[此贴子已经被作者于2007-9-6 13:50:00编辑过]

riverquiet

以下是引用罗马青年在2007-7-24 2:14:00的发言：

qianrene

罗马哥哥前面2个都很精彩，但是最后一个错了

这篇文章应该选EEA

最后一个B是错的

 It seems that factors[DS1] 
    hav-

ing little to do with corporate economic

       interests explain acquisitions.  These

factors may include the incentive

 (35)
       compensation of executives, lack

of monitoring by boards of directors,

and managerial error in estimating the

value of firms targeted for acquisition.

      Alternatively, the acquisition acts of

 (40)     bidders may derive from modeling:

a manager does what other man-

agers do.

绿色的“factor”是被作者否定的，包括managerial error in estimating，这些factor不是经理们采用兼并的原因，最后的紫色部分才是作者给出的原因：这些经理都去跟风去了~~

[此贴子已经被作者于2007-10-13 15:14:52编辑过]