m0970

Stanford scandals are the leading indicators. Similar developments occurred in parallel elsewhere around the globe, particularly in the UK. The crisis was propagated internationally through open capital markets exposing pre-existing weaknesses in financial sectors and participants outside the USA, and once the crisis got underway, rising interest rates exposed weaknesses in other segments of the US financial market, such as consumer lending and commercial real estate in the USA.

Crisis response in the USA has been forceful (at least as measured by expenditures), but inconsistent and ad hoc, complicated by the electoral calendar in the USA and the political transition from the Bush Administration to the Obama Administration.

Asian Economic Policy Review (2009) 4, 181–199

American Economic Relations with Asia

Marcus NOLAND

Peterson Institute for International Economics and East-West Center

Менеджмент.

The objective of this project is to develop a framework for examining and evaluating future manufacturing businesses in the United States. As a first step in this process, an exhaustive review of the relevant literature was carried out to evaluate approaches and findings on the topic at hand. Our search revealed that a considerable amount of attention has been devoted recently to this subject as many governments, industries, think tanks, consultants, the press, academic researchers and communities feel the effect of current trends and want to prepare for future opportunities. The search shows a breadth of effort at both the national (e.g., Visionary Manufacturing Challenges 2020) and international (e.g., European Union Futman Reports) levels by governmental and non-governmental entities through formal multi-year studies, forums, discussions and press reports. By far the most comprehensive and focused studies encountered to date are those sponsored by the European Union under The Future of Manufacturing in Europe 2015-2020: The Challenge For Sustainability.

The first of these EU reports, Industrial Approaches-Transformation Processes [Fraunhofer Institute,

2003a] covers “all design, planning and production processes in between the material production and the finished product (process manufacture, discrete manufacture, assembly, disassembly and remanufacture).” The second report, Materials [Fraunhofer Institute, 2003b] provides “a prospective analysis of emerging technological developments and interactions in the field of materials, as well as the strength and weaknesses of European Technological Competencies.” The third report assesses

The Future of the European Automotive Industry – Personal Cars [Fraunhofer Institute, 2003c] by way of a focused case study.

The comprehensive nature, quality and availability of these studies and reports makes our original first step intention to carry out a prospective investigation of manufacturing developments and manufacturing technology interactions somewhat redundant. The vast commonality of material transformation processes and business issues between Europe and the U.S. to be gleaned from a prospective evaluation of the open literature and press material does not seem to warrant an additional effort which would undoubtedly be somewhat duplicative.

FUTURE OF MANUFACTURING IN THE U.S.

Amine Lehtihet, David Wilson, and Gerald Susman

Smeal College of Business

The Pennsylvania State University

http://www.smeal.psu.edu/cmtoc/research/nist1fut.pdf

Бухгалтерский учет и аудит.

The true impact of lean improvement must be understood at the outset of any lean transformation. Using the current state and future state value stream maps, lean accounting tools are used to understand how the changes taking place in the value stream will affect the operational performance, the financial performance, and also how the capacity usage changes within the value stream. This analysis often shows excellent operational improvement but little improvement in cost or bottom-line profitability.

What bridges the gap between these? The answer is capacity change. Most lean improvement projects eliminate waste and create available capacity in the form of machine time, people's time, and physical space. The financial impact of lean improvements on the company's bottom-line comes from the decisions made by management on how this newly freed-up capacity will be used. Figure 4 shows a real-life example of this from a company making temperature and pressure gauges used on offshore oil rigs.

One of the most difficult changes made by senior managers when they are beginning the process of lean transformation is to stop thinking about production improvements in terms of short-term cost

21

reductions. This is very much mass-production, standard cost thinking. This thinking will limit the progress the company can make with lean manufacturing and other lean initiatives. We need to start thinking about customer value and business growth.

This does not mean that cost information is unimportant; cost is very important. So important, in fact, that we need much better tools to show the cost information: tools like value stream costing and box scores.

Lean Accounting: What's It All About?

Brian H. Maskell and Bruce L. Baggaley

Target Volume 22, Number 1

Юриспруденция.

