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The collapse of Enron, the largest bankruptcy in American history, has rung out a banner year for American business failures. In Europe, the fallout from the Swissair and Sabena insolvencies continues. In the current global slump, more companies are likely to go under. Now is a perfect time to reconsider how to handle such failures: let them sink, or give them a chance to swimIn America, bankruptcy has come to mean a second chance for bust businesses. The famous "Chapter 11" law aims to give a company time to get back on its feet, by shielding it from debt payments and prodding banks to negotiate with their debtor. It even allows an insolvent company to receive fresh finance after it goes bust. On the other side of the Atlantic, when companies stumble, almost as much effort is spent in fingering the guilty as in trying to salvage a viable business. British and French laws, for example, can make a failing company"s directors face criminal penalties and personal liability. Moreover, bankers have the power, at the first sign of trouble, to push a company into the arms of the receivers. Some modest changes are afoot, however. Britain is considering moves that would bring its rules closer to America"s. New laws in Germany should also make it easier to revive sick companies, although trade unions still have their say.But even with the arrival of the euro and moves towards a single financial market, going bust in Europe is a strictly local affair. Long before America had a single currency, the American constitution provided uniform bankruptcy laws, observes Elizabeth Warren of the Harvard Law School. Europe"s patchwork of national laws, according to Bill Brandt of " Development Specialists", a consultancy, inhibits lending and makes it difficult to fix ailing firms.Transatlantic insolvencies are even harder, as a Belgian-based software company, Lernout and Hauspie, discovered this year. Its American reorganization plan wasthwartedby a Belgian judge, who ordered a sale of the firm"s assets. As the European Union inches toward greater harmonization, should it try to mimic AmericaCritics of Chapter 11 think not. They argue that America"s bankruptcy system is wasteful, lets failed managers go unpunished, and gives some companies an unfair advantage. In Chapter 11, admittedly, lawyers and advisers gobble up fees, but a recent study argues that the fees are no larger than those for most mergers and acquisitions. One common complaint, that managers enjoy the high life while creditors go begging, fails to stand up to the data from America"s previous wave of bankruptcies in the early 1990s. Stuart Gilson of the Harvard Business School found that more than two-thirds of top managers were ousted within two years of a bankruptcy filing. More troubling is that some American firms seem to enjoy second and third trips to bankruptcy court, cheekily termed Chapters 22 and 33. Some see this as evidence that, ton often, they use Chapter 11 to keep running. But there is more to the story. The word "thwarted" in Paragraph 4 is closest in meaning to______.
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The collapse of Enron, the largest bankruptcy in American history, has rung out a banner year for American business failures. In Europe, the fallout from the Swissair and Sabena insolvencies continues. In the current global slump, more companies are likely to go under. Now is a perfect time to reconsider how to handle such failures: let them sink, or give them a chance to swimIn America, bankruptcy has come to mean a second chance for bust businesses. The famous "Chapter 11" law aims to give a company time to get back on its feet, by shielding it from debt payments and prodding banks to negotiate with their debtor. It even allows an insolvent company to receive fresh finance after it goes bust. On the other side of the Atlantic, when companies stumble, almost as much effort is spent in fingering the guilty as in trying to salvage a viable business. British and French laws, for example, can make a failing company"s directors face criminal penalties and personal liability. Moreover, bankers have the power, at the first sign of trouble, to push a company into the arms of the receivers. Some modest changes are afoot, however. Britain is considering moves that would bring its rules closer to America"s. New laws in Germany should also make it easier to revive sick companies, although trade unions still have their say.But even with the arrival of the euro and moves towards a single financial market, going bust in Europe is a strictly local affair. Long before America had a single currency, the American constitution provided uniform bankruptcy laws, observes Elizabeth Warren of the Harvard Law School. Europe"s patchwork of national laws, according to Bill Brandt of " Development Specialists", a consultancy, inhibits lending and makes it difficult to fix ailing firms.Transatlantic insolvencies are even harder, as a Belgian-based software company, Lernout and Hauspie, discovered this year. Its American reorganization plan wasthwartedby a Belgian judge, who ordered a sale of the firm"s assets. As the European Union inches toward greater harmonization, should it try to mimic AmericaCritics of Chapter 11 think not. They argue that America"s bankruptcy system is wasteful, lets failed managers go unpunished, and gives some companies an unfair advantage. In Chapter 11, admittedly, lawyers and advisers gobble up fees, but a recent study argues that the fees are no larger than those for most mergers and acquisitions. One common complaint, that managers enjoy the high life while creditors go begging, fails to stand up to the data from America"s previous wave of bankruptcies in the early 1990s. Stuart Gilson of the Harvard Business School found that more than two-thirds of top managers were ousted within two years of a bankruptcy filing. More troubling is that some American firms seem to enjoy second and third trips to bankruptcy court, cheekily termed Chapters 22 and 33. Some see this as evidence that, ton often, they use Chapter 11 to keep running. But there is more to the story. The ease of Enron bankruptcy______.
