People"s financial history has a strong impact on their taste for risk. Looking at surveys of American household【C1】______from 1960 to 2007, Ul-rike Malmendier of the University of California at Berkeley and his cooperator found that people who【C2】______high returns on the stock market【C3】______in life were, years later, likelier to report a higher tolerance for risk, to own shares and to invest a bigger slice of their【C4】______in shares. But【C5】______to economic turmoil appears to suppress people"s appetite for risk【C6】______of their personal financial losses. That is the【C7】______of a paper by Samuli Knupfer of London Business School and two co-authors. In the early 1990s a severe recession caused Finland"s GDP to【C8】______by 10% and unemployment to【C9】______from 3% to 16%. Using detailed data on tax, unemployment and military conscription(draft), the authors were able to【C10】______the investment choices of those【C11】______by Finland"s "Great Depression". Controlling for age, education, gender and【C12】______status, they found that those in occupations, industries and regions hit harder by unemployment were【C13】______likely to own stocks a decade later. Individuals" personal misfortunes, however, could explain at most half of the【C14】______in stock ownership, the authors reckon. They【C15】______the remainder to "changes in beliefs and preferences" that are not easily measured. This seems【C16】______with a growing body of research that links a low tolerance of risk to 【C17】______emotional trauma(a severe shock). Studies have found, for example, that natural【C18】______such as the tsunami(a large destructive wave)that hit South-East Asia in 2004 and military【C19】______such as the Korean war can render their victims more【C20】______for years. 【C11】
A. impressed
B. affected
C. killed
D. processed
People"s financial history has a strong impact on their taste for risk. Looking at surveys of American household【C1】______from 1960 to 2007, Ul-rike Malmendier of the University of California at Berkeley and his cooperator found that people who【C2】______high returns on the stock market【C3】______in life were, years later, likelier to report a higher tolerance for risk, to own shares and to invest a bigger slice of their【C4】______in shares. But【C5】______to economic turmoil appears to suppress people"s appetite for risk【C6】______of their personal financial losses. That is the【C7】______of a paper by Samuli Knupfer of London Business School and two co-authors. In the early 1990s a severe recession caused Finland"s GDP to【C8】______by 10% and unemployment to【C9】______from 3% to 16%. Using detailed data on tax, unemployment and military conscription(draft), the authors were able to【C10】______the investment choices of those【C11】______by Finland"s "Great Depression". Controlling for age, education, gender and【C12】______status, they found that those in occupations, industries and regions hit harder by unemployment were【C13】______likely to own stocks a decade later. Individuals" personal misfortunes, however, could explain at most half of the【C14】______in stock ownership, the authors reckon. They【C15】______the remainder to "changes in beliefs and preferences" that are not easily measured. This seems【C16】______with a growing body of research that links a low tolerance of risk to 【C17】______emotional trauma(a severe shock). Studies have found, for example, that natural【C18】______such as the tsunami(a large destructive wave)that hit South-East Asia in 2004 and military【C19】______such as the Korean war can render their victims more【C20】______for years. 【C9】
A. recede
B. spin
C. sneak
D. soar
The rigid higher-education business is about to experience a welcome earthquake. Traditional universities now face a new【C1】______in the form of massive open online courses, or MOOCs. These digitally-delivered courses, which teach students via the【C2】______or tablet apps, have big【C3】______over their established rivals. With low startup costs and powerful economies of scale, online courses【C4】______lower the price of learning and【C5】______access to it, by【C6】______the need for students to be taught at set times or places. The low cost of【C7】______courses—creating a new one costs about $70,000— means they can be sold【C8】______, or even given away. Clayton Christensen of Harvard Business School considers MOOCs a【C9】______"disruptive technology" that will kill off many【C10】______universities. "Fifteen years from now more than half of the universities in America will be in bankruptcy," he【C11】______last year. 【C12】______, traditional universities have a few favorable aspects. As well as teaching, examining and certification, college education creates social capital. Students learn how to【C13】______present themselves, make contacts and roll joints. How can a digital college experience give all of that The answer may be to【C14】______the two. Anant Agarwal, who runs edX-, one of established MOOCs, proposes an alternative to the【C15】______American four-year degree course. Students could spend an introductory year learning via a MOOC,【C16】______by two years attending university and a final year starting part-time work while【C17】______their studies online. This sort of【C18】______learning might prove more attractive than a four-year online degree. It could also【C19】______those who want to integrate learning with work or child-rearing, freeing them from timetables assembled to【C20】______academics. 【C7】
A. dismissing
B. displacing
C. providing
D. intensifying
People"s financial history has a strong impact on their taste for risk. Looking at surveys of American household【C1】______from 1960 to 2007, Ul-rike Malmendier of the University of California at Berkeley and his cooperator found that people who【C2】______high returns on the stock market【C3】______in life were, years later, likelier to report a higher tolerance for risk, to own shares and to invest a bigger slice of their【C4】______in shares. But【C5】______to economic turmoil appears to suppress people"s appetite for risk【C6】______of their personal financial losses. That is the【C7】______of a paper by Samuli Knupfer of London Business School and two co-authors. In the early 1990s a severe recession caused Finland"s GDP to【C8】______by 10% and unemployment to【C9】______from 3% to 16%. Using detailed data on tax, unemployment and military conscription(draft), the authors were able to【C10】______the investment choices of those【C11】______by Finland"s "Great Depression". Controlling for age, education, gender and【C12】______status, they found that those in occupations, industries and regions hit harder by unemployment were【C13】______likely to own stocks a decade later. Individuals" personal misfortunes, however, could explain at most half of the【C14】______in stock ownership, the authors reckon. They【C15】______the remainder to "changes in beliefs and preferences" that are not easily measured. This seems【C16】______with a growing body of research that links a low tolerance of risk to 【C17】______emotional trauma(a severe shock). Studies have found, for example, that natural【C18】______such as the tsunami(a large destructive wave)that hit South-East Asia in 2004 and military【C19】______such as the Korean war can render their victims more【C20】______for years. 【C6】
A. typical
B. pessimistic
C. irrespective
D. composed