债券股

The effect of the steel sector weight is more apparent in period of an expansion cycle compared to that in a period of a whole economic cycle. The hypothesis was further confirmed during the course of data sampling. Overall, in the various stages of the economic cycles, as the weight of cash deposit decreases, the expected return of portfolio amplify, while the overall risk raises as well.B. The optimal asset allocation strategy, which is subjected to the current rules and regulations, imposed the authority.

若进一步允许风险值趋近於0，适度增加风险以期获取更高报酬，实证显示全循环期与景气扩张期之债券投资部位略降，惟仍达82%以上，其中全循环期之股票类股比重由2.7%增加至9.8%，且由原配置在钢铁类股增加塑胶类股有分散类股之效果；而景气扩张期之股票部位由比重3.4%，经调整VaR值后，比重增加至15.5%，分别配置在钢铁类、金融保险、电子及塑胶等四类股以钢铁类股比重较高。

Often attached to new bond issue as inducement for investors to take up the bond.

这种认股证书常常附带于新发行的债券上，以吸引投资者购买债券。

Convertible bond is a kind of financial derivative that has the characteristics of both debt and equity.

可转换债券是介于普通债券与普通股票之间的一种衍生金融产品，具有股性与债性的双重属性。

In accordance with the Administrative Measures on Information Disclosure of the Listed Stockholders and relevant operational rules of the stock exchanges, when a qualified investor calculate the changed shares, it should calculate in a consolidated way the shares, the convertible debenture evidential documents of deposition and trust of a same company held or controlled by it.

合格投资者应当按照《上市公司股东信息披露管理办法》及交易所的有关业务规则的规定披露其持股变动信息，在计算其持股变动时，应当合并计算其持有、控制的同一家公司发行的A股、B股、H股、可转换公司债券及存托凭证。

The conversion clause in the bond indenture entitles the bondholders to receive 40 shares of $20 par value common stock in exchange for each $1,000 bond. On June 30,2004, the holder of $5,000,000 face bonds exercise the conversion privilege.

在转换债券的契约条款中给于债券持有者以收到面值为$20的40股普通股作为每$1，000债券的交换的权利。2004年6月30日，$5，000，000面值债券持有人实行了转换特权。

The company in general meeting may upon the recommendation of the directors resolve that it is desirable to capitalize any part of the amount for the time being standing to the credit of any of the company ' s reserve accounts or to the credit of the profit and loss account or otherwise available for distribution , and accordingly that such sum be set free for distribution amongst the 1llembers who would have been entitled thereto if distributed by way of dividend and in the same proportions on condition that the same be not paid in cash but be applied either in or towards paying up any amounts for the time being unpaid on any shares held by such member respectively or paying up in full unissued shares or debentures of the company to be allotted , distributed and credited as fully paid up to and amongst such members in the proportion aforesaid , or partly in the one way and partly in the other , and the directors shall give effect to such resolution .

一百零五、经董事会建议，公司股东大会可以作出决议，将公司提留作为储备金及用于调整亏盈账户或其他本可用做分配的资金款项的任何部分作为资本，同样可决定将此种款项留存用于分配给原本有权按同样比例分到红利的股东，条件是不支付现金，或者用其抵冲股东所持股份中未缴付的股款，不然则用其支付公司即将按上述比例分配和发行给这些股东的缴足股款的股票或债券的股款，或部分用于这方面，部分用于另一方面，董事会应当负责作出此种决议。

The company in general meeting may upon the recommendation of the directors resolve that it is desirable to capitalize any part of the amount for the time being standing to the credit of any of the company's reserve accounts or to the credit of the profit and loss account or otherwise available for distribution , and accordingly that such sum be set free for distribution amongst the members who would have been entitled thereto if distributed by way of dividend and in the same proportions on condition that the same be not paid in cash but be applied either in or towards paying up any amounts for the time being unpaid on any shares held by such member respectively or paying up in full unissued shares or debentures of the company to be allotted , distributed and credited as fully paid up to and amongst such members in the proportion aforesaid , or partly in the one way and partly in the other , and the directors shall give effect to such resolution .

一百零五、经董事会建议，公司股东大会可以作出决议，将公司提留作为储备金及用于调整亏赢账户或其他本可用作分配的资金款项的任何部分作为资本，同样可决定将此种款项留存用于分配给原本有权按同样比例分到红利的股东，条件是不支付现金，或者用其抵冲股东所持股份中未交付的股款，不然则用其支付公司即将按上述比例分配和发行给这些股东的缴足股款的股票或债券的股款，或部分用于这方面，部分用于另一方面；董事会应当负责作出此种决议。

The company in general meeting may upon the recommendation of the directors resolve that it is desirable to capitalize any part of the amount for the time being standing to the credit of any of the company's reserve accounts or to the credit of the profit and loss account or otherwise available for distribution,and accordingly that such sum be set free for distribution amongst the members who would have been entitled thereto if distributed by way of dividend and in the same proportions on condition that the same be not paid in cash but be applied either in or towards paying up any amounts for the time being unpaid on any shares held by such member respectively or paying up in full unissued shares or debentures of the company to be allotted,distributed and credited as fully paid up to and amongst such members in the proportion aforesaid,or partly in the one way and partly in the other,and the directors shall give effect to such resolution.

一百整五、经董事会倡议，公司股东大会可以作出决定，将公司降留作为贮备金及用于调剂盈输账户或其他本可用作分配的资金款项的任何部分作为资本，共样可决定将此种款项留亡用于分配给底本有权按异样比例分到白本的股东，条件是不收付隐金，或许用其抵冲股东所持股份中未托付的股款，不然则用其领取公司行将按上述比例分配和收行给那些股东的缴脚股款的股票或债券的股款，或部分用于那圆里，部分用于另一圆里；董事会应该背责作没此种决议。

As Wall Streeter Ray DeVoe says:"Fools rush in where angels fear to trade." We will engage in arbitrage from time to time - sometimes on a large scale - but only when we like the odds. o Leaving aside the three convertible preferreds discussed in the next section, we substantially reduced our holdings in both medium- and long-term fixed-income securities.

除了后面会提到的三项可转换特别股投资之外，我们大幅减少在中长期的固定收益债券部位，尤其是长期部份，大概就只剩下华盛顿公用电力系统债券，去年我们处分了部份当初以相当低折价买进的低收益债券，处分价格与一般信用评等佳的债券差不多，是 www.buffettism.com 巴菲特研究中心

Because how to design provisions will have great impact on issuances and conversions. Besides, corporate can control those provisions by itself, so it has much practicality.

要实现可转换债券市场的健康发展，首先应解决好可转换债券条款设计方面存在的问题，因为条款的设计对于可转换债券的发行、转股能否成功尤为重要，并且公司可以自己控制相关条款，有较强的现实操作性。

I'm strongly against the death penalty — it's an eye for an eye.

我不赞成死刑——这是以牙还牙的报复行为。

And to get you the support you need, we're enlisting all elements of our national power: our diplomacy and development, our economic might and our moral suasion, so that you and the rest of our military do not bear the burden of our security alone.

并给你们所须的支援，我们正徵召国家所有各种的力量：我们的外交及发展，我们的经济力量与道德劝说，所以你们与其他军人不须要孤独地负起国家安全的责任。