governance n. 统治，管理 mandate n. 委任；授权 oversee v. 监督；检查 proxy n. 代理（权）；代理人 solicit v. 请求；恳求 Lecture 5 Securities – Common Stock and Preferred Stock New Words

unseat v. 使失去资格；使退职 discretion n. 斟酌决定的自由；处理权 oversight n. 看管；监督 check n. 制止，控制 episode n. （一系列事件中的）一个事件 Lecture 5 Securities – Common Stock and Preferred Stock New Words

implicit a. 含蓄的，不言明的 liquidation n. 清理，清算 claimant n. 债务索偿人 unincorporated n. 未组成公司的 listing n. 行情表 Lecture 5 Securities – Common Stock and Preferred Stock New Words

governance n. 统治，管理 appreciation n. 涨价；升值 round a. 用十（或百、千等）一类整数 表示的 odd a. 有零数的；带零头的 exclude v. 把 …… 排除在外 exclusion n. Lecture 5 Securities – Common Stock and Preferred Stock New Words

commission n. 佣金 contractual a. 契约的 bankruptcy n. 破产 proceeding n. [ 复 ] 程序；进程 tax-deductible a. 可减税的 redeemable a. 可赎回的 Lecture 5 Securities – Common Stock and Preferred Stock New Words

common stock 普通股 equity securities 股票 shareholder 股东 tender offer 投标收购股权 Lecture 5 Securities – Common Stock and Preferred Stock Terms

residual claim 剩余请求权 limited liability 有限责任 cash dividends 现金红利 New York Stock Exchange (NYSE) 纽约证券交易所

Lecture 5 Securities – Common Stock and Preferred Stock Terms dividend yield 红利收益率 capital gains 资本利得 price-earnings ratio (P/E ratio) 价格 - 盈利比率，市盈率 infinite-maturity bond 无限期债券

perpetuity 永久债券 conversion ratio 转换比率 adjustable-rate preferred stock 可调整利率优先股 Lecture 5 Securities – Common Stock and Preferred Stock Terms

Lecture 5 Securities – Common Stock and Preferred Stock Difficult Sentences in the text The board's mandate is to oversee the management to ensure that it acts in the best interests of shareholders. 董事会的权力是监督管理层以确保他们的活动能够最大限 度地符合股东的利益。

Lecture 5 Securities – Common Stock and Preferred Stock Difficult Sentences in the text 句中 in the interests of 的意思是 “ 为了 …… 的利益 ” 。

Lecture 5 Securities – Common Stock and Preferred Stock Difficult Sentences in the text Usually, this is accomplished with a tender offer, which is an offer made to purchase at a stipulated price, usually substantially above the current market price, some or all of the shares held by the current stockholders. 通常，对公司的接管是通过投标购买的方式实现的，即购买 现有股东所持有的部分或全部股份，购买价格远远高于当 前的市价。

Lecture 5 Securities – Common Stock and Preferred Stock Questions about the text What are common stock owners entitled to? What does the board of directors do in the corporation?

Lecture 5 Securities – Common Stock and Preferred Stock Questions about the text Why do some shareholders wage a proxy fight at times? What is a corporate takeover?

Lecture 5 Securities – Common Stock and Preferred Stock Questions about the text What are the two most important characteristics of common stock as an investment? Explain residual claim briefly.

Lecture 5 Securities – Common Stock and Preferred Stock Questions about the text What does the P/E ratio show? In what respects does preferred stock resemble a bond? Why is it an equity investment?

Lecture 5 Securities – Common Stock and Preferred Stock Questions about the text Why are preferred stocks desirable investments for some corporations though they are not tax-deductible? In what variations can preferred stock be issued?