Chapter 20
第 20 章
What distinguishes a hedge fund from other types of mutual funds?
对冲基金与其他类型的共同基金有什么区别？
First, hedge funds have a minimum investment requirement of between $100000 and $20 million, with the typical minimum investment being S1 million.
首先，对冲基金的最低投资要求在 100000 美元到 2000 万美元之间，典型的最低投资额为 100 万新元。
Second, hedge funds usually require lhat investors commit their money for long periods of time. Often several years. The purpose is to give managers breathing room to altempt long-range strategies.Third, hedge funds ofien charge large fees to investors. The typical fund charges a 1% annual assel management fee plus 20% of profits. Some charge significantly more.
其次，对冲基金通常要求 lhat 投资者长期投入资金。 Often几年。目的是给经理们喘息的空间来诱惑长期策略。第三，对冲基金向投资者收取高额费用。典型的基金每年收取 1% 的 assel 管理费加上 20% 的利润。有些收费要高得多。
4, What regulatory changes have been adopted or are being considered to deal with abuses in the mutual fund industry?
4，已经采取或正在考虑哪些监管变化来处理共同基金行业的滥用行为？
a. Require more independent directors . 75% of the board must be independent and they must hold annual executive sessions outside the presence of fund managers.
一个。要求更多的独立董事。75% 的董事会必须是独立的，他们必须在基金经理不在场的情况下召开年度执行会议。
b. Hardening the 4:00 valuation rule. Late trading should be prevented.
b.强化 4：00 估价规则。应防止延迟交易。
c.Increased and enforces redemption fees, which is to discourage market timing by additional fees for short-term redemptions.
c.提高并强制执行赎回费用，即通过对短期赎回收取额外费用来阻止市场时机。
d. Increased transparency. Directors are required to more clearly and openly reveal any relationship that exists between fund owners and investment managers. Investnent managers are required to more clearly disclose compensation arrangements and how fees are charged.
d. 提高透明度。董事必须更清晰、更公开地披露基金所有者和投资经理之间存在的任何关系。投资经理需要更清楚地披露薪酬安排和费用收取方式。
5. How does the governance structure of mutual funds lead to asymmetric information and conflicts of interest?
5. 共同基金的治理结构如何导致信息不对称和利益冲突？
Investors as the shareholders elect directors, who are supposed to look out for their interest. The directors in turn select investment advisors, who actually run the mutual fund.
投资者作为股东选举董事，他们应该照顾他们的利益。董事反过来选择投资顾问，他们实际运营共同基金。
Chapter21
第 21 章
3,What are the major difterences between life insurance and property and casualty insurance?
3，人寿保险和财产和意外伤害保险的主要区别是什么？
Property and casualty insurance is different from life insurance. First, policies tend to be short-term, usually for one year or less. Second, whereas life insurance is limited to insuring against one event, property and casualty companies insure against many different events. Finally, the amount of the potential loss is much more difficult to predict than for life insurance. These characteristics cause property and casualty companies to hold more liquid assets than those of life insurance companies. "The wide range of losses means that property and casualty firms must maintain substantial liquidity.
财产和意外伤害保险不同于人寿保险。首先，保单往往是短期的，通常为一年或更短。其次，人寿保险仅限于为一种事件投保，而财产和意外伤害公司则为许多不同的事件投保。最后，潜在损失的金额比人寿保险更难预测。这些特征导致财产和意外伤害公司持有比人寿保险公司更多的流动资产。“损失范围广泛意味着财产和意外险公司必须保持大量的流动性。
4. Distinguish between derined-benefit and defned-contribution pension plan.
4. 区分 derined-benefit 和 defned-contributions pension 计划。
Defined-Benefit Pension Plans place a burden on the employer to properly fund the expected retirement benefit payouts, while defined-Contributioo Pension Plan is a plan where a set amount is invested for retirement, but the benefit payout is uncertain.
固定收益养老金计划给雇主带来了负担，需要为预期的退休福利支付提供适当的资金，而固定供款养老金计划是一种为退休投资固定金额但福利支付不确定的计划。
5. How did AIG, a trillion-dollar insurance giant, find itself on the brink of bankruptcy in 2008?
5. 市值万亿美元的保险巨头 AIG 是如何在 2008 年发现自己处于破产边缘的？
As the mortgage crisis unfolded and the true risk that had been accepted by issuers of CDSs become clear, they led to their near bankruptcy and eventual need for a $182 billion baïlout of AIG.
随着抵押贷款危机的展开，CDS 发行人所接受的真正风险变得清晰，它们导致它们濒临破产，并最终需要 AIG 的 1820 亿美元救助。
Chapter22
第22章
3.-What isthe difference between a hostile takeover and a merger?
3.-敌意收购和合并有什么区别？
Mergers are supported by both firms and corporate officers are usually selected so that both firms contribute to the new management team. In hostiles, the acquirer attempts to purchase sufficient shares of the target firm to gain a majority of the seats on the board of directors.
合并得到两家公司的支持，通常会选择公司高管，以便两家公司都为新的管理团队做出贡献。在敌对情况下，收购方试图购买目标公司的足够股份，以获得董事会的大多数席位。
4. Explain why private placements of securities are an attractive way of raising funds for some firms.
4. 解释为什么证券私募对一些公司来说是一种有吸引力的筹集资金的方式。
1. The security does not need to be registered with the SEC as long as certain restrictive requirements are satisfied.
1. 只要满足某些限制性要求，证券就不需要在 SEC 注册。
2.Investment bankers often facilitate the transactions by advising the issuing
2.投资银行家经常通过为发行提供建议来促进交易
firm on the appropriate terms for the issue and by identifying potential purchasers.
确定发行的适当条款并确定潜在购买者。
3.Private placements are more common for the sale of bonds than for stocks.
3.私募配售在债券销售中比在股票中更常见。
5, What are the principal advantages often cited as motivation for a private equity buyout?
5、经常被认为是私募股权收购动机的主要优势是什么？
First, as private companies they are not subject to the controversial regulations included in the 2002 Sarbanes-Oxley Act.
首先，作为私营公司，它们不受 2002 年 Sarbanes-Oxley 法案中有争议的法规的约束。
Second, CEOs of publicly held firms often fell under pressure to produce quarnterly profits. In a private equity scenario, CEOs frequently have more time and flexibility to enact the changes needed to turn around subpar companies.
其次，上市公司的首席执行官经常承受着产生四季度利润的压力。在私募股权场景中，首席执行官通常有更多的时间和灵活性来实施所需的变革，以扭转低于标准的公司。