Companies have embarked on what looks like the beg...
Companies have embarked on what looks like the beginnings of a re-run of the mergers and acquisitions (M&A) wave that defined the second bubbly half of the 1990s. That period, readers might recall, was characterized by a collective splurge that saw the creation of some of the most indebted companies in history, many of which later went bankrupt or were themselves broken up. Wild bidding for telecoms, internet and media assets, not to mention the madness that was Daimler's $40 billion motoring takeover in 1998—1999 of Chrysler or the Time-Warner/AOL megs-merger in 2000, helped to give mergers a thoroughly bad name. A consensus emerged that M&A was a great way for investment banks to reap rich fees, and a sure way for ambitious managers to betray investors by trashing the value of their shares.
Now M&A is back. Its return is a global phenomenon, but it is perhaps most striking in Europe, where so far this year there has been a stream of deals worth more than $600 billion in total, around 40% higher than in the same period of 2004. The latest effort came this week when France's Saint-Gobain, a building-materials firm, unveiled the details of its 3.6 billion ($6.5 billion) hostile bid for BPB, a British rival. In the first half of the year, cross-border activity was up threefold over the same period last year. Even France Telecom, which was left almost bankrupt at the end of the last merger wave, recently bought Amena, a Spanish mobile operator.
Shareholder's approval of all these deals raises an interesting question for companies everywhere: are investors right to think that these mergers are more likely to succeed than earlier ones.'？ There are two answers. The first is that past mergers may have been judged too harshly. The second is that the present rash of European deals does look more rational, but—and the caveat is crucial—only so far. The pattern may not hold.
M&A's poor reputation stems not only from the string of spectacular failures in the 1990s, but also from studies that showed value destruction for acquiring shareholders in 8.0% of deals. But more recent studies by economists have introduced a note of caution. Investors should look at the number of deals that succeed or fail (typically measured by the impact on the share price), rather than (as you might think) weighing them by size. For example, no one doubts that the Daimler-Chrysler merger destroyed value. The combined market value of the two firms is still below that of Daimler alone before the deal. This single deal accounted for half of all German M&A activity by value in 1998 and 1999, and probably dominated people's thinking about mergers to the same degree. Throw in a few other such monsters and it is no wonder that broad studies have tended to find that mergers are a bad idea. The true picture is more complicated.
According to the text, a collective opinion on the mergers and acquisitions also concentrates on______.
A．economic recession
B．value destruction
C．potential hazards
D．asset proposition
To begin with, moral values in America are like those in any culture. But the stories and traditions that teach them are unique to each culture. Not only that, but culture has an effect on how people show these virtues.
One of the most basic moral values for Americans is honesty. The wall-known legend about George Washington and a cherry tree teaches this value clearly.
Another virtue Americans respect is perseverance. Remember Aesop’s fable about the turtle and the rabbit that had a race The rabbit thought he could win easily, so he took a sleep. But the turtle finally won because he did not give up.
Compassion(同情心)may be the queen of American virtues. In 1992, people in Iowa sent truckloads of water to help Floridians hit by a hurricane. The next summer, during the mid-west of flooding, Florida returned the favor.
There are more moral values honored by Americans. Courage, responsibility, loyalty, gratitude and many others could be discussed. But no matter how long or short the list is, moral values are invaluable. They are the foundation of American cultures--and any culture.
1.The morality that Americans honor most is () .
A.honesty
B. perseverance
C. compassion
D. gratitude
2.What conclusion may you come to from the paragraph？
A.Moral values for Americans are like those of other people
C B.Virtues of people are connected with certain culture
C. Morality of a nation has an effect on its culture
D. Stories and tradition can teach the people virtues
3.What is not described in detail in the text？
A.The story, Washington and a cherry tree, is often used to teach children to be honest
B. The story, the turtle and the rabbit, makes us determined
C.Compassion, sometimes recycles (循环) well among people
D.Moral values are the base of any culture
4.Which of the following has the closest meaning to the underlined word "invaluable"()
A.useless
B.valueless
C.priceless
D.unvalued
5.Which of the following might be the best title for the passage？
A.Moral virtues are worth nothing
B. Moral values are important
C.Nothing can take the place of moral virtues
D.Moral values for Americans
