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The economics of equity research股票研究经济学Analyse this分析分析The old model of stockmarket research is changing股市研究的旧模式正在改变。Sep 21st 2013 |From the print editionEQUITY research is meant to benefit both providers and recipients. It ought to help investors to allocate money more profitably. And the banks that give their clients free access to research hope that it will help them generate revenues from equity trading. But neither party is much satisfied by the conventional model.股票研究本应发行者和股东双双受益。应该帮助投资者更有利润的分配资金。为客户提供免费研究报告的希望这会帮助客户从股权交易中去的收益。但是双方对常规的模式都不满意。Start with the banks. A fall in trading revenues makes the economics of providing research less attractive. Between and 2013, total equity-trading commissions paid to brokers fell from .9 billion to .3 billion in America, and from euros 4.2 billion (.6 billion) to euros 3 billion in Europe, according to Greenwich Associates, a consultancy. The rise of passive investing and the sp of algorithmic trading have both reduced margins and dampened demand for research produced by and for humans.交易收入的下降使得经济学研究逐渐丧失吸引力。这从开始。根据咨询机构Greenwich Associates的数据,在年到2013年之间,在美国总股本交易中付给经纪人的佣金从139亿美元跌到了93亿美元,欧洲则从42亿欧元跌到了30亿欧元。被动投资的兴起以及算法交易的扩张都使得研究资料的利润率下降,需求也有所放缓。Nomura recently slashed its equity-research division to focus on its electronic-trading business, Instinet. Other banks are also cutting back. Global sell-side research budgets fell from a 2007 peak of .2 billion to just .8 billion in 2013, according to Frost Consulting. Sector coverage has contracted: banks now concentrate on large-cap sectors like oil, where trading volumes and revenue potential are higher.野村最近缩减了其股票研究部门,将注意力集中于电子交易公司Instinet。其他也正在削减研究部门。根据弗罗斯特咨询公司的数据,全球出售方的研究经费已经从2007年峰值的82亿美元降到了2013年的48亿美元。研究数据的行业覆盖率叶缩减了,现在集中在像原油等大宗商品行业,这些行业的交易量和收益潜力较高。Work has been shovelled to cheaper places to save cash. Much of Citigroup’s American equity coverage is now produced in Buffalo, New York. Deutsche Bank and J.P. Morgan have sent research work as far afield as India. Low-value-added tasks like data-crunching are not the only jobs being shipped out, claims Marc Vollenweider at Evalueserve, an outsourcing specialist. This process has its limits, however: client meetings still wholly happen face to face.工作都转移到了成本更低的地方以节省现金。花旗的美国股票报道现在在纽约的布法罗发出。德意志和JP根已经将研究工作转移到了印度。专业外包公司Evalueserve的Marc Vollenweider表示,不仅仅是像数据运算这些低附加值的任务被转移。但是,这个过程也有其局限性,客户会议仍然全部为面对面会议。The attitude of asset managers is also hardening. With research expenses “bundled” into commissions for executing trades, brokers tend to flood their clients with research reports in order to try to grab a larger slice of trading revenues. Asset managers leave most of them un. A survey by Britain’s CFA Society found that only 22% of its members thought this model best serves the interests of investors.资产管理公司的态度也在变硬。随着研究经费“捆绑”到执行交易的佣金中,经纪人往往给他们客户提供大量的研究报告,以此在交易收益中获得更大的比例。资产管理公司的这些材料大都没读过。英国CFA协会进行的一项调查发现,只有22%的成员认为这种模式最符合投资者的利益。Independent research outfits offer an alternative. Though small, their share of the “research vote”, an estimate of market share produced by Greenwich Associates, has grown since 2011. They are untainted by the conflicts of interest that bedevil banks offering research on clients, and that led to a 2003 settlement enforcing stricter separation of investment banking and research in America. In Europe “commission sharing agreements” have grown in popularity since they were introduced in 2003. These unbundle brokers’ commissions into costs for executing trades and costs for research, which clients can use to buy services from third parties.独立研究团队是另一个选择。尽管规模很小,但是据Greenwich Associates的市场份额数据,他们的“研究选择”比例自2011年来有所增长。