It was decided to leave Petropavlovsk department included in Russian Railways due to its significant role as part of the Trans-Siberian railway and huge funds spent on its development. Transit transportation “Central Russia – Siberia” including mainly transportation of Kuzbass coal, grain and oil products from Kazakhstan manufacturers is carried out through this department. Unfortunately, such outside position of the department causes a range of specific problems.

1.An extended customs and border control on Isilcul and Petukhovo stations. The downtime for passenger trains on these border stations is 60 minutes and 40 – for fast trains. Due to such a long downtime not only there is a certain discomfort for the passengers but also the decrease of the service speed and traffic capacity via this section in whole. As a result within a few recent years a number of trains (such as Omsk-St. Petersburg, Novosibirsk-Adler, Vladivostok-Kharkov, Omsk-Moscow, Moscow-Beijing) were cancelled. The absence of these popular trains has caused problems for passenger traffic and, moreover, has downturned the figures of volume performance for the department. At the same time such situation doesn’t meet logistic interests of Kazakhstan as an alternative transport corridor via the China-Central Asia – Europe route the use of which accelerates transportation significantly against the sea transport.

2.According to the laws of Republic of Kazakhstan all documents, reference materials, signs and announcements must be presented at least in the Russian and Kazakh (official) languages. Thus, the department has to spend extra funds on the translation of the materials and arrangement of language courses for a certain categories of staff (e.g. announcers)

3.There comes a range of juridical problems while Russian and Kazakhstan authorities are inspecting or auditing the department because of different legislation and frequent contradictory requirements.

23 мая. Аспирантка СГУПСа попросила вас сделать перевод выдержки из статьи, которую она собирается опубликовать в международном журнале. Выполните перевод с русского языка на английский.

Сегодня отечественные железные дороги работают в условиях необходимости снижения эксплуатационных расходов с целью более высокой конкурентоспособности на транспортном рынке и повышения уровня рентабельности. Во многих случаях требование сократить расходы сопровождается потребностью в увеличении пропускной способности железных дорог. Однако, с увеличением объемов грузоперевозок необходимо увеличивать вес грузовых поездов, и, следовательно, нагрузку на рельсы.

Одним из подходов, с помощью которого можно найти решение названных проблем, является увеличение емкости вагона без увеличения длины поезда. Увеличению емкости поезда на 10-20% может способствовать увеличение емкости грузовых вагонов, причем их собственная масса увеличиться лишь в незначительной степени или останется прежней.

Сокращение количества вагонов, необходимых для перевозки фиксированного количества груза, приводит к снижению капитальных затрат, связанных с приобретением вагона (а во многих случаях локомотива), а также сокращению эксплуатационных расходов и расходов на техническое обслуживание за счет уменьшения количества вагонов и поездов. С увеличением объемов перевозок грузов необходимо обновлять вагонный парк за счет вагонов, выдерживающих повышенные осевые нагрузки.

Увеличение веса грузовых поездов путем увеличения количества вагонов в составе поезда требует существенных инвестиций в транспортную инфраструктуру, в том числе удлинение станционных путей, реконструкцию горловин станций и т. д. В обоих случаях необходимо приобретать большое количество новых и более мощных локомотивов.

22

Урок 4. АКАДЕМИЧЕСКИЕ ТЕКСТЫ

Упражнение 1. Среди предложенных отрывков найдите а) тезисы конференции

(abstract for conference communication), б) резюме автореферата диссертации (summary of PhD theses), в) аннотацию к статье (abstract).

(1)

We analyze the effect of product quality on the output of a high-quality dominant firm facing a lowquality competitive fringe. Using a standard vertical differentiation model, we show that profit maximizing output decreases with product quality when the dominant firm's marginal cost is lower than that of the fringe, is independent of quality when marginal cost is the same for all firms, and is increasing in quality when the dominant firm's marginal cost is higher than that of the fringe. The driving force behind this result is that an increase in product quality does not cause a parallel shift in the dominant firm's residual demand, but rather causes it to pivot. This, in turn, causes the dominant firm's marginal revenue curve to rotate, rather than shift outwards, resulting in inwards movement around the equilibrium output when the dominant firm's marginal cost is lower than the fringe's. Equally strikingly, higher quality at the original marginal cost may result in all consumers being weakly worse off, with some being strictly worse off. Similar results can be obtained without a competitive fringe, but only under some more restrictive conditions.

