Каирсапова Сборник дополнителных 2014

МИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ РОССИЙСКОЙ ФЕДЕРАЦИИ

НАЦИОНАЛЬНЫЙ ИССЛЕДОВАТЕЛЬСКИЙ ЯДЕРНЫЙ УНИВЕРСИТЕТ «МИФИ»

Э. М. Каирсапова, А. А. Мустафина, Ю. Н. Струкова

Сборник дополнительных текстов по английскому языку для развития навыков

самостоятельной работы бакалавров на 1 и 2 семестрах, обучающихся в неязыковом вузе (по специальностям в областях экономики

ифинансов: финансовый менеджмент

ибухгалтерский учет, анализ и аудит)

Рекомендовано к изданию УМО «Ядерные физика и технологии»

Москва 2014

Предисловие

Данное пособие предназначается для бакалавров неязыковых вузов, специализирующихся в области экономики и финансов («Финансы», «Бухучёт», «Банковское дело»).

Необходимо сказать, что в настоящее время очень важно для специалиста владеть умением грамотно переводить и выражать своё речевое намерение.

Цель пособия состоит в том, чтобы развивать навыки восприятия специальной литературы на английском языке, развивать навыки устного перевода у бакалавров.

Пособие включает в себя восемь разделов, каждый из которых состоит из современных оригинальных аутентичных научных текстов разного уровня и разнообразными заданиями к ним.

Пособие предназначено для бакалавров в качестве дополнительного материала или для самостоятельной работы.

4

Unit 1

№1

Read the following article

Translate this article from English into Russian

Answer the following questions:

What arguments are mentioned in this abstract for…

-generating housing booms and busts?

-not playing “mortgage game” with Americans?

Match the following topics with texts in order in which they appear in the text:

Water played an important role

New boom perfectly suits housing past Boom of skyscrapers

The wrong option

Buying and selling land’s property Wheat = cotton

Ups and downs of farm prices Whole country in one state

To hold land is key to prosperity Optimism is not so good

Betting the house

Lessons from America’s long history of property booms

Apr 6th 2013 |From the print edition A

ROBERT MORRIS would have enjoyed the recent American housing boom. A signatory of the Declaration of Independence, he profited handsomely in the 1790s by “flipping” land on the American frontier. His business, acquiring millions of acres from Native Americans and friends of the crown and then selling them on to speculators, probably made him the richest man in America until dearer credit left him bankrupt. In a new paper Edward Glaeser of Harvard University argues that America’s long history of property manias has lessons for those aiming to minimise the pain of future busts. In particular, exuberant buyers may be more rational than many assume.

5

B

Robert Shiller, a Yale University economist and prescient housingbubble spotter, reckons that “animal spirits” animate investors during bubbles. He sees America’s recent housing boom as an especially bad case of irrationality. Yet Mr Glaeser notes that the episode fits comfortably within America’s speculative past (see table). And assumptions of irrationality may let economists off the hook too easily. In fact, he writes, booms are often consistent with reasonable beliefs about the future—an important fact for bubble diagnosticians to note.

C

On sensible reckoning, for example, agricultural land in Alabama was a steal in the 1810s. Cotton production on Alabama farmland was highly productive, and cotton prices were surging on demand from British textile manufacturers. In 1817 land sold at about $35 per acre (in 2012 dollars), twice the national average for unimproved land. Prices almost quadrupled to $134 per acre the next year. Even those values implied large profits at going cotton prices, suggesting land remained a good buy. Yet when recession struck in 1819, farm prices dropped and leveraged buyers went bust. A prolonged price slump followed; by 1850 land cost just $5 per acre. Optimism, though warranted, led to financial carnage.

D

The Chicago boom of the 1830s reached even greater extremes. At the time, water access was critical to trade. In 1816 it cost as much to move goods 30 miles over land as to ship them across the Atlantic Ocean. Land near key ports and shipping routes was therefore extremely valuable. The Erie Canal led to economic booms around the Great Lakes, and Chicago’s proximity to the Mississippi river system made it an attractive bet. In 1830 Chicago land went for a song at $800 per acre (in 2012 dollars). In just six years the value soared to $327,000 per acre, with some plots fetching $1m. Tighter international credit conditions led to panic in 1837. By 1841 prices had fallen back to $38,000 per acre.

E

Yet this was more a product of unpredictability than irrationality. Given the risk that Chicago might fail to become a great metropolis, values immediately after the crash look low but justifiable. Prices at the peak were also consistent with reasonable views. At the time Chicago’s prospects looked uniquely bright. Land values in 1836 made sense given

6

the defensible assumption that Chicago prices would rise to a fourth of those in New York city. And, Mr Glaeser notes, people who bought and held land through the crash prospered over the next two decades: average annual returns through to 1856 were about 9%.

F

In his seminal history of financial manias, the late Charles Kindleberger noted that unexpected good news or optimism often provides the beginnings of a bubble. Mr Glaeser argues that America’s booms fit the pattern. The unknowable impact of new developments, like the settlement of the frontier or the advent of the skyscraper, motivates optimistic property bets.