他们受到长期困扰给客户提供调查报告的利益冲突的影响,这导致了在2003年美国出台了针对投资和研究机构更严格的分离。在欧洲,“佣金分成协议”自从2003年引入以来,已经变得越来越流行。这些自由的经纪人的佣金用于执行交易和研究的花费,客户可以用来从第三方购买务。Independent providers do not have an answer to every problem: making research on smaller firms profitable is a perennial issue. But they do offer radically different services from the banks’ unimaginative valuation models. Bespoke services are in demand. Hedge funds now use research dollars to pay for ground surveillance on the progress of mining or oil projects in Africa, in order to value them better. Others take to the sky. RS Metrics, a satellite-intelligence provider, has reported strong demand from the financial sector for its aerial-imaging services. Some funds even hire former intelligence agents, from firms like Business Intelligence Advisors, to test whether corporate bosses are massaging the truth in investor meetings.独立研究提供者不想回答所有问题:研究小公司获利是一个长期的问题。但是,他们确实提供区别于缺乏想象力的估值模型之外的完全不同的务。定制务是有需求的。现在,对冲基金运用研究资金付非洲矿业或石油项目进展的地面监测,为了更好的对这些项目进行估值。其他采取空中监视。RS Metrics是一个卫星情报提供商,该公司表示金融公司对他们的空中成像务需求强劲。一些基金甚至从类似商业情报顾问的公司雇佣了前情报人员考查公司老板们有没有在投资者会议上说实话。Old-style research is not about to die. Big banks retain 56.2% of the “research vote” (smaller brokers take another large chunk). Bank bosses still value the support research analysts can give their profitable investment-banking and corporate-advisory businesses. But with budgets under pressure and competition growing, the market is becoming more efficient.旧式研究不会消失。大的“研究选择”比例仍然在56.2%(稍小的经纪人占了剩下的比例)。老板仍人重视持研究分析给自己投资和咨询公司业务带来利润。但是预算压力以及竞争的增加使得市场变得更有效率。 /201309/258278。

If you follow football, hockey, soccer, or boxing, then youknow that athletes in these and other contact sports are at constant risk for a concussion.如果你喜欢橄榄球、橄榄球、足球或是拳击运动,那么你就会很清楚这些以及其他接触性运动中的运动员常处于脑震荡的危险境地。Everyseason several football players miss a number of games after absorbing vicious blows to the head.每个赛季都有数名橄榄球运动员由于头部遭受剧烈冲击而缺席接下来的一系列赛事。A concussion is a blow to the head that can result in temporary confusion,amnesia, nausea,dizziness, blurred vision, and loss of consciousness.脑震荡是头部受到撞击而导致的,可能造成暂时性思维混乱,失忆,呕吐,眩晕,视觉模糊以及失去意识。Although a single concussion does not appear to result in structural brain damage or swelling ofthe brain, repeated concussions can cause both.尽管一次脑震荡不会导致大脑结构性损伤或导致脑水肿,但是数次脑震荡可能引起上述两种情况同时出现。Concussions are caused in one of two ways: either by the head hitting a hard surface, or by thehead spinning suddenly.造成脑震荡的原因不外乎是这两种中的一种:头部撞到硬物,或者头部突然旋转。Take, for example, a common incident during a football game.以橄榄球赛比较普遍的事件为例,Thequarterback is hit, falls backwards, and bangs his head on the turf.四分卫触地得分,朝后方倒下,其头部就会猛烈撞击到草坪上。Although his skull stops suddenly upon impact, his brain, floating in cerebral fluid, keeps movingand hits the skull.尽管他的头骨在受到冲击时瞬间会保持不动,但是他大脑内的脑脊液仍然在晃动并不断撞击头骨。Similarly, when a boxer gets hit in the head with a right hook, his head twistsviolently.同样的,当一名拳击手头部受到一记右勾拳时,他的脑袋瞬间剧烈扭转。The skull stops moving, but the brain keeps shaking for a few moments and may brushthe skull.头骨停止移动,但是脑浆却还会震动一会儿,并有可能擦到头骨。The result is a chemical imbalance in the brain.结果是脑部化学失衡。All the neurotransmitters in the damaged area firesimultaneously, causing an overload of chemicals that impair receptors involved in learning andmemory.所有受损区域的神经传递素同时作用,造成脑内化学物质超负荷运转,从而损坏学习与记忆的神经元。The flood of chemicals also constricts arteries, making it difficult for the damaged cells toget the nutrients they need to recover.化学物质过多也会引起动脉收缩,导致大脑受损细胞难以吸收到利于复原的营养物质。Because the brain can take as long as several weeks to recover from a concussion, its a good ideato take a break from contact sports if youve had one.由于脑部需要长达数周的时间来恢复脑震荡带来的损伤,如果你脑部受到撞击最好还是休息一段时间再继续参加此类接触性运动。 201402/277100。