JEL Classification Codes: L15, L13.

Keywords: Product innovation, vertical differentiation, dominant firm, competitive fringe.

(2)

Economic security is an internal condition of a company that enables it to extend and to minimize the negative impact of external factors.

The level of economic security is determined by the effective use of all resources, including capital resources, technological resources, human resources, information resources, innovation in business management and legal foundation. Effective use of all these resources provides high quality and competitive goods. Due to these factors the structure of the components includes financial, marketing, technological, human resources and management components.

The complex analysis of all the components determines the economic security of the company and can help to neutralize the threats. We have provided an assessment of the economic security of the West Siberian Railway – the subsidiary of Russian Railways JSC.

The financial component describes its financial stability defined by the accounts that can ensure the company’s solvency. For the financial assessment we consider two measures of financial soundness: surplus (lack) of current assets and surplus (lack) of total assets. Then we use the financial assessment to determine the two-component indicator. Following this, we can point out 3 types of the financial soundness:

1)absolute soundness S = (1,1);

2)normal soundness S = (0,1);

3)unstable financial condition S = (0,0).

(3)

This dissertation presents an answer to why the yield curve tends to invert one year before a recession. The capital-based macroeconomic model used in this dissertation makes a distinction between individual production plans and the social structure of production. The analysis traces out the effects of an injection of short-term working capital into the model. There are two consequences of this injection: the Wicksell effect and the Fisher effect. The Wicksell effect entails the downward pressure on interest rates, while the Fisher effect entails the upward pressure on interest rates.

The analysis then compares the effects of monetary injections with the effects of monetary intermediation. The conclusion reached is that although there are some positive aspects of monetary intermediation, malinvestments still accumulate in the economy.

The analysis then shows that short-term credit can create both shortand longterm malinvestments in the social structure of production. The restricted model demonstrates that, during the malinvestment boom phase, both shortand long-term malinvestments emerge in the early stages of production. These malinvestments are unsustainable and must be liquidated.

The crunch phase of the business cycle begins this process of liquidation. This phase may take the form of a credit crunch, a real resource crunch, or a combination of the two. Each scenario culminates

23

in an inverted yield curve approximately one year before the upper-turning point of a recession. Each recession since the mid-1950s is categorized and is placed into either the credit crunch or the real resource crunch scenarios.

This dissertation also provides a detailed survey of the literature on the appearance of inverted yield curves before economic downturns.

Additionally, this dissertation builds a modified Preferred-Habitat Theory of the yield curve on a timepreference based theory of interest. The purpose of this modification is to base the theory on a microeconomic foundation and to demonstrate that a monetary authority can create a relatively stable term structure of interest in disequilibrium.

Упражнение 2. Прочитайте предложения и выделите в них клише, характерные для а) тезисов, б) резюме авторефератов диссертаций, в) аннотаций к статье. Найдите им соответствия в русском языке.

1.The purpose of our research was to search for methods to ensure break-even suburban companies in terms of market competition based on the experience of foreign countries.

2.Subjects of the research are the international regulations and national environmental protection as a descriptive inventory methods remediation and ecological reconstruction.

3.And in order to best meet the needs of the consumer level and a balance between quality services and affordable prices, should be in each city in each region to make their own unique solutions.

4.This study evaluates rail transit benefits based on a comprehensive analysis of transportation system performance in major U.S. cities.

5.The conclusion made is that there are plenty of situations in which rail transit is not cost effective due to inadequate demand, unusually high construction costs, or a lack of integration with transportation and land use policies, and other transit options should be selected.

6.It can be stated that in this field of science theory and practice forms a strong unity, both in improving the knowledge and in developing new technologies.

7.Model includes rational expectations, IS-LM and the Phillips Curve.

8.Due to interest rate risk, it is less of a risk to hold cash than to hold a bond.

9.Described is the interaction between construction and legal concepts.

10.Methods of research are generally scientific (analysis, syntheses, abstraction, deduction, induction and others).

11.Thus as input prices rise, even with a lax monetary policy, entrepreneurs (particularly smaller firms) must scramble for resources to complete and maintain their projects.

12.The initial results from the case studies indicate the following.

13.This approach allows one to analyze and draw conclusions about the problem in a manner that is superior to more aggregated methods.

14.It is widely recognized that human actions that depart from or fail to achieve what should be done can be important contributors to the risk associated with the operation of nuclear power plants.

15.Additionally, this dissertation builds a modified Preferred-Habitat Theory of the yield curve on a time-preference based theory of interest.

24

Упражнение 3. Прочитайте текст. Определите, черты какого стиля письменной речи

д) грубого и вульгарного (rude and vulgar). Обоснуйте свое решение.

The changing internal market for ethical discourses in the Canadian CA profession

Dean Neu, Constance Friesen and Jeffery Everett

Accounting, Auditing and Accountability Journal

Vol. 16 No. 1

Conceptual paper

Purpose

Starting from the premise that formal ethical codes and other ethical discourses differ in their audiences, effects and characteristics, analyses how practitioner-directed ethical discourses have spoken and continued to speak about character-based ethics.

Design/methodology/approach

Borrowing from the literature on professions and Pierre Bourdieu's theory of practice, starts from the assumption that editorials in practitioner-orientated publications are a form of cultural good traded on an internal symbolic market. By providing access to symbolic capital, trade in this good acts to bind together members of the accounting profession, yet trade in this good also has the potential to obscure a number of important, underlying social issues. The study is based on a close (textual) reading of editorials in the Canadian Chartered Accountant (subsequently renamed CA Magazine) from 1911 to 1999, and this reading is framed in the light of a number of macro-level and meso-level (contextual) changes.

Findings

It is found that character-based ethical discourses continue to pervade this professional field.

Originality/value

These discourses, however, do not continue without important changes that themselves need to be explained in light of the more widespread, non-professional field.

Keywords: Accountants, Ethics, Professionalism, Canada

Упражнение 4. Деловая игра «Сборник тезисов».

Задание 1. Ректор передал в научный отдел университета тексты из английского реферативного журнала, публикующего рефераты научных работ и другие вторичные информационные материалы (библиографического описания, аннотации). Вы – переводчики научного отдела. Объединитесь в группы по специальностям, распределите между собой тексты и переведите их на русский язык.

Экономика. Финансы и кредит.

RARE MACROECONOMIC DISASTERS

ANNUAL REVIEW OF ECONOMICS

Vol. 4: 83-109 (Volume publication date July 2012)

First published online as a Review in Advance on April 5, 2012 DOI: 10.1146/annurev-economics-080511-110932

Robert J. Barro1 and José F. Ursúa2

1Department of Economics, Harvard University, Cambridge, Massachusetts 02138; email: rbarro@harvard.edu

2Global Investment Research, Goldman Sachs, New York, NY 10282; email:jose.ursua@gs.com JEL codes: E1, E44, G1, G12, G15, D91

The potential for rare macroeconomic disasters may explain an array of asset-pricing puzzles. Our empirical studies of these extreme events rely on long-term data now covering 28 countries for consumption and 40 for GDP. A baseline model calibrated with observed peak-to-trough disaster sizes

25

accords with the average equity premium with a reasonable coefficient of relative risk aversion. High stock-price volatility can be explained by incorporating time-varying long-run growth rates and disaster probabilities. Business-cycle models with shocks to disaster probability have implications for the cyclical behavior of asset returns and corporate leverage, and international versions may explain the uncovered-interest-parity puzzle. Richer models of disaster dynamics allow for transitions between normalcy and disaster, bring in postcrisis recoveries, and use the full time series on consumption. Potential future research includes applications to long-term economic growth and environmental economics, and the use of stock-index options prices and other variables to gauge time-varying disaster probabilities.

http://www.annualreviews.org/toc/economics/4/1

Менеджмент.

BEHAVIOR, ROBUSTNESS, AND SUFFICIENT STATISTICS IN WELFARE MEASUREMENT

ANNUAL REVIEW OF RESOURCE ECONOMICS Vol. 3: 37-70 (Volume publication date October 2011)

First published online as a Review in Advance on April 27, 2011 DOI: 10.1146/annurev-resource-040709-135125

Richard E. Just

Department of Agricultural and Resource Economics, University of Maryland, College Park, Maryland 20742; email: rjust@umd.edu

JEL: D12, D22, D60, D80

The joint implications for welfare measurement of three recent literatures are considered: the behavioral welfare economics literature, the structural versus reduced form debate in econometrics, and the use of sufficient statistics for characterizing behavior. The first permits the revealed preference paradigm to include a wide variety of so-called anomalous behavioral criteria. Sufficient statistics permit aggregation under heterogeneous behavioral criteria, not only heterogeneous characteristics, to facilitate meaningful economic welfare analysis. Atheoretic reduced form econometrics and traditional treatment-effect econometrics do not support welfare analysis, but marginal treatment-effect econometrics is useful for a certain type of policy problems. More generally, estimation of sufficient statistics requires theory-based reduced form econometrics. Sufficient statistics are further suggested for general equilibrium welfare measurement. Under certain assumptions about endogenous government behavior, robust concepts of economic welfare measurement emerge that rationalize the terminology and concepts of traditional welfare economics, although with a much broader conceptual basis.

http://www.annualreviews.org/toc/resource/3/1

Бухгалтерский учет и аудит.

Cash to accrual and cash to accrual: A case study of financial reporting in two NSW hospitals 1857 to post-1975

Julie E.M. Scott, Jill L. McKinnon and Graeme L. Harrison

Accounting, Auditing and Accountability Journal

Vol. 16 No. 1 Case study

Purpose

This study traces the development of financial reporting in two publicly funded hospitals in New South Wales over the period 1857 to post-1975, with particular focus on the use of cash and accrual accounting.

Design/methodology/approach

The historical analysis draws on process and conceptual change and stakeholder theory, and uses both primary and secondary data,

Findings

to describe patterns of change (and non-change) in the hospital's financial reporting and to identify the social and political influences associated with such reporting.

Originality/value

This study provides historical context for recent developments in public sector reporting and accountability in Australia, particularly the (re)introduction of accrual accounting, and provides insights into the nature of accounting change both in public sector organisations and generally.

26

сложных экономических условиях глубина проработки проблем ИМП и обоснованность принимаемых управленческих решений в первую очередь и в значительной степени определяется качеством подсистемы научной поддержки. Ведущими факторами, определяющими качество научной поддержки, являются научные подходы и методы, используемые на ранней (концептуальной) стадии, связанной с выбором общего направления инновационного развития предприятий. Именно на этой стадии менеджмент предприятий сегодня повсеместно сталкивается с серьезными трудностями, обусловленными сложным слабоструктурированным характером проблемы инновационного выбора. Возможности использования здесь традиционных инструментов поддержки (экспертные методы, многочисленные количественные методы анализа инновационных проектов, IT–инструменты поддержки на базе Microsoft Office EPM и Microsoft SharePoint) крайне ограничены. Между тем в условиях нестабильной переходной экономики и непрерывно растущей конкуренции вопрос научной поддержки этой стадии приобретает все большую значимость и может быть отнесен к числу наиболее актуальных вопросов теории и практики ИМП. Новые перспективы для решения вопроса открывают развиваемые в последние годы методы моделирования слабоструктурированных ситуаций, основанные на когнитивном подходе. В докладе рассматривается возможность использования когнитивного подхода для проектирования моделей ИМП. Методология разработки когнитивных моделей ИМП существенно отличается от общепринятых схем. Главные из этих отличий состоят в том, что, наряду с использованием базовых положений когнитивного подхода, методология, во-первых, учитывает специфику предметной области ИМП, и, во-вторых, учитывает репродуктивный характер процесса проектирования моделей ИМП, предусматривающего широкое использование передового технологического опыта инноваций.

Ключевые слова: познавательные технологии, соответствие, проникновение, методология, познавательный подход.

Урок 5. НАУЧНО-УЧЕБНАЯ ЛИТЕРАТУРА

Упражнение 1. Прочитайте предложения. Выделите в них речевые клише, характерные для научно-учебной литературы. Найдите им соответствия в русском языке.

1.In other words, one needs to combine specific experiences, economic and financial theory, currently accepted industry best practice and knowledge of the way the past has shaped the present.

2.In particular, they have more freedom to go short of securities, to leverage and to charge performance fees.

3.There is a philosophical difference between those firms believing that investment products are bought, or sought out by investors and advisors, and those firms believing that investment products have to be sold, or brought to investors’ attention.

4.Chapters 6–10, 13 and 14 include examples of such insights.

5.My largest debt of gratitude is owed to the investment professionals, investors, consultants, advisors and brokers, whose wisdom and ingenuity.

6.While citizens of the USA, the UK and other advanced capitalist economies take this protection for granted, it does not exist in much of the Third World and the former Soviet bloc, as the following topical examples illustrate.

7.As can be seen by comparing the two formulae, the same investment results can produce quite different time-weighted and money-weighted returns.

8.As we will see later, the market return has an important place in modern thinking about investment.

28

9.To illustrate this, let us assume that the product manager does not want subscriptions and redemptions to affect product policy or active strategy.

10.In the third edition of this book (2000), I made the following analysis and prediction.

11.Please do not confuse a “bubble” with cyclical price movements.

12.Before we get started, let me clarify my point: No one can predict short-term price movements.

13.Then consider this example. Assume that you pay $250,000 for a property today.

14.Good point. That’s why Chapters 11 and 12 show you how to manage your rentals with reduced time, effort, and risk.

15.While they may be grouped together into categories, as started above, they may be considered to be tangible and intangible assets as well.

16.We will further assume that the business is that of a single owner (sole proprietorship).

17.This equation will be expressed as follows: Assets = Capital.

18.Our primary concern here will be with a business that provides a service.

19.The same fact is true for the entry of January 15.

20.The various reasons why this table cannot be depicting a relation should become apparent to you by the time you reach the end of this chapter.

Упражнение 2. Изучите предложенный отрывок текста. Из какого источника он взят? Что вы можете сказать о его авторе? Кто его реципиент? Сформулируйте коммуникативное задание текста. Проанализируйте состав информации на а) синтаксическом уровне; б) семантическом уровне; в) прагматическом уровне эквивалентности (см. Приложение 3). Выделите в тексте речевые клише.

Accounting is the art of organizing, maintaining, recording, and analyzing financial activities.

Accounting is generally known as the “language of business”. The accountant translates this accounting information into meaningful terms that are used by interested parties.

The things that are owned by any business organization are known as assets. In order for an item to be considered an asset, it must meet two requirements:

(1)it must be owned by the organization,

(2)it must have money value.

Ownership is the exclusive right to possess, use, enjoy, and dispose of property. Money value exists if a buyer is willing to pay a sum of money to a seller for the property. Since there apparently are many different kinds of assets, how does the accountant keep track of all of the assets? The accountant does not keep track of all of them individually, but rather combines assets of a similar nature into common groups.

For example, an individually or business organization may have such assets as coins, bills, money orders, and checks. These assets would be placed in a category or grouping known as cash.

Thus, any money, regardless of its actual form, would be known and categorized as cash.

The balance sheet shows the financial position of a business on a specific date. It represents a detailed presentation of the accounting equation. In Chapter 1 the final form of this equation was given as: Assets = Liabilities + Capital.

The balance sheet provides a detailed listing of the various assets that a business owns, the liabilities that are owed to creditors and other parties, and the proprietor’s equity interest. It is known as the balance sheet because, upon its completion, it must be in balance. In other words, the total value of the business’s assets must be in agreement with the total value of the liabilities and capital (total equity) of the business.

Peter J. Eisen. Accounting, 2007

29