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宁德治卵巢早衰什么医院好福州治男人无精去哪里Ethnic advertising种族广告One message, or many?要一个还是多个声音?The uses and limitations of ethnic ads种族广告的使用和限制IN THE television series Mad Men, a 1960s adman makes a pitch to a television-maker whose sales are flat.电视剧广告狂人,描述了二十世纪六十年代的一个广告制作人向电视制作人推销其对付销售平淡的招数。Among Negroes sales are actually growing, he chirps.他很兴奋地提出黑人的购买额确实在上升。He proposes making integrated ads that appeal to both black and white consumers.他建议制作一体化广告以吸引黑人和白人消费者。His idea bombs.他的想法遭到狂轰烂炸。This being the era of segregation, one of his listeners wonders if mixed-race ads are even legal.那时还处于种族隔离时期,其中一个在场人员甚至怀疑种族混合的广告是否合法。Such days are long gone.今非昔比。Americas minorities will eventually be a majority of the population:根据最新的人口普查资料显示,by 2045, according to the most recent census.至2045年,美国的少数族裔将最终在人数上成为主流大众。Advertisers have noticed.广告商知晓这趋势。Many now favour cross-cultural ads that emphasise what black, Hispanic and Asian-American consumers have in common.如今许多广告商热衷于拍跨文化的广告,强调黑人、西班牙人和亚裔美国人的消费共性。This approach is thought to work well with the young, who often listen to the same music, eat the same food and wear similar clothes regardless of their ethnic background.这一方法非常对年轻一代人的胃口,这些年轻人不管是何种族背景,他们通常听同一首歌,吃同一种食物和穿相似的衣。Ogilvy amp; Mather, a big ad agency, formed OgilvyCulture in 2010 as a unit specialising in cross-cultural marketing.广告业巨头奥美于2010年组建了奥美文化作为一个业务单元专门从事跨文化营销。The ethnic ad model has not changed since the 1960s, says Jeffrey Bowman, head of OgilvyCulture.奥美文化的部门主管杰弗瑞·鲍曼说种族广告模式自从二十世纪六十年代以来一成不变。It was the census data that made Ogilvy change its model.正是人口调查资料让奥美改变了其营销模式。In 2010 Burger King stopped employing ethnic agencies such as LatinWorks, which specialised in the Hispanic market, to address its consumers as a whole rather than taking a segmented approach.2010年快餐连锁品牌汉堡王炒掉了如LatinWorks那些专攻西班牙市场,具有种族色的广告代理商。汉堡王将顾客视为一体而不再采取细分的方式。Yet some admen feel ethnicity remains relevant.但是有些广告人仍感到种族与广告还是有千丝万缕的关系。Every ten years we go through a rethink of targeted versus one voice,每隔十年,我们会重新考虑反对传播一个声音的广告says McGhee Williams Osse, co-chief executive of Burrell, a Chicago-based agency specialising in the African-American market.专攻非洲裔市场,总部位于芝加哥的Burrell公司的联合行政长官 McGhee Williams Oss说道,She argues that ethnic origin is the key to peoples identity, much more than education, income, religion, sex and sexual orientation. She would say that, of course.她认为种族血缘是人的身份认同的主要因素,比教育、收入、宗教、性和性取向等更重要。她是这样说的,千真万确。Maurice Levy, the boss of Publicis Groupe, the French ad giant that owns 49% of Burrell, says that ethnic advertising makes sense for advertisers that are very big, or very specialised.法国广告业巨头阳狮集团拥有Burrell49%的股票份额。阳狮的老板马千里说,种族广告对大公司或专业型公司还是有商业意义的。A maker of cream for black skin, for example, will probably not bother marketing it to Asians.例如,为黑人制造的面霜就没有必要进军亚洲市场了。Nestle, a huge food firm, aims some ads at Hispanics, Americas largest minority.食品巨擘雀巢公司针对美国最大的少数族裔西班牙裔制作了一些广告。It recruited four Hispanic mothers to blog on a new bilingual website, El Mejor Nido, offering tips about parenting and healthy eating.它招聘了4名西班牙裔母亲在其新设双语版的 El Mejor Nido 网上写客,提供为人父母之道和健康饮食的小贴士。Hispanics are younger than other Americans, have more children and spend more on food, says Juan Motta, who heads the California-based unit running Nestles Hispanic campaign in the ed States,负责雀巢西班牙裔广告促销的美国加利福尼亚分部主管胡安·莫塔说,西班牙裔人比其他美国人更年轻,育有更多小孩且更舍得在食品上花钱。which promotes both the firms Latin American brands, such as La Lechera and Abuelita, and the rest of its larder.该分部主要负责促销公司的两个拉丁美洲品牌如La Lechera 和Abuelita和其他的食品柜。McDonalds has been a pioneer of ethnic advertising since the 1960s.自从二十世纪六十年代,麦当劳一直是种族广告的先驱者。Minorities represent about 40% of its customers in America.在美国少数民族裔占其消费者总数的40%。Neil Golden, the firms American chief marketing officer, argues that other Americans often follow trends set by ethnic minorities.麦当劳主要负责美国市场首席营销官尼尔·戈登认为其他美国人常跟在少数族裔掀起的潮流后面。So he watches minorities for insights he can use in ads aimed at the general market.故他深入地了解少数族裔就可将其特色用于针对整个市场的广告中。In 2010 McDonalds learned that African-Americans liked sweeter, weaker caramel mocha, so it started offering such blends everywhere, with great success.2010年麦当劳得知非洲裔美国人喜欢更甜一点,咖啡味更淡一点的焦糖卡。故麦当劳开始到处提供这种混合物,结果一跑打响。A similar thing happened with its mango and pineapple smoothies, a big hit with Hispanics.它的芒果和凤梨冰沙也如法炮制,在西班牙裔人中大受欢迎。McDonalds featured the drinks in restaurants nationwide and they quickly overtook strawberry banana, the traditional favourite.麦当劳将此类饮品推广至遍布全国的门店,结果一夜之间便取代了传统畅销品草莓香蕉饮料。David Burgos, co-author of a book on marketing to the new majority,David Burgos和别人合写了一本针对新生大众营销的书。says that in spite of the increasing importance of minority consumers, advertisers still put ethnic ads into a separate budget—which tends to be cut first when the economy goes sour.该书上说尽管少数族裔消费者的重要性日益俱增,广告商仍将种族广告单独预算—一旦经济不景气,首先便拿这块预算开刀。Only 7% of marketing dollars are spent on targeted ethnic campaigns, although nearly half of Americans belong to ethnic minorities.尽管少数族裔占了将近一半的美国人口,但只有7%的营销费用花在针对种族的广告活动上。He thinks ad-agency staff need to be more diverse.他认为广告机构应招聘各种族的工作人员以使营销更多样化。Getting the right ethnic perspective is tricky.在广告中从不同种族角度看问题这是非常高难度的工作。Hispanics are a varied lot.同为西班牙人却迥然不同。An ad that delights Cuban-Americans may irritate migrants from Venezuela.能让古巴裔美国人捧腹大笑的广告可能会让委内瑞拉移民暴跳如雷。Asians are hardly monolithic, either.亚洲人也很是众口难调。Even the wittiest Korean catchphrases will provoke only bafflement in Chinatown.即便是韩国的警言妙句也可能令唐人街的中国人迷惑不解。Saul Gitlin of Kang amp; Lee, an agency specialising in selling to Asian-Americans, argues that recent Chinese and Korean immigrants are best reached with communications in their mother tongue.专门针对亚洲裔美国人的广告公司Kang amp; Lee的Saul Gitlin认为和新一代的中国和韩国的移民用其母语沟通能收到最好的效果。They are generally ignored by advertisers, however, with the exception of financial firms.但是除了金融公司做到这一点外,广告商一般都置若罔闻。This is a mistake, he reckons:广告商的做法大错特错,他推测:the median household income of Asian-Americans is some ,000 higher than that of non-Hispanic whites.亚洲裔美国人的家庭收入中值比非西班牙裔白人还高10,000美元。Many modern Mad Men think digital media will allow them to know their audiences better, and feed them more precisely-tailored messages.许多现代的广告狂人认为数字媒体能让他们更加了解受众,从而更易提供量身定制的信息来满足他们的需求。This can be costly.这要付出很高的代价。But many consumers seem to like it.但是许多消费者看来很喜欢这样。When Latinas disagree with something the four mommy bloggers at El Mejor Nido have written, they can go to the El Mejor Nido Facebook page, and let loose.如果拉丁裔美国人不喜欢在 El Mejor Nido网站上4位母亲所写的客观点,他们可以移步至El Mejor Nido脸谱网,可在此畅所欲言。 /201305/239038宁德输卵管接通费用 Business商业报道Asian shipyards亚洲造船厂The deeper the better越深越好Korean and Singaporean yards have adapted well to Chinas challenge韩国、新加坡的造船业对来自中国的挑战应付自如PLENTY of behemoths are being welded into shape in South Koreas shipyards at the moment.目前,韩国造船厂里大量大型船只已成型。Clustered around the southern city of Busan, the big three yards—Samsung Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and Hyundai Heavy Industries—are churning out the worlds biggest container ships, 400 metres long; an oil barge whose length, at about 460 metres, or 1,462 feet, is almost half the height of Scafell Pike, Englands tallest mountain;聚集在南部釜山市的三大造船厂—三星重工集团、大宇造船和海洋工程有限公司以及现代重工集团—正大量建造世界最大的集装箱货船,其长达400米。