And that created enormous challenges, of our capability and systems and process to deal with this tremendous growth and expansion.
这也为我们带来了极大地挑战,公司的能力和机制与,快速的成长和扩张不符。
But at the same time, you receive an offer to work at another company that is also very intriguing.
但与此同时,你也被另外一家公司录用了,这非常吸引人。
You can--when you set up a corporation there are different kinds of relationships that people might have with a corporation.
当你建立一家公司时,人与公司之间,就会有千丝万缕的关系
So shortly after 9/11 the Government made a contract to a company called Acambis to make four hundred million doses of smallpox for $343 million dollars.
11后不久 政府与一个叫做,阿坎比斯的公司签订了合约,目的是用3.43亿美元,制造四亿支天花疫苗
Let's just... We'll get there, just to remind you, the way we read this is you give me a quantity of Firm 2, I find Firm 1's best response by going across to the pink line and dropping down.
我们当然也能算出来,提醒一下各位,这个图像的个意思是任意给出公司2产量,然后通过这条粉色的线,就可找出与之对应的公司1的最佳对策
But it's close to your job and it's close to your friends and it's close to your family.
但这个地方离你上班的公司很近,跟你的朋友们与家人也很近,
working as part of consulting, working with companies on how to better structure their business,
作为咨询的一部分,
与公司合作研究如何让公司的业务架构更好,
What this did is it allowed banks to offer insurance or to ally and join in and merge with insurance companies.
这个法案允许了银行从事保险业务,或者与保险公司合作,整合,并购
Now unfortunately, the same companies are not around-- the companies that we had in 1871, hardly any of them even exist anymore.
不幸的是,与1871年的那些公司同类的公司,已经不存在了,这些公司几乎都不存在了
If debt becomes high relative to their revenue stream then the company is in a riskier situation.
如果负债与收入高度相关,则公司的风险性很高
What they're saying is that of course lots of things that a board of directors decides to do are not irrelevant; it's highly relevant to the future of the company.
但他们承认,董事会的很多决定,都与股利毫无关系,而与公司的未来紧密联系
So, Andrew Redleaf bought General Motors bonds, which were selling at a discount because people worry that General Motors wouldn't be able to pay on them, and then he asked to speak to the General Motors management.
安德鲁·莱德利夫买了通用汽车的债券,这个债券是以折扣价购买的,因为人们担心,通用汽无法偿付债券,莱德利夫接着要求,与通用汽车公司的管理层会面
That's a cultural thing, I would say; it's that companies now are wanting to keep the money.
这与文化相关,现在公司试图积累资金
So, he was going after himself, finding out all the companies that were backdating options, trying to beat the SEC and the regulatory authorities to the conclusion.
所以他自己一路研究下去,找出了所有用倒签期权欺诈的公司,然后试图用这个结论,与证券交易委员会和监管机构抗衡
I'm going to talk about a particular line of monoline insurers that you may never have even heard of because they don't deal with the general public.
我想讲讲一类特殊的单线保险公司,你可能从来没有听过,因为他们从来不与公众打交道
The fundamental one is the shareholder because the shareholder owns the corporation.
最基础的关系就是股东与公司的关系,因为股东是公司的所有人
The point is that in this game in which firms competed in prices, even though there were only two firms in the market, only one firm more than monopoly, we get a dramatically different result than we had last time.
重点是这个公司进行价格竞争的博弈,尽管博弈中只有两家公司,仅仅比垄断情况下多了一家,我们得到了与上次完全不同的结果
So notice that this consumer is a distance Y away from Firm 1.
注意这个消费者与公司1的距离为Y
In the early post-war period, the corporate--now I'm going to talk-- there's a distinction between the rate that they charge and the actual amount that they take.
在战后初期,公司的...我要说明的是,政府规定的税率,与实际征收的税率之间存在着差异
What Modigliani and Miller said, if it's pure dividend policy, then it is totally irrelevant; it means nothing, so companies can do whatever they please-- I don't care.
莫迪利阿尼和米勒的观点是,如果是单纯的股利政策,则与之完全不相关,它没有意义,所以公司可以任意施为,我不在乎
The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.
你可能会说,美国房地产,是与市政债券保险公司完全不同,但是当房地产行业开始衰退,人们就开始对抵押贷款违约
A company, according to Modigliani and Miller, has to weigh their tax considerations against their bankruptcy costs and get an optimum debt-equity ratio out of that.
根据MM理论,一家公司,必须在租税考量与破产成本之间进行权衡,然后得出最有利的负债权益比
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