The collapse of Enron, the largest bankruptcy in American history, has rung out a banner year for American business failures. In Europe, the fallout from the Swissair and Sabena insolvencies continues. In the current global slump, more companies are likely to go under. Now is a perfect time to reconsider how to handle such failures: let them sink, or give them a chance to swimIn America, bankruptcy has come to mean a second chance for bust businesses. The famous "Chapter 11" law aims to give a company time to get back on its feet, by shielding it from debt payments and prodding banks to negotiate with their debtor. It even allows an insolvent company to receive fresh finance after it goes bust. On the other side of the Atlantic, when companies stumble, almost as much effort is spent in fingering the guilty as in trying to salvage a viable business. British and French laws, for example, can make a failing company"s directors face criminal penalties and personal liability. Moreover, bankers have the power, at the first sign of trouble, to push a company into the arms of the receivers. Some modest changes are afoot, however. Britain is considering moves that would bring its rules closer to America"s. New laws in Germany should also make it easier to revive sick companies, although trade unions still have their say.But even with the arrival of the euro and moves towards a single financial market, going bust in Europe is a strictly local affair. Long before America had a single currency, the American constitution provided uniform bankruptcy laws, observes Elizabeth Warren of the Harvard Law School. Europe"s patchwork of national laws, according to Bill Brandt of " Development Specialists", a consultancy, inhibits lending and makes it difficult to fix ailing firms.Transatlantic insolvencies are even harder, as a Belgian-based software company, Lernout and Hauspie, discovered this year. Its American reorganization plan wasthwartedby a Belgian judge, who ordered a sale of the firm"s assets. As the European Union inches toward greater harmonization, should it try to mimic AmericaCritics of Chapter 11 think not. They argue that America"s bankruptcy system is wasteful, lets failed managers go unpunished, and gives some companies an unfair advantage. In Chapter 11, admittedly, lawyers and advisers gobble up fees, but a recent study argues that the fees are no larger than those for most mergers and acquisitions. One common complaint, that managers enjoy the high life while creditors go begging, fails to stand up to the data from America"s previous wave of bankruptcies in the early 1990s. Stuart Gilson of the Harvard Business School found that more than two-thirds of top managers were ousted within two years of a bankruptcy filing. More troubling is that some American firms seem to enjoy second and third trips to bankruptcy court, cheekily termed Chapters 22 and 33. Some see this as evidence that, ton often, they use Chapter 11 to keep running. But there is more to the story. As to how to treat the bust businesses, America differs from the European countries in that______.
Young girls at high risk for depression appear to have a malfunctioning reward system in their brains, a new study suggests. The finding comes from research that 1 a high-risk group of 13 girls, aged 10 to 14, who were not depressed but had mothers who 2 recurrent depression and a low-risk group of 13 girls with no 3 or family history of depression. Both groups were given MRI brain 4 while completing a task that could 5 either reward or punishment. 6 with girls in the low-risk group, those in the high-risk group had 7 neural responses during both anticipation and receipt of the reward. 8 , the high-risk girls showed no 9 in an area of the brain called the dorsal anterior cingulated cortex(背侧前扣带皮质), which is believed to play a role in 10 past experiences to assist learning.The high-risk girls did have greater activation of this brain area 11 receiving punishment, compared with the other girls. The researchers said that this suggests that high-risk girls have easier time 12 information about loss and punishment than information about reward and pleasure."Considered together with reduced activation in the striate(纹状体的)areas commonly observed 13 reward, it seems that the reward-processing system is critically 14 in daughters who are at elevated risk for depression, 15 they have not yet experienced a depressive 16 , " wrote Ian H. Gotlib, of Stanford University, and his colleagues. " 17 , hmgitudinal studies are needed to determine whether the anomalous activations 18 in this study during the processing of 19 and losses are associated with the 20 onset of depression," they" concluded. The study was published in the April of the Archives of General Psychiatry.
喜树碱的结构属于哪类生物碱
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