油驳大约长460米或1462英尺,几乎是英国最高山斯科菲峰的一半高。and some of the largest oil rigs yet built.一些最大的石油钻塔还未建成。But size isnt everything.但是型号并非全部。Just as impressive, and more important commercially, are four ultra deepwater drill-ships coming off the line at Samsung Heavy Industries.同样惊人,并且在商业性方面更为重要的是由三星重工业生产的4大超级深海钻井船。Commissioned by a Danish shipping giant, Maersk, the first one has just been christened: Viking, appropriately enough.在丹麦轮船巨头Maersk的授权下,第一艘船命名为Viking再适合不过了。Described by a Maersk engineer as giant Black amp; Deckers, these ships are designed for work in the deepest of waters, such as in the Gulf of Mexico.正如Maersk的一位工程师所描述的巨大的黑色甲板,这些船是用来在海洋最深处工作,例如墨西哥湾。As inland and coastal wells run dry after decades of exploitation, oil firms are being forced farther out to sea, and ships like Viking, which will be used by Exxon Mobil, are designed to meet their requirements.随着几十年的不断开采,内陆以及沿海的油井已经快枯竭。石油公司不得不迈向海洋更深处。并且,像Viking这一批船,它们的制造就是为了满足埃克森美孚这样的顾客的需求。Viking can operate in 3,000 metres of water, and then drill down through another 12,000 metres of earth—more than the height of Mount Everest.Viking能在深入水下3000米工作,然后再向下挖12,000米—深度比珠穆朗玛峰还高。The centrepiece of the vessel is the derrick, which is over 60 metres high.船的中心是高达60余米的油井架吊杆,But the most advanced bits of kit are probably the six thruster engines.但是装置中最先进的部分要数6部推力器引擎。The engineers claim that they can keep the ship steady and drilling even in waves of up to 9 metres.工程师们说,这些引擎能够让Viking高达9米的巨浪中保持平稳并继续工作。Strong technical skills have proved to be the salvation of Korean shipyards.强有力的专门技能来自于韩国造船厂。Only a decade or so ago most analysts were assuming that Chinas heavily subsidised yards would soon take much if not all of South Koreas share of the world shipbuilding market, just as South Korean yards had wiped out much of Europes capacity a generation before.大约10年前,大多分析家设想,中国受极大补贴的造船厂,如果不能占据韩国在世界船只建造市场的全部份额,那么至少也得大部分,就如上一年代韩国造船行业一扫欧洲大部分国家造船业一样。But it has not worked out like that.但是中国不及韩国当年。It is true that China now gets more orders in terms of gross tonnage, but in the year to July 2013 South Korea produced 76.2% more than China by dollar value.的确,现在中国就总吨数而言,是接到更多订单,但是按美元来算总价值,到今年7月,韩国的生产值比中国多76.2%。The Koreans, and their Singaporean counterparts, are making money in a highly competitive market by focusing on complex vessels like Viking, often for the offshore market.韩国,以及和它相当的新加坡,正通过制造出像Viking这样的复杂型船只在竞争激烈的市场里获利,并且他们的专注点在海外市场。China has failed to break out of the basic bulk-carrier market, where ships may cost as little as 30m.中国没能突破制造仅值3000万美元的基本散装货船。As a result it is Chinas yards that are struggling, confined to a part of the market that is plagued by overcapacity, whereas Korean and Singaporean order books are almost full. Maersk reckons the market for offshore rigs and drill-ships is now worth 44 billion a year.结果就是,中国造船业不停地挣扎,被限制在了一个有产能过剩麻烦的市场之中。而韩国跟新加坡的订单,几乎全满。Sokje Lee, an analyst at J.P. Morgan in Seoul, explains that shipbuilding is nowadays a design and quality business rather than a labour-driven one,首尔J.P根的一位分析家Sokie李解释道,如今的造船讲求的是设计和质量,而不仅仅是靠劳力。and South Korean firms, once a lower-cost alternative to their European rivals, have spent heavily and wisely in becoming more technically sophisticated.韩国企业,相对于他们的欧洲对手而言,也曾是一个低耗备胎,但他们花费了大量人力物力变成今天的技术精密型。Each of the big Korean yards has thousands of in-house designers and engineers.每一家大型韩国造船厂都有成千上万的内部设计师和工程师。