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夏休みは大変だ！今まで日本語の授業は５週間したので、本当上手になってきます。１２月の日本語能力（のうりょく）試験を受けることが決めた、もっと一生懸命に習わなければならないと思います。でも、さっき日本研究学科の事務室へ２級（きゅう）準備のクラスのことを聞きに行った、そこの人は追試の機会はないと言いました。とても残念ではないでしょうか。自分で試験を準備することは易しくなくて、私は自信が少しいだけあるね。

What on earth is so-called "warrant"??

What on earth is so-called "warrant"??
窝轮（Warrant）：又称认股证，其实属于期权一种。持有人有权在窝轮到期之前，以特地行使价去认购或认沽特定资产。
A kind of option~~
Call warrant~get right but not duty to buy at certain price
Put warrant~get right but not duty to sell at certain price

A practical example in HK warrant market:
香港市场上的窝轮，期限大多在六个月左右，基本上都是欧式。　　交易所挂牌交易　　窝轮都港交所挂牌交易，完整“手”数进行，（Ｔ＋２）进行交割。除有一个固定代码外，具有特别含义的符号具体说明。　　以“３５１２中寿法兴五零五Β（@ＥＣ）”为例，“３５１２”是窝轮在联交所的交易代码；“中寿”表明标的资产是中国人寿（２６２８．Ｈ　Ｋ　）的股票；“法兴”表明窝轮发行人是法国兴业证券，也就是香港第一大窝轮发行人；“五零五”表明窝轮到期年月是２００５年５月，若到期年月是２００６年９月，则写成“六零九”，依此类推；“Ｂ”表明同一发行人法兴同时发行了一种以上同一月份到期但条款不同的中国人寿窝轮，Ｂ以示区别；“@”表明到期用现金交割而不是用中国人寿的股票来交割，若用“*”则表明是实物股票交割；“Ｅ”表明是欧式，若用“Ｘ”表明是特种或非传统型窝轮（具体见其条款），美式可能没有字母也可能用符号特别标示；“Ｃ”表明是认购证，认沽证则用“Ｐ”。整个式子表达的含义就是“代码为３５１２的、法国兴业银行发行的Ｂ类、以中国人寿股票为标的的、于２００５年５月到期且以现金交割的欧式认购证”。同样，这一窝轮也可以写成“３５１２ＳＧ－Ｃｈｉ　ｎ　ａ　Ｌ　ｉ　ｆ　ｅ　@ＥＣ０５０５Ｂ”。
香港市场多数窝轮的换股比率都是１０，意即１０张窝轮才对应一股正股。另外，表中提到的“每手股数”是指该轮的最小买卖单位，这个数字往往和正股的最小买卖单位及换股比率直接相关。发行价为“０．５４港元”表明每张窝轮０．５４港元，这是发行商法兴通过一系列模型精算后的结果。将发行价和每手股数相乘就得到在发行时投资该窝轮每手须５４０港元。

Private equity

Study for MGT2510 Quiz

From Sample Quiz~~~

1. Fifth ocean in world~Southern ocean which is the 4th largest( bigger than Arctic).A decision by the International Hydrographic Organization(IHO) in the spring of 2000 delimited a fifth world ocean - the Southern Ocean . In Antarctic region.
2. APEC stands for Asia-Pacific Economic Cooperation,21 Members~~~China(HK,TW),Japan,Korea,and some important southern-Asian countries. In Pacific area: Australia,New Zealand,Peru,Chile,US,Canada~~~~~~
3. OPEC stands for Organization of the Petroleum Exporting Countries, aims at ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations. Its ability to control the price of oil has diminished greatly since its heyday, following the much-expanded development of the Gulf of Mexico, the North Sea, and the growing fluidity of the market. 12 members~main petro export countries in western-Asia, Indonesia,Venezuela, Nigeria etc.
4. ADB stands for Asia Development Bank. ADB's vision is a region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their citizens.
   Headquarters is in Manila,the capital of Philippine.
5. UNCTAD stands for UN conference of Trade and Development. TNC=Transnational corporation

Great economic growth in Ireland

I will not even pay a little more attention about this isle country unless being told it has led a highest growth rate in OECD(Organisation for Economic Co-operation and Development) for decades. Well, BTW, OECD(http://www.oecd.org) is an organisation with 30 member countries( Japan, Korea included) whose works cover economic and social issues.

To be edited~~~

Google is great~Picasa is so practical. 

More understanding about Logistic industry

I am a little confused about the choice of concentrations of BBA programme. Finance is so hot a topic especially in HK and under this financial time with rapid economic growth in China. I accept under any situation adequate finance knowledge and sense are important to a business guy, even if he is dealing with human resource all day. Or in fact every modern citizen should be aware of how to allocate their fortune, buy and sell securities according to financial analysis rather than the emotional preferences. So I think General FIN is a necessary option. But hjow about another?
Recently I've just noticed (that's shameful) that some combinations of two concentration will have less course requirement than the sum of each required number. For example, General FIN & financial engineering or Insurance and RMS, and MIS and SCL. So it is really easy for me to learn a concentration similar with my dear desiree's major. And I can choose those courses closed to firm management and general concept, as not all compulsary courses are tightly related to professional insurance. Compared to this, I have to take 5 totally different DSE courses above 4000 to fulfill the requirement of SCL. My planned one seems too costy.

However, I also strongly believe that logistic industry will have a bright future in a century (I just dare not to say longer in this ever-changing era) . And what I read below strengthen my thought:

#####虽然有人说过——从理论上讲，人也是可以通过一根导线传输的，但根据现在的科技发展水平，在一个可以预见的长时期内，物流的功能是永恒的。 #####

I just don't believe the teleport magic can become a real technology in shortly. We've just reach the level of sending the live image of people and commodity. So let magic be in the novel or future.

• 随着电子商务尤其是企业间B2B的增多，物流的问题会越来越清晰地显现在我们面前。无论交易的形式如何变化，除了以后可以通过网络传递的信息制品外，所有的商品总是还要从卖者到买者有一个物理位置的变化，这种物理位置的变化还是要通过物流来完成。所以，如果电子商务的涵义中，因为这样那样的原因，不能与物流很好地匹配，甚至将货物送达的过程排除在外，那么这种电子商务肯定会被淘汰，因为这种方式不能让客户感到最省时省力。
• 电子商务要涵盖物流，并不是一定要电子商务公司自己去搞物流，而是要利用信息流将企业与第三方物流企业或自己的物流部门有机地连接在一起。物流加上企业间的信息流，其实就构成了供应链管理的主要内容。
• 而目前在我国，由于信息技术的使用还没有跟上，我们的物流配送基本上还停留在“只送不配”的水平上，大多数物流企业只能提供原材料供给、成品配送及相关的运输、仓储和货代服务，不能提供物流咨询、策划及深入到企业供应链的全过程提供物流服务。有两个例子就很说明问题，从宏观看，我国的空车返程率在80%左右，每年造成的浪费在370亿元左右；从微观看，速递员的调配也显得十分混乱，这样的情况或许并不陌生——刚给你送完货，一会儿就发现同一家公司的另一个人给你旁边的同事送货。
• 良好的物流管理可以大大降低企业的成本。早在60年代，彼得·杜拉克就以惊人的睿智预言：物流领域是经济增长的“黑暗大陆”，是“降低成本的最后边界”，是降低资源消耗、提高劳动生产率之后的“第三利润源泉”。
• 物流的核心是一种服务，而服务的核心，无疑是人。物流业的发展是电子商务发展的基础，而电子商务物流逐渐成为直接面对消费者的一种营销手段。现场人员是企业形象信誉的代表，试想，如果一个速递员会乘人不备偷客户的东西，那么在客户发现甚至仅仅是怀疑后，这家速递公司将永远地失去这个客户；而且，现场人员通过与客户的有效交流，能提供正确的市场信息，是生产企业进行市场预测的基础，或许以后物流公司可以出售一些市场信息作为副业.
• 我们现在可以规划一下未来物流人员的工作范围——物流配送、生产企业的市场调查、新产品的开发信息员，以及计算机信息输入员。与此对应的是，对一线人员的素质要求会迅速提高，相应的待遇也将迅速提高。所以，不久的将来，当我们看到衣着得体、谈吐不凡、手中拿着掌上PC的速递员时，根本不用吃惊。

It seems that logistic can bring up a lot more other industry and be greatly influenced by some such as the development of vehicles, aircrafts. But as it is a available and efficient way to control the expense and set up good public image, it will be a leading industry in near future. Consumers need logistic to serve their high-speed informational life while other companies need to use logistic to fulfill customers' need. It is really hard to tell the potential of market of this industry.

So, maybe I'd rather switch my concentration to MIS&SCL, and select some useful finance courses that are benefitial to self finance planning. A CFA degree in future is powerful enough.