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41 ♦ hard
♦ hard /hɑ:d/A a.1 duro; solido; sodo: as hard as steel, duro come l'acciaio; a hard bench, una panca dura; hard soil, terreno duro (o solido)2 arduo; difficile; ostico; duro (lett.): hard questions [words], domande [parole] difficili; DIALOGO → - After an exam- There were a couple of really hard questions, c'erano un paio di domande veramente difficili; a hard task, un compito arduo; un duro compito; a hard case, un caso difficile ( da trattare); to find it hard to do st., fare qc. con grande difficoltà5 forte; grande; accanito, ostinato, tenace: a hard drinker, un forte bevitore; a hard worker, un gran lavoratore; un lavoratore indefesso; a hard smoker, un fumatore accanito6 duro; difficile; pieno di guai: hard life, vita dura; hard times, tempi difficili (o duri); ( di un prodotto) hard to sell, difficile a vendersi8 duro; aspro; brusco; sgarbato: hard words, parole dure (o aspre); hard manners, modi bruschi (o sgarbati)12 duro; aspro; sgradevole; brutto: a hard voice, una voce dura (o aspra); a hard story, una storia sgradevole; una brutta storia; hard light, luce sgradevole16 (agric., chim., fon.) duro: hard wheat, grano duro; hard water, acqua dura; The letter «g» is hard in «go», la lettera «g» è dura in «go»17 (ind. tess.) liscio; rasato18 (econ., fin.) forte; pregiato; solido; sostenuto: hard currency, moneta (o valuta) forte; moneta (o valuta) pregiataB avv.1 energicamente; forte, violentemente: It was raining hard, pioveva forte (o a dirotto); I hit him hard, lo colpii violentemente (o duro)2 accanitamente; molto; sodo; troppo: to fight hard, battersi accanitamente; to study hard, studiare molto; to try hard, fare ogni sforzo; to try one's hardest, mettercela tutta; to work hard, lavorare sodo; to drink hard, bere troppo; to be hard at it (o at work) darci sotto; lavorare sodo3 attentamente; intensamente: to listen hard (to sb.), ascoltare attentamente (q.); to think hard, pensare intensamente; riflettere profondamente5 duramente; gravemente; seriamente: I was hard hit by the slump, sono stato duramente colpito dalla recessioneC n.1 (naut.) approdo dal fondo solido● hard alcohol, alcol ad alta gradazione □ hard-and-fast, categorico, inderogabile, ferreo, rigido □ hard-and-fast rules, regole ferree □ (naut.) Hard aport!, tutto a sinistra! □ (fam. USA) a hard-ass, persona troppa ligia alle regole; tipo inquadrato (fig. fam.) □ (fam. USA) hard-assed, troppo ligio alle regole; inquadrato (fig. fam.) □ hard-baked, troppo cotto, duro ( per eccesso di cottura); (fig. fam.) duro, insensibile □ (naut.) hard beach, spiaggia di alaggio □ (fig.) hard-bitten, agguerrito, temprato; duro, indurito, insensibile □ hard-boiled, ( d'uovo) sodo; (fig.) duro, indurito, incallito, cinico; (fam.) concreto, pratico; ( di un film, ecc.) giallo, con scene di violenza □ hard-bought, acquistato (fig.: conseguito, ottenuto) a caro prezzo □ hard by, proprio vicino; vicinissimo (a) □ hard cash, (econ.) circolante; (fin.) denaro liquido; denaro contante; contanti: to demand hard cash, voler essere pagato in contanti □ hard coal, antracite □ (comput.) hard copy, copia cartacea; copia a stampa □ hard core, (pietrisco per) massicciata ( di strada); (fig.) nucleo intransigente, nucleo di irriducibili ( di un gruppo); (polit.) zoccolo duro (fig.); (mus.) hardcore □ hard-core, intransigente; irriducibile; duro; inflessibile; ( anche) cronico, incurabile; (mus.) hardcore; ( di pornografia) molto spinto, hard-core: hard-core opposition, opposizione irriducibile; (econ.) hard-core unemployment, disoccupazione cronica; a hard-core film, un film hard-core; un film pornografico spinto ( con scene di sesso non simulato) □ ( tennis) hard court, campo in terra battuta (o di cemento, ecc.) □ (comput.) hard disk ( drive) (abbr. HD/D/), hard disk; disco rigido □ to be hard done by, essere trattato male (o in modo ingiusto) □ hard drink, bevanda forte; superalcolico □ hard drinking, eccesso nel bere; alcolismo □ hard drug, droga pesante □ hard-earned, guadagnato con grande fatica (o col sudore della fronte): a hard-earned victory, una vittoria sudata □ hard-edged, ben delineato; risoluto □ (comput.) hard error, errore hardware □ the hard facts, i fatti incontrovertibili; la realtà nuda e cruda (fam.) □ hard-featured, dai lineamenti duri; ( di un viso) ruvido; grossolano (fig.) □ hard feelings, inimicizia; rancore: No hard feelings!, senza rancore!; amici come prima! □ hard-fisted, dalle mani forti; (fig.) duro, severo; ( anche) avaro, spilorcio, tirchio □ hard-fought, combattuto, sofferto; tirato (fam.): a hard-fought match, un incontro tirato □ hard freeze, gelo duro □ hard frost, freddo intenso, rigido □ (econ.) hard goods, beni di consumo durevoli □ hard going, faticoso; pesante (fig.) □ hard-handed, dalle mani incallite; (fig.) che ha la mano pesante, duro □ hard hat (o hard-hat), elmetto da edile; casco di protezione; (fam.) operaio edile, muratore; (fig. fam. USA) ultraconservatore, reazionario □ hard-head ► hardhead □ (fig.) to have a hard head, avere la testa dura; essere cocciuto □ hard-headed, pratico, realistico; accorto, avveduto; ( USA) caparbio, ostinato, testardo □ hard-hearted, dal cuore duro; insensibile; crudele □ hard-heartedness, insensibilità; crudeltà □ ( anche fig.) hard-hit, duramente colpito □ ( sport) a hard-hitter, uