Нина Пусенкова - Английский язык. Практический курс для решения бизнес-задач

Systematic risk – risk that is characteristic for all securities of a given class and cannot be eliminated through portfolio diversification.

Systemic risk – a situation when problems in any one financial institution or market may spread, widely endangering the whole system.

Exercise 4.economy, US dollar terms, account for, worth, GDP, appreciation, exchange rates, average, shift, growth rates, individuals, per capita, spending, assumption, projections, challenges, forecasts, implications, pattern, activity, engine, demand, offset, ageing, returns, advanced, weight, portfolios, flows, currency, incomes, pricing, commodities, opportunities, global, strategic, list, richest

Lesson 22

Exercise 2.1. crowding out, 2. currency, 3. gold standard, 4. inflation, 5. interest rate, 6. investment, 7. liquidity trap, 8. money supply, 9. peg, 10. savings.

Exercise 4.macroeconomics, microeconomics, laissez-faire, Nobel, Economics, consumption, stabilization, federal, institution, contributed, Chicago School, affiliated, monetarist, money supply, phenomenon, Federal Reserve Bank, fiscal policy, restricted, Great Depression, financial shock, contraction, intervention, freely floating, negative income tax, welfare, bill, foundation, advisors, free market policies, relationship, economic situation

Lesson 23

Exercise 2.

Increase: climb, recover, mount, soar, pump up, push up, peak, rise, surge, grow, drive up, boost, expand, upturn, upswing, gain, hike, lift, shot up

Decrease: downturn, cut, push down, lower, decline, fall, plunge, drop, drive down, slip, diminish, contract, reduce

Exercise 3.1. capital expenditures, 2. depreciation, 3. balance of payments, 4. Central Bank, 5. corporate tax, 6. fiscal year, 7. foreign direct investments, 8. gross domestic product, 9. inventory, 10. public finance

Exercise 4.petrodollars, forecast, hard currency, averages, upbeat, advisor, oil sector, mismanagement, wealth, natural resources, growth, windfall, spending, crunch, Stabilization Fund, accumulating, boost, tax revenues, hike, threshold, fiscal discipline, populist, outlays, GDP, cash payments, fiscal policy, public finances, budget surplus, inflation, upward, consumer prices, target, exacerbate, strengthening, manufacturers, value, in real terms, appreciate, macroeconomic, institutions, stability, «rents», interference, interest groups

Lesson 24

Exercise 2.1. free trade, 2. free trade zone, 3. IMF, 4. Maastricht Treaty, 5. multinational company, 6. NAFTA, 7. protectionism, 8. stock exchange, 9. WTO

Exercise 4.developing nations, global markets, «invisible hand», deregulation, barriers, cross-border, exposed, comparative, trading partners, low wage, market forces, central planning, downward, inflation, volatility, innovation, structural shift, outlook, transitional, division of labor, specialization, transactions, world economy, stimulus, incentive, function, impetus, risk-adjusted rates of return, borders

Lesson 25

Exercise 3.1. economies of scale, 2. economies of scope, 3. horizontally integrated MNC, 4. kickback, 5. license, 6. MNC, 7. quota, 8. red tape, 9. vertically integrated MNC

Exercise 5.developing countries, multinationals, doing business, government officials, co-chairs, FDI, administrative reform, banking system, red tape, working group, boosting, strengths, labor costs, education, consensus, investment climate, awareness, executives, media, opportunities, campaign, attracting, tax, capital intensive, locations, community, representation, venue, impact, Customs, legislation

Lesson 26

Exercise 2.advance payment, bill of exchange, capital goods, consumables, consumer goods, jobbing, manufacture, open account trading, person, raw material, spare part

Exercise 4.consumption, FDI, multinational, commitments, liberalize, productivity, tariff barriers, antidumping, expansion, import protection, contract, return on investment, households, safety nets, adverse, transition, unskilled, displaced, incur, retraining, relocation, living standards, public policy, sustained, incentives, offset

Lesson 27

Exercise 2.The following statements are not correct: 2, 3, 4, 8, 11.

Exercise 3.1. ask (offer) price, 2. base currency, 3. bid price, 4. central bank, 5. commission, 6. counter currency, 7. cross currency pairs or cross rate, 8. fundamental analysis, 9. intervention, 10. limit order, 11. liquidity, 12. lot, 13. pips, 14. quote, 15. settlement, 16. spread, 17. technical analysis, 18. transaction cost

Exercise 4.marketplace, transactions, contracts, negotiated, counterparties, delivery, currency, notional, FX, derivatives, interbank, binding, instrument, traders, underlying, profit, risks, rewards, exit, positions, «open outcry», E-trading, individual investors, MNCs, fluctuations, transparent, liquid, clearing, fees, physical, cash-settled

Lesson 28

Exercise 2.The following statements are not correct: 1, 3, 4, 5, 7.

Exercise 3.1. broker, 2. dealer, 3. full disclosure, 4. liquidity, 5. NASDAQ, 6. OTC, 7. secondary market, 8. SEC, 9. settlement

Exercise 4.stock market, regulator, SEC, fraudulent, easy, hazardous, structured, industry, supervision, public, securities, divisions, compliance, overseeing, disclosure, filed, transparency, filings, material, offerings, reports, M&As, proxy voting, AGMs, fair self-regulating organizations, broker-dealer, rules, disagreements, surveillance, overseers, advisors, registered, regulations, violations, law-enforcement, criminal, insider trading, fiduciary, integrity

Lesson 29

Exercise 3.1. collateral, 2. bearer, 3. capital market, 4. corporation, 5. equity, 6. marketable securities, 7. private placement, 8. registered security, 9. secondary market, 10. securities markets, 11. securitization, 12. stock

Exercise 4.volatile, community, sophisticated, utility, ADRs, depository, entity, custodian, issued, transaction, underlying, securities, agent, initiating, convert, delivered, notifies, transfer, registrar, intra-market, cancellation, cross-border, surrenders, cancels, holder, financial, OTC, exempted, compliance, disclosure, publicly-traded, GAAP, SEC, regulatory, execute, Form 6, listing, exchanges, offering, due dilligence, public, raise, placements, qualified, eligible, issuers, awareness, standards, liquidity

Lesson 30

Exercise 2.1. callable bond, 2. certificate of deposit, 3. credit quality, 4. high grade, 5. long term debt, 6. maturity, 7. municipal bond, 8. stock buyback, 9. Treasury Bills, 10. Treasury Bonds, 11. Treasury Notes, 12. yield, 13. yield curve

Exercise 4.downside, budget surplus, emerging markets, profitable, in the black, downgrade, private sector, institutional investors, secondary market, underperform

Exercise 5.bonds, stocks, performance, volatility, portfolio strategy, asset, individual investors, rewards, money market, financial, cash, parameters, allocation, equity-only, equity market, growth, objectives, capital, income, return, Wall Street, weighted, conservative, fixed-income, holdings, dividends, supplement, deregulation, appreciation, competitive, funds, buybacks, course, foreseeable, trend, incentives, diversified, stream, flexibility, interest

Lesson 31

Exercise 2.1. bridge financing, 2. caveat emptor, 3. Chinese Wall, 4. conflict of interests, 5. Glass Steagall Act, 6. investment analyst, 7. joint and several liability, 8. lead manager, 9. market maker, 10. oversubscribing, 11. syndicate, 12. underwriting

Exercise 3.сapital, household, issues, IPOs, conditions, returns, transparency, governance, funds, public, equity, profile, listing, attracting, holdings, consumer, exposure, demand, multiples, priced, weighting, oversubscribed, NYSE, floated, range, traded, opening, closed, offer, overseas, analyst, road show, securities, Big Board, leveraging, awarded, disclosed, prospectus, involvement, announced, stock, international, acquired, stake, goods, commitment, player, Chairman

Lesson 32

Exercise 2.1. bear market, 2. bull market, 3. futures contract, 4. going long, 5. going short, 6. limit order, 7. option, 8 rally, 9. stop loss order, 10. whipsaw

Exercise 4.appreciating, depreciating, attitudes, bull, uptrend, economy, employment, bear, downward, laying, stock, demand, supply, share, sell, buy, individuals, fundamental, performance, profit, equities, fixed income, confidence, decline, trading, exchanges, record, consumers, valuates, drives, determinant, trend, correction, determine, tendency, reversal, multiple, decisions, stagnation, flat

Lesson 33

Exercise 2.1. basis point, 2. blue chip, 3. capital expenditures, 4. country risk, 5. debt, 6. Eurobond, 7. IAS, 8. market capitalization, 9. premium, 10. spread

Exercise 4.profit, income, earnings

Exercise 5.opportunity, invested, institutional, gains, mutual, retail, block, volume, exchanges, worth, earnings, market, research, piggybacking, focus, upside, pros, valuation, premium, peers, prospects, watch, winners, dynamic, performance, bullishness, insurance, purchase, portfolio, break-even, gain, trading, damage, game, rebounds, forecast, deal, bargain, falling, average, current, indexes, accumulation, distribution

Lesson 34

Exercise 2. 1. CUSIP number, 2. DCF, 3. EBIT, 4. lease, 5. operating cash flow, 6. par value, 7. profit, 8. risk premium, 9. terminal value, 10. unleveraged shares

Exercise 4. target, upgrade, recommendation, operating, performance, disposable, capita, consumption, schedules, raise, turnover, projections, year-on-year, discount, risk-free, WACC, P/E, posted, trades, peers, multiples

Lesson 35

Exercise 2.1. compound interest, 2. diversification, 3. efficient market, 4. gearing, 5. ROE, 6. risk taker, 7. standard deviation, 8. systematic risk, 9. unsystematic risk

Exercise 4. high-yield bond, risk averse, protectionism, depreciation, bid price, bear market, equity financing, liabilities, sell-side, independent directors

Exercise 5. fund, environment, advice, fundamental, income, fair, bargain-priced, overpriced, superior, portfolios, upside, undervalued, screening, criteria, sentiment, value, returns, stream, practices, outlook, hold, diversification, performance, asset, dimension

Leeson 36

Exercise 2. 1. asset, 2. balance sheet, 3. collection period ratio, 4. corporate finance, 5. cost of goods sold, 6. current assets, 7. dividend, 8. inventory, 9. leverage, 10. payables, 11. receivables, 12. stock buyback, 13. term loan

Exercise 3.time value, investments, interest, cash flows, present, future, adjusting, mechanism, compounded, discounted, stream, annuities, model, pattern, inflows, outlay, alternative, valuation

Lesson 37

Exercise 1.acid-test ratio, fixed assets, preference shares, gearing, leverage trading, par value, stocks, unlevered firm, profit and loss statement, exercise price

Lesson 38

Exercise 2. The following statements are not correct: 2, 4, 7, 8.

Exercise 3. 1. civil law, 2. tort, 3. fraud, 4. remedy, 5. judge, 6. plea, 7. attorney, 8. lawsuit, 9. freeze.

Exercise 4. Owner, attorney, vision, control, structure, lawsuits, tax, loss, reinvest, cash, small, responsibilities, assets, liabilities, law, share, proprietorships, legal, disputes, bought, breakup, capital, chartered, entity, sued, contractual, shareholders, BoD, policies, dissolve, distributions, compensation, profit, IRS, permissible, limited liability, filed, expiration, continuity, transferability.

English-Russian dictionary

A

absentee a – отсутствующий (на работе), прогульщик

absenteeism n – абсентеизм, прогул

abuse n – нарушение, злоупотребление; оскорбление, плохое обращение

abuse v – нарушать, злоупотреблять; оскорблять, плохо обращаться

accelerator effect – эффект акселератора (ускорителя) (взаимосвязь темпов экономического роста и уровня инвестиций)

access n – доступ

access v – иметь доступ

accessible a – доступный

account n – счет

account (for) v – учитывать, приходиться на долю

accountability n – отчетность, подотчетность; расчет; ответственность

accountable a – отчетный, подотчетный

accounting n – бухгалтерский учет

accounting a – бухгалтерский

accountingconventions – учетные правила

accounting profit – учетная (бухгалтерская) прибыль

accretion n – прирост, приращение, увеличение

accrual n – начисление

accrue v – начислять

acquisition n – поглощение; приобретение

acquire v – поглощать; приобретать