This has made them world leaders in the new generation of fuel-efficient, cheap-to-run eco ships.正是这一点使得他们成为新一代造船业的世界级领军人物,他们的船,能源高效,操作实惠。Chinas yards have focused instead on offering customers low prices and irresistible financing deals.而中国的造船业关注点在给消费者提供低价船以及难以抵抗的金融交易。Sometimes they demand as little as 10% of the cost on signing a contract, leaving the other 90% until delivery.有时,他们在签订协议时仅仅只需10%的费用,剩下的90%仍处于交付状态。Yet this ruthless competitiveness has not won them a decent share of the lucrative offshore market.但是这种极其可怕的竞争力并没有为他们在有利可图的海外市场赢得可观的份额。Here quality, efficiency and sticking to delivery dates are at a premium, and Chinese yards still score poorly on all counts.在现在市场中,质量,效率以及严格遵守交货时间处于最优先位置,而中国企业在这些方面仍然做得不够。A recent report from CLSA, a stockbroker, concludes that China is still far behind the Koreans in the market for offshore vessels.券投资机构CLSA最近的一份报告总结了,在海外造船市场,中国远远落后于韩国。Even worse, China will soon lose much of its advantage on price.更糟的是,中国很快会失去它的价格优势。CLSA estimates that labour costs in its yards are rising by 10-15% a year, while productivity remains low.CLSA估测,在该行业,中国的劳力费用每年上涨10%-15%,但是生产力仍持低。Singapores two main yards, Keppel and SembCorp Marine, have also invested heavily in quality and efficiency.同样,新加坡主要的两家造船企业,吉宝和胜科海事也在质量跟效率方面投入大量资金。They specialise more in deep-sea rigs than in drill-ships and carriers.相比钻井船和货船,他们更专长于深海钻机。Keppel, the bigger of the two, is building a record 20 such monsters this year; next year it will deliver the first of three giant, 600m jack-up rigs.吉宝的规模比胜科更大。今年吉宝预备制造20艘这样的巨型船,明年将交付三个中的第一个,即值6亿美元的自升式钻井。Time is money时间就是金钱The Singaporeans are also good at building things on time, which is vital in an industry where late delivery can cost the operators of rigs and drill-ships over 500,000 a day.另外,新加坡造船企业还拥有按时完成制造的有点,这对于拖延交货一天就得多花50万在钻机和钻井船操作上的企业来说,尤为重要。Over the past five years, rigs ordered from Keppel and SembCorp were, on average, delivered ahead of schedule, whereas Chinese yards delivered 50-250 days late, says IHS Petrodata, a research firm.一家研究公司HIS揭示,在过去的5年中,吉宝和胜科的钻机一般都是在规定时间前交付的,而中国企业,比规定时间晚50-250天。The only cloud on the horizon for the Koreans and Singaporeans might be fracking.韩国和新加坡目前的唯一问题可能是液压破裂法。The output of tight oil from onshore shale beds has soared in the past few years, especially in America, and could one day reduce the demand for expensive deep-sea rigs and vessels.沿海页岩层密致油的产量在过去的几年中飞增,尤其是在美国,这种油很有肯在某天就降低了昂贵深海钻机和钻井船的需求量。Indeed, Mr Lee even suggests that the offshore business might aly have peaked.诚然,李先生暗示,海外造船业可能达到了顶峰。But Keppel, for one, is not too worried.但是吉宝并不是很担心。The demand for oil has so far kept rising; and as long as the crude price is above 80 a barrel, the big oil firms will have the money and the incentive to keep developing deepwater fields, and thus to keep ordering its rigs.一来,油量的需求持续增长,只要每桶原油价格仍在80刀以上,大型的石油公司就有资金以及动力继续开发深海领域,因此,对钻机仍有需求。 /201311/266130福建做宫腔镜需要多少钱

福州治输卵管积液去哪里Money-market funds货币市场基金Faking the buck伪造面值America sets new rules for a common short-term investment美国针对常见短期投资设定监管新规IT IS a huge investment class: a 2.8 trillion one, to be exact. And it had long been thought of as a mundane one, just a notch more adventurous than a current account. Yet writing new rules for Americas money-market funds, which invest in short-term commercial and government debt, has been “one of the most flawed and controversial” deliberations ever undertaken by the Securities and Exchange Commission, Wall Streets main regulator, according to Luis Aguilar, the only one of the five commissioners in office throughout the process.货币市场基金是一个巨大的投资产业:准确而言,其资产规模达2.8亿美元。