- •English for the master’s programm
- •In finance Содержание
- •Unit 1 money and its functions
- •Match each of the word on the left with the correct
- •3. Which of the following are true or false?
- •4. Match the terms with their Russian equivalents:
- •5. Match the two parts of the sentences:
- •6. Translate the sentences into English:
- •7. Translate the text in writing: Careers in Finance
- •The function of financial markets
- •1. Answer the questions:
- •2. Match each of the words on the left with the correct explanation on the right:
- •3. Complete the text by inserting the following words in the gaps:
- •4. Translate the sentences into English:
- •Primary and Secondary Markets
- •Unit 3 regulation of the financial system
- •Internationalization of financial markets
- •Answer the questions:
- •Match each of the words on the left with the correct explanation on the right:
- •Speak on:
- •4. Make written translation of the text into Russian:
- •5. Translate the text into English:
- •How bonds and common stocks are valued
- •Match each of the words on the left with the correct explanation on the right:
- •3. Translate the text into English:
- •Voting rights of shareholders
- •Preferred Stock
- •Common stock
- •Answer the questions:
- •Complete sentences by inserting the following words in the gaps:
- •Complete the text by inserting the following words in the gaps:
- •Speak on:
- •5. Make written translation of the text into Russian:
- •6. Translate the text into English:
- •Forward exchange contract
- •Fixed and option contracts
- •Answer the questions:
- •2. Match each of the words on the left with the correct explanation on the right:
- •3. Complete the text using these words:
- •4. Speak on:
- •5. Make written translation of the text into Russian:
- •6. Translate the text into English:
- •Unit 7 banking
- •Match the words with the definitions:
- •2. Complete the sentences using the words from the box:
- •3. Which of the following sentences are true or false?
- •4. Match the terms with their Russian equivalents:
- •5. Match the two parts of the sentences:
- •6. Make written translation of the text into Russian:
- •Islamic Banking
- •Unit 8 commercial and central banks
- •1. Answer the following questions:
- •2. Match the terms with their Russian equivalents:
- •3. Fill in the gaps with the correct variants:
- •4. Complete the sentences by inserting the following words in the
- •5. Make the written translation of the text into Russian: micro credit
- •Insurance companies
- •Life Insurance Companies
- •Property and Casualty Insurance Companies
- •Answer the questions:
- •Match each of the words on the left with the correct explanation on the right:
- •Translate the sentences into English:
- •Unit 10 pension funds
- •Annuities
- •Answer the questions:
- •Complete the text by inserting the following words in the gaps:
- •3. Speak on:
- •4. Translate the text into English:
- •Unit 11
- •Investment Funds
- •Answer the questions:
- •2. Match each of the words on the left with the correct explanation on the right:
- •4. Make the written translation of the text into Russian:
- •5. Translate the text into English:
- •Unit 12 taxation
- •Match each of the words with the correct explanation on the right:
- •2. Complete the sentences by inserting the words in the gaps:
- •3. Which of the following sentences are true or false?
- •4. Match the terms with their Russian equivalents:
- •5. Translate the sentences into English:
- •6. Render the text: концепция платежеспособности
- •Unit 14 classification of taxes
- •1. Answer the following questions:
- •2. Match the terms with their Russian equivalents,
- •3. Fill in the gaps with the correct variants.
- •4. Complete the sentences by inserting the following words in the
- •5. Translate the sentences into Russian:
- •6. Render the text переложение налогового бремени
Speak on:
Raising funds.
The investment portfolio of an individual.
Financial instruments in Russia in comparison with those abroad.
5. Make written translation of the text into Russian:
A significant proportion of private placement bonds and a smaller proportion of public issues are sold with warrants. In addition, warrants are sometimes attached to issues of preferred stock or given to investment bankers as compensation for underwriting services. Although a number of United States companies have issued warrants, the main action in the warrant market has involved Japanese firms. By the end of the 1980s these firms accounted for the great majority of warrant issues, and Japanese investors seemed to have an almost insatiable appetite for warrants. Then in early 1990 the Japanese equity market nose-dived, investors discovered that warrant prices can fall rapidly, and the warrant market dried up.
The term warrant usually refers to a long-term option issued by a company on its own stock or bonds, but in recent years investment banks and other financial institutions have issued «warrants» to buy the stock of another firm.
Most warrants are changeable into common stock, but some companies have issued warrants on bonds.
The owner of a convertible owns a bond and a call option on the firm’s stock. So does the owner of a bond-warrant package. There are differences, of course, the most important being the requirement that a convertible owner give up the bond in order to exercise the call option. The owner of a bond-warrant package can generally exercise the warrant for cash and keep the bond. Nevertheless, understanding convertibles is easier if you analyze them first as bonds and then as call options.
Convertibles are usually issued at their face value, that is, 100 percent of par. Since they consist of a bond plus an option, the underlying bond at issue is worth less than 100. Thus the value of the bond can be expected to increase between issue and maturity. This means that for most convertibles the value of the bond that must be surrendered (i.e., the exercise price of the option) increases over time. For very low coupon convertibles these changes in exercise price can be dramatic.
6. Translate the text into English:
Акция есть ценная бумага, удостоверяющая долевое участие владельца в капитале деловой единицы бизнеса, имеющего статус юридического лица в форме корпорации. Акция есть доля акционера во всем том, что имеет компания, его узаконенное право на часть капитала, имущества, дохода. Она существует столько же времени, сколько существует сама корпорация, хотя за это время может смениться множество владельцев данной акции. Акционер не имеет права возвратить акции корпорации, их выпустившей. Акционер может лишь продать их на вторичном рынке.
Уставной капитал — разрешенный к выпуску капитал. Он может быть разделен, в свою очередь, на находящийся в обращении капитал (обыкновенные и привилегированные акции акционеров) и остающиеся в портфеле компании ценные бумаги.
Корпорация имеет право выкупа собственных акций. Однако в законодательстве ряда стран содержится положение о том, что если корпорация неплатежеспособна, то она не имеет права выкупа собственных акций. То же самое предусмотрено и в том случае, если подобный выкуп приведет к неплатежеспособности этой корпорации.
UNIT 6
FORWARDS AND OPTIONS