G

If investors are not irrational, they may nonetheless fall prey to a dangerous nearsightedness. Over the long run high prices lead to more supply, a dynamic often forgotten in the heat of a boom. Alabama’s land rush rested on expensive cotton. But dear cotton led to an explosion in world production. As a result cotton prices dropped by 50% between 1818 and 1820, reducing expected profits on typical Alabama land by roughly 90%. American agricultural land boomed and busted again in the early 20th century in response to similar movements in wheat prices. Dear wheat led to land booms but also encouraged the rise in yields that eventually popped the bubble.

H

Urban real estate is just as vulnerable. New York and Chicago boomed in the early 20th century. Adjusted for inflation, land values in New York City leapt by more than 50% in the 1920s, buoyed by high rents and new high-rise technology that boosted the earning potential of a single property. Investors were slower to appreciate skyscrapers’ effect on supply. The erection of 50-storey buildings on just half of Chicago’s Loop business district would have generated a tenfold increase in its 1933-era square footage. In practice, it took less construction than that to send prices down.

I

New supply also helped to check America’s most recent housing spike. Suburban home prices soared despite America’s almost unlimited capacity to build. As Mr Glaeser quips: “The entire country could fit in Texas with more than one acre per household.” Rising prices in tight

7

markets eventually weakened in the face of the construction boom they helped to stimulate.

J

Although easy credit is a common thread in America’s property history, low interest rates are unfairly maligned, Mr Glaeser reckons. Booms have occurred amid rising, falling and flat rates. The underpriced option to default looks more dangerous. An 1800 land act allowed buyers of public land to post a fraction of its cost upfront and delay payments for two years. That created a window for buyers to observe prices before deciding whether to pay or default, making land bets far more attractive. Mortgage securitisation was a new fad in the 1920s and unwary investors may have underappreciated the risk of default. Zerodown mortgages and federal guarantees probably played a similar role in the 2000s. Americans are incurable property gamblers, history suggests; best not to subsidise their wagers.

Refer back to the article and write a summary of the article

№2

Read the following text. Translate the following text from English into Russian

The Statement of cash flows

The statement of cash flows examines the changes in cash resulting from business activities. Cash flow analysis is necessary in order to make proper investing decisions as well as to maintain operations.

In financial accounting a cash flow statement ( or statement of cash flows) is a financial statement that shows the company’s incoming and outgoing money ( sources and uses of cash) during a time period (often monthly or quarterly) The statement shows how the changes in balance sheet and income accounts affected cash and cash equivalents. It breaks down the analysis according to operating, investing and financing activities.

Operating activities basically include all activities not classified as either financing or investing activities. Operating activities include all revenues from sales of merchandise or providing services. They also

8

include dividends and interest received from investments. The revenue is reduced by the payment of operating costs, including interest and taxes.

Investing activities refer to the activities relating to the generation and repayment of funds provided by creditors and investors. These activities include the issuance of debt or equity securities and the repayment of debt and distribution of dividends.

As analytical tool the statement of cash flows is useful in etermining the short-term strength of a company, particularly its ability to pay bills.

Are the following sentences true or false?

1.Investment decisions are taken, regardless of the cash flow analysis.

2.Operating activities reflect the cash received from transactions.

3.Cash flows from operating activities are interest received and paid, dividends received, salary, insurance and tax payments.

4.There are three sections on the statement of cash flows: cash from operations, cash used in investment activities and cash used in financing activities.

№3

Read the following text

Translate the following text from English into Russian in writing

Foreign Exchange Dealer

Most commercial banks in the United States customarily have bought and sold foreign exchange for their customers as one of their standard financial services. But beginning at a very early stage in the development of the over-the-counter market, a small number of large commercial banks operating in New York and other U.S. money centers took on foreign exchange trading as a major business activity. They operated for corporate and other customers, serving as intermediaries and. market makers. In this capacity, they transacted business as correspondents for many other commercial banks throughout the country, while also buying and selling foreign exchange for their own accounts. 'these major dealer banks found it useful to trade with each other frequently, as they sought to find buyers and sellers and to manage

9

their positions. This group developed into an interbank market for foreign exchange.

While these commercial banks continue to play a dominant role, being a major dealer in the foreign exchange market has ceased to be their exclusive domain. During the past years, some investment banking firms and other financial institutions have become emulators and direct competitors of the commercial banks as dealers in the over-the-counter market. They now also serve as major dealers, executing transactions that previously would have been handled only by the large commercial banks, and providing foreign exchange services to a variety of customers in competition with the dealer banks. They are now part of the network of foreign exchange dealers that constitutes the U.S. segment of the foreign exchange market. although it is still called the "interbank" market in foreign exchange, it is more accurately an "interdealer" market.

№4

Translate the following sentences from Russian into English in writing

1.ООН призывает переписывать глобальные экономические правила для того, чтобы избежать неравенства между бедными странами и богатыми людьми.

2.Цифры, приведенные в докладе ООН, свидетельствуют, что за последние четыре года 200 самых богатых людей мира удвоили свой капитал.

3.За это же время количество людей живущих менее чем на доллар в день не изменилось и осталось на уровне 1,3 миллиарда.

4.Пятая часть самых богатых людей отвечает за 86% всего потребления, в то время как пятой части самых бедных людей принадлежит всего 1%.

5.Страна наконец-то вышла из рецессии в третьем квартале прошлого года, по большей части благодаря положительному эффекту, который Олимпийские игры оказали на экономику.

10