它长期以来都被认为无甚特别,只是比活期账户稍具风险性罢了。然而,据美国交会办公室五个委员之中唯一参与整个监管新规制定进程的路易斯阿吉拉尔称,美国券交易委员会目前针对投资于短期商业和政府债务的货币市场基金出台了新规,这份规章是作为华尔街主要监管机构的交会有史以来“最具缺陷的和争议”的商议之一。By a 3-2 vote on July 23rd, the SEC at last approved two big changes. The first allowed funds to impose fees on redemptions or suspend them for up to ten days to prevent runs. The second requires that the most volatile funds, which cater to institutions and invest in corporate debt, disclose the value of a share to a fraction of a penny.7月23日,美国券交易委员会的五名委员以3比2的投票结果批准了两项监管规定的大变革。其一是允许基金在赎回时征收流动性费用或将赎回期暂缓十天,以防止挤兑;其二是要求投资公司债券、面向机构投资者的优质市场基金不再维持每单位1美元的固定股价。The second change is more important than it sounds. By convention, money-market funds are priced at a steady dollar a share; changes in value are reflected only in the interest they pay. Variations in the value of the underlying assets are small because they mature in a matter of days, but they do occur. In the past, that has been hidden by tiny amounts of rounding. Though this ruse will now be banned for some funds, those that cater to individual investors will still be allowed to use it.第二个变革比听起来更加重要。按照惯例,货币市场基金的价格固定为每单位1美元,价值的变动仅仅反映在付的利息上。因为数日后即已到期,其资产价值变动很小,然确实有变化。在过去,资产价值的变动一直被微量的四舍五入所隐藏。虽然现在一些资金已禁止进行此类处理,那些面向个人投资者的基金仍被允许继续使用这种手段。That matters, since the fixed value contributed to the impression that money-market funds offered the safety of bank deposits with higher returns. In September 2008 that notion was punctured when the Reserve Fund, which had a little over 1% of its assets invested in debt issued by Lehman Brothers, was forced by the investment banks collapse to “break the buck”: reveal a decline in the value of its shares to slightly less than 1. That sparked panicked redemptions at it and other funds.这很能说明问题,固定价值给人的印象便是货币市场基金拥有可比拟存款的安全性,且能提供更高收益。然而就在2008年9月,这一概念被撤下神坛。主要储备基金将其略高于1%的资产投资于雷曼兄弟发行的债券,其后,雷曼投行破产,储备基金的单位资产净值“跌破面值”:每单位价格下降至略低于1美元,引发储备基金和其他基金大规模恐慌性赎回。The panic, in turn, crunched credit for firms that relied on short-term debt and fanned fears of a systemic meltdown. In response, the Treasury provided temporary guarantees for money-market funds, now lapsed. In 2010 and again in 2012 the SEC tightened restrictions on the kinds of securities funds could buy. But it rejected a plan to require funds to hold buffers of capital like banks, for fear it would further dent a battered business.这股恐慌情绪反过来影响到依靠短期债务的企业信贷,激起人们对系统性崩溃的担忧。对此,美国财政部不得不对货币市场基金提供临时担保。在2010年与2012年,美国券交易委员会加强了对各类券资金的购买限制。但它否决了一项要求基金如般持有缓冲资本方案,以免其进一步削弱遭受重创的业务。Mary Jo White, the SECs chairwoman, says the new rules will “protect investors and the financial system in a crisis.” But the two dissenting commissioners fear they may do more harm than good. Allowing funds to suspend redemptions may actually spark runs, as investors rush to pre-empt any curbs, argues one of them. The other worries that the changes will divert the gullible to even more misleading investments, notably “stable value” funds. These cater to much the same niche as money-market funds and, despite their name, offer no guarantees. Rather than trying to protect investors from risk, the SEC might do better to ensure that the risks they are running are clearly disclosed.美国券交易委员会的女主席玛丽?乔?怀特说,新规则将“于危机中保护投资者和金融体系。”但是存有异议的两个委员担心此举可能弊大于利。其中一人认为,由于投资者遇到困境时总会匆匆先发制人,基金的暂缓赎回实际上可能激发挤兑风潮。另一人则担心这些变革将轻信的人转至更为误导性投资,尤其是“稳定价值”基金上。略去它们的名称,这类基金与货币市场基金面向大致相同的市场,且未提供担保。比起试图保护投资者使他们免于面临风险,美国券交易委员会最好还是确保对运作中的风险进行明确披露。 /201407/315256福州输卵管接通医院 Business商业报道Corporate Governance公司治理Anything you can do, Icahn do better无论你做什么,伊坎总能做得比你好The pressure on companies from activist shareholders continues to grow激进投资人对公司的压力正与日俱增TIM COOKS nightmare is over, but John Donahoes has just begun.蒂姆·库克的噩梦算是结束了,可约翰·多纳霍的噩梦才刚刚开始。On February 10th Carl Icahn, the godfather of activist shareholders, ended his campaign to get Mr Cook, the boss of Apple, to return some of its 160 billion cash mountain to shareholders through share buy-backs.2月10号,激进投资界的教父级人物卡尔·伊坎停止了对苹果总裁库克的公开施压。伊坎此次行动的目标是让苹果通过股权回购,将其1600亿美元的巨额资产部分返还给股东们。Mr Icahn declared victory, although Apple is not handing back as much of its cash as he had wanted.伊坎宣告获胜,尽管苹果并未打算把钱悉数奉上。His next target is eBay, which he is pressuring to spin off PayPal, its online-payments business.如今他正向他下一个目标易趣施压,要求其剥离线上付业务Paypal。Mr Donahoe, eBays boss, has told Mr Icahn to get lost, but surely knows he cannot brush off the pugilistic investor so easily.易趣总裁约翰·多纳霍已经跟伊坎表示让他滚开,但他当然明白要摆脱这位强势的投资人可没那么容易A visit from an activist shareholder is now a possibility for any publicly traded company:现在的公开上市公司,随时都可能碰上某位激进投资人的莅临访问。if not the 77-year-old Mr Icahn, then one of the growing army of younger imitators he has inspired.就算不是77岁的卡尔·伊坎,也可以是他鼓动的越来越多的年轻效仿者之一。Mr Cook was first put under pressure to stop hoarding cash last year by David Einhorn, boss of Greenlight Capital, a hedge fund.首先是去年对冲基金绿光资本老总大卫·艾因霍恩要求蒂姆不要再继续囤积现金。Having shaken up Yahoos management and strategy in 2012, Dan Loeb and his fund, Third Point, have turned their attention to Sony, calling for it to separate its electronics and entertainment arms; to Sothebys, an auction house they want to repurchase shares; and to Dow Chemical, which they want to shed its petrochemicals business.继2012年整顿完雅虎的管理及战略,丹·勒布和他的第三点基金开始将目光转向索尼、苏富比拍卖行和陶氏化学,要求拆分索尼的电子和业务,回购苏富比股权,剥离陶氏化学的石油化工业务。Nelson Peltz, who has been a shareholder activist almost as long as Mr Icahn, last month joined the board of Mondelez, a snacks business he had targeted.上月,资历和伊坎相差无几的激进投资人尼尔森·佩尔兹加入了亿滋董事会,一个他决定收拾的食品公司。TCI, a London-based fund run by Chris Hohn, has rediscovered its activist mojo after having been badly hurt by the financial crisis.TCI基金在遭受金融危机重创之后,重新发现了激进投资的魔力。Last year it urged EADS to sell its military-planes business, and took on the management of Japan Tobacco.该基金总部位于伦敦、总裁为克莱斯·霍恩。去年,它要求欧洲航空防务航天公司出售其军用飞机业务,还和日本烟草产业公司较上了劲。Steve Ballmer was helped on his way out of Microsofts top job by ValueAct Capital, run by Mason Morfit.史蒂夫·鲍尔默丢掉微软CEO一职,也多亏了梅森·默菲特的ValueAct资本的帮忙。Last month Bill AckmansPershing Squaremade a tasty profit when Suntory acquired Beam, which had been spun out of Fortune Brands as a result of his activism.上月,三得利收购Beam让比尔·阿克曼的对冲基金潘兴广场狠赚了一笔。阿克曼的积极运作促成Beam脱离富俊集团,But Mr Ackman has also demonstrated that activists have no monopoly on wisdom: Ron Johnson, the new boss he lobbied for J.C. Penney to install in 2011, made things worse at the struggling retailer, and lasted just 17 months.但也正是他让人们发现激进分子并不是永远正确:2011年阿克曼鼓动彭尼百货把总裁之位交给荣·约翰逊,而约翰逊却让这个麻烦不断的零售商雪上加霜,17个月后他便离职了。Mr Ackman has been at loggerheads with Messrs Icahn and Loeb over Herbalife, a nutritional-supplements business.阿克曼就保健品公司康宝莱与伊坎和勒布先生展开了对决。Mr Ackman has shorted its shares, calling the firm a pyramid scheme.阿克曼做空康宝莱股票,并称其用的是金字塔式的传销骗术;他的对手则大举买进该公司股票。His rivals have gone long on them. So far, Mr Ackman is out of pocket.截至目前,阿克曼已经赔得精光了。The activists growing influence has many causes,激进投资人影响力的增加有多重原因。including rule changes that have given shareholders more voting power and have made institutional investors cast their votes more thoughtfully.规则的改变使股东获得了更多的投票权,也使机构投资人在投票时更谨慎。Social media have made it easier for activists to mount a campaign: Mr Icahn now tweets like a budgie on speed.社交媒体使他们能更容易地发起一场运动:伊坎现在发推文快得就像一只鹦鹉在叫唤。And, says Bob Monks, a campaigner for shareholder rights, Mr Icahn has had a huge impact by making it clear to the greediest people in the world that you can make a lot of money out of activism.一直为股东权益奔走的鲍勃·孟克思称,伊坎之所以有如此影响力,是因为他让世界上最贪婪的人们清楚的看到,通过激进的运作可以赚很多很多钱。It is the way these profits are made that is the focus of the activists critics.对激进投资人的质疑集中在这些钱是怎么赚来的。Activists usually buy a block of shares, make a public call for change and lobby management and other shareholders to implement it.他们通常先买下一大堆股票,再公开呼吁变革,然后鼓动管理层和其他股东执行这一改革方案。When they do, the activists sell at a profit.当管理层当真照做时,激进投资人便卖出股票,获取利润。Martin Lipton, a lawyer who has long helped protect incumbent management, not least by inventing the poison pill, a potent defence against takeovers, argues that activists encourage firms to do things that boost their share price in the short run but harm their long-term performance.马丁·利普顿是一名律师,长期致力于保护现任管理层,特别是通过他发明的能够有效抵制收购的毒丸策略。他认为,这些激进投资人鼓励公司做的事情能在短期推高公司股价,却会伤害到其长期表现。This critique has plenty of adherents, in academia, business and government.这一批评在学术界、商界和政府有诸多拥护者。Wheres the evidence?据在哪里?Yet empirical proof that activists exacerbate short-termism is strangely elusive.但奇怪的是,鲜有据明激进投资人确实激化了企业的短视行为。Indeed, such evidence as there is suggests the opposite.从现有的据看,事实正好相反。The Long-Term Effects of Hedge-Fund Activism, a recent paper by Lucian Bebchuk ofHarvardLawSchooland others, examined the roughly 2,000 interventions at companies by activist funds from 1994 to 2007.哈佛大学法学院的卢西恩·别布丘克与他人合著的论文《对冲基金激进主义的长期效应》调查了从1994到2007年间激进对冲基金对公司2000次左右的干预。Over the five years following an intervention both the share price and the operating performance of the target company improved, on average.平均来看,干预之后的五年内,公司的股价和经营业绩均得到提高,The operating performance got stronger towards the end of the five-year period, not weaker.经营业绩在五年期结束时并没有下滑,反而是增长了。This is the sort of evidence that has convinced Mary Jo White, the chairman ofAmericas Securities and Exchange Commission,正是这类据说了美国券交易委员会主席玛丽·乔·怀特。to argue in a recent speech that activist shareholders should no longer be automatically viewed negatively.她在最近的一次演讲中提到,不能再这样不假思索得否定激进投资人了。These days, she said, There is widesp acceptance of many of the policy changes that so-called ‘activists are seeking to effect.她说现在这些所谓‘激进者所寻求的政策变化已有很多获得了广泛接受。A recent article in the Columbia Law Review, The Agency Costs of Agency Capitalism:《哥伦比亚法律》最近刊登了代理人资本主义的代理成本:Activist Investors and the Revaluation of Governance Rights, argues that the activists have become a vital adjunct to the institutional investors who own most shares, and who are willing to respond to governance proposals but not to propose them.激进投资人和管理权的重估一文。该文认为激进投资人已成为机构投资人的一个重要帮手。机构投资人拥有公司绝大多数股票,愿意就提出的治理方案作出回应,但不愿提出方案。Activists have thus become governance intermediaries, who find underperforming firms and offer their managers and institutional shareholders concrete proposals for business strategy through mechanisms less drastic than takeovers.因此激进投资人成了治理中间人,找出业绩不好的公司,并为其管理者和机构投资人通过比收购更温和的机制提供公司战略方面的具体建议。So it is crucial, the authors argue, to pass reforms that help the activists do their job.因此,该文作者认为,当务之急是通过改革,助激进投资人一臂之力。Mr Lipton and others are pressing for a rule change that would have the opposite effect, by obliging activists to disclose stakes at a lower threshold and more quickly.而现在利普顿和一些人推动的规则改革则会起到相反的效果,它降低了激进投资人强制性披露持股比例的门槛。That would force them to show their hand before they had built a big enough stake to make a decent profit if and when their proposals succeeded.