do anything try out no idea of it next day rapid growth
CD1 Track 46 Ex 5.3
Listen to the phrases. Mark the phrases with the symbols from Ex 5.2.
1. they invested in property 2. a mixture of oil and residues 3. 4. 5. 6.
it’s an open market
it’s due on Friday morning free admission on Sundays it shows as a white mark
CD1 Track 47 Ex 5.4
Listen and complete the text with two to five words in each space.
Real options I’m going to go through the theory of real options, and then I’m going to show you how they can be used to raise some money, particularly on property assets. ‘Real options’ is a term which was coined ten or 15 years ago, when people began to realize that net present value isn’t the only thing you should look at in valuing assets, that a number of assets in companies have a great deal of option value. And so the option theory you’ve been looking at can also be applied to real assets instead of just financial assets. And that, in raising money, companies particularly have a lot more to offer from an option pricing perspective than they first thought. The idea of real options is that management is not just a passive participant, but that management can take an active role in making and revising decisions that can lead on from unexpected market developments such as, for example, the price of oil has gone up from about $85 a barrel to in excess of $100 a barrel over the last year. So, if you were an oil producer this time last year, you would be taking a very different view on the market for oil. So the increase in oil prices has uncovered a stream of options which make oil producers a lot more valuable, and now you can bring oilfields back on stream that were not necessarily economic. So this is the kind of idea that when we’re looking at a project, we’re not just looking at a static cash
86 English for Academic Study
flow, we’re actually looking at a cash flow that can be subject to a lot of optionality.
Unit 6: Introducing new terminology
CD2 Track 1 Ex 2.1 Listen to the extract and make notes.
Embedded words I’ve been doing some research on one particular problem that arises out of this, and I’d like to use that as a kind of a peg to hang this issue on, to tell you a little bit about it and where we’ve been getting with this. It’s the problem sometimes called the problem of embedded words. So, when we hear a word of several syllables like responsibility, a word like responsibility invariably contains several smaller English words. So in the case of responsibility, we have – you can see here – response, sponsor, you have ability at the end there, and bill in the middle there and there’s a few others, if you looked hard enough you’d find some more. But almost any word in the English language that has more than two syllables will invariably contain within it, packaged up inside it, smaller English words. Now, consider what the brain is faced with if somebody produces a sentence containing the word responsibility. And if the brain wrongly segments responsibility into response and ability, the decoding of that sentence is going to go catastrophically wrong. You see the point I’m making. So when we hear responsibility, it’s that word; it’s not a combination of response and ability.
CD2 Track 2 Ex 3.2
Listen to the extract and complete the table.
European Union regulations and directives
OK, so the two types of law I want to talk to you about today are directives and regulations, and these are very different, both in the way they are introduced and also in their scope, in the sense that one of them is more concerned with more serious matters while the other is more concerned with minor technical matters. Anyway, I’ll return to this in a moment and give you more details and more examples, but before I do that, I want to remind you of some of the key players in the EU as far as law-making is concerned. You might remember – I hope you remember – that there is the European Commission, and the Council of
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