Anyone who s gothic fiction will tell you that vampires are bad news. People who modern medical journals, however, might disagree–in fact, they think vampires just might help save lives.读过哥特小说的人都会说吸血蝙蝠是个讨厌的东西。而那些读现代医学杂志的人也许不同意这样的观点,他们认为吸血蝠能帮助拯救生命。The kind of vampire I’m talking about is Desmodus rotundus, commonly known as the “vampire bat.” Yep, these little creatures are real; and even though they almost never turn into suave Romanian counts to drool over, they do drool a lot themselves. That’s because their saliva is an essential part of their dining habits.我说的是圆形叶口蝠,俗称“吸血蝙蝠”。是的,这些小家伙是真实的,尽管它们几乎没有垂涎于温雅的罗马利亚人,但它们却经常流口水,因为唾液是它们饮食习惯中的必不可少的一部分。When a vampire bat latches onto, say, a steer, it needs to keep the blood flowing from the puncture made by its teeth. That’s achieved by a natural anti-coagulant in the vampire bat’s saliva. Despite what you see in the movies, vampire bats almost never drink human blood. But people do suffer from other blood problems–a leading one being stroke.当吸血蝙蝠缠在,比如一直公牛身上时,必须保持血液从牙齿咬开的孔流过。这是通过蝙蝠唾液里一种天然的抗凝血剂来实现的。尽管你会在电影里看到,吸血蝙蝠几乎从来不吸人的血。但人类患有其它血液疾病——最重要的就是中风。Stroke is caused by a clotting in the blood which stops the flow and can starve areas of the brain of oxygen. Doctors have generally broken up clots with a compound called tPA. TPA works okay, but it has dangerous side effects, and can even hurt brain cells.中风是由于血液凝结成块阻碍其流动,从而导致大脑部分缺氧。医生们已经找到了分解血液凝块的化合物,就是tPA。TPA很有效,但具有危险的副作用,甚至会损伤脑细胞。A better idea? Bring in the bats, says researcher Robert Medcalf, a biochemist from Australia. Vampire bat spit contains a different compound, DSPA, which does the good things tPA does with far fewer side-effects. DSPA is now being tried on patients who have suffered a stroke; the data should be in within a year. If it works, doctors might have found an unlikely friend–the vampire bat.有更好的主意吗?澳大利亚生物化学家,Robert Medcalf对蝙蝠进行研究。吸血蝙蝠的唾液中含有一种不同的化合物,DSPA,它能够帮助减少tPA引起的副作用,DSPA现在正在患有中风病人身上测试,结果将于一年内揭晓。如果有效的话,医生们也许多一位意想不到的朋友——吸血蝙蝠。 /201304/233706。

Lets begin with a cleaning tip:有个去污点子:If you have some tarnished orcorroded brass that you want to clean, an old brass candlestickfor example, you can use Coca-Cola, or any other cola softdrink, and that brass will come clean.如果你想要清除铜锈,例如铜烛台,可以使用可口可乐或者其它可乐饮料,清洗后的烛台光亮如新。And if Cola is such an effective cleaner of corroded metal , what is it doing to the inside ofyour stomach?如果可乐能有效清洁金属锈斑,那么可乐对人体的胃会产生什么影响呢?Cola cleans brass because its mildly acidic.可乐能清洁铜锈是因为可乐呈弱酸性。Heres what happens:When brass or another metal alloy becomes tarnished, this means that therehas been a chemical reaction between the oxygen in the air and one of the metals in the alloy.铜或其它金属合金生锈是因为空气中的氧气和合金中的某种金属发生了化学反应。Oxygen atoms combine with metal atoms to form whats called an oxide, and this oxide is whatmakes the metal appear tarnished.氧原子结合了金属原子,形成所谓的氧化物。氧化物就是金属锈。Acids, like the weak acid present in your can of Coke, can reactwith oxides to effectively reverse the process of tarnishing.而酸,比如可乐中的弱酸,和氧化物产生化学反应,能有效避免生锈。The acid dissolves the metal oxides thatmake the tarnish, leaving only shiny metal behind.酸可以分解金属氧化物,化学反应后的金属锃亮。You can try this at home, even if you dont have a brass candle stick.即便家里没有铜烛台,你可以做这样的试验:Leave a tarnished oldpenny in a glass of cola overnight.晚上,将一枚旧硬币丢进装有可乐的杯里。In the morning it will be shiny and fresh.第二天早上,硬币就变得闪亮如新。If the acid in cola is so good at attacking tarnished metal, what might it do to your insides?如果可乐能有效清洁金属锈斑,那么可乐对人体的内脏会产生什么影响呢?Actually, your stomach aly contains its own supply of acid which it uses to digest food.事实上,人体的胃里就有分泌的酸液来消化食物。This stomach acid is a great deal stronger than the acid in a can of Coke.胃酸的酸性比一听可乐还强。Indeed, stomach acidwould be an even better tarnish remover than cola!说真的,胃酸甚至比可乐更能除锈。 201407/314575。