若要在提议成功之后获得丰厚收益,激进投资人必须先增持一定数量的股票。但这一规则变更将迫使他们过早摊牌。Boards have an obvious motive to back curbs on troublesome activists.董事会显然欲约束这些麻烦的激进分子。But a better strategy—and one that big firms are increasingly adopting—is to talk to them, consider their ideas and even invite them or their representatives to become directors, as firms from Microsoft to Mondelez have done.然而更好的、也是大公司越来越倾向于选择的策略,是与他们交谈,考虑他们的意见甚至邀请他们或其代表加入董事会;微软和亿滋就是这么做的。If a boards strategy is in fact better than that proposed by the activist, having the debate in public may strengthen the incumbent management, as happened when activists took on firms such as AOL, Target and Clorox.如果董事会的策略确实好于激进投资人提出的,公开就此进行辩论也可能巩固现任管理层的地位。美国在线、塔吉特百货和高乐氏在应对激进投资人挑战时就是如此。Indra Nooyi, the boss of PepsiCo, chose to work with Ralph Whitworth, a veteran activist who took a stake in the company.百事可乐总裁英德拉·诺伊选择了和资深激进投资人、拥有百事可乐股票的拉尔夫惠特沃思合作。By doing so she was able to head off calls for a break-up of the firm, while still boosting its shares, thereby restoring her authority.这样她既平息了要求拆分公司的呼声,又推高了公司股价,由此在公司重树威信。Mr Donohoes encounter with Mr Icahn may prove less nightmarish if he treats his ideas about eBay on their merits rather than dismissing them out of hand.如果多诺霍能中肯得看待伊坎对易趣的建议,而不是不假思索的否定,也许结果就不会那么糟糕了。 /201402/276495龙岩检查精子要多少钱

福州检查排卵去那里 Its easy to tell, even at a glance, that people and moose are pretty different.很显然,即便只是匆匆一瞥,也能轻易看出人和糜鹿是完全不同的动物。Moose, at leastmales, have big, wing shaped antlers.糜鹿,至少是雄性糜鹿拥有大型的、像翅膀一样的鹿角。People have no antlers. Moose are herbivores, eating only plants.而人是没有角的。糜鹿是食草动物,只吃植物。We eat mostly junk food.我们却几乎总吃垃圾食品。Despite their salad only diet, moose can weigh as much as 1400pounds.尽管“色拉”是糜鹿唯一的食物,它们的体重却能达到1400磅。Even the fattest humans top the scales at only around 1000 pounds.而我们人类中最胖的也只有1000磅。The list goes on.二者间的差异数不胜数。And yet, in some ways, people and moose are similar.但是在某些方面,人与糜鹿是相似的。For example, both suffer from arthritis.例如,两者都饱受关节炎的困扰。And thats interesting because how and why moose develop arthritis may be able to tell us something about the pathology of the human variety.这个问题很有趣,因为研究糜鹿患上关节炎的过程和原因,可能有助于我们发现一些人类患关节炎的病理。For example, researchers working in Michigans upper peninsula have been studying moose there for decades.例如,位于密西根湖上游半岛的研究人员已经对糜鹿进行了数十年的研究。And one thing theyve found is while arthritis in moose is partly genetic, its also triggered by the environment.他们发现糜鹿患关节炎在一定程度上是由基因引起的,同时也受到环境的影响。Specifically, the researchers have observed that moose that suffer from arthritis seem to have not had access to proper nutrition early in life.特别需要提到的是,研究人员观察的那些患关节炎的糜鹿似乎幼年都营养不良。Perhaps they were born during a drought when there werent enough berries and other plants toeat.可能是因为它们出生于旱期,没有足够的浆果和其他植被可以食用。Whatever the case, even if those moose had plenty to eat later on, their very early nutritional deficits appear to have doomed them to an adult life of aching joints.无论情况如何,即便那些糜鹿后来有足够的食物,它们幼年的营养匮乏使它们的成年生活注定与关节疼痛相伴。The take away for scientists who study arthritis, and doctors who treat it in people, is that how and what we eat, even as babies, may lay the foundation for chronic arthritis and other health problems later in life.研究关节炎的科学家和治疗关节炎的医生得出结论:我们怎么吃、吃什么可能会为后来生活中的慢性关节炎和其他健康问题埋下隐患。And thanks to the moose, those scientists are also beginning to better understand the sorts ofdiets that could lower those risks.得益于对麋鹿的研究,那些科学家也开始更好地了解能降低患关节炎风险的饮食种类。 201404/288733福州市输卵管通水专业医院福州造影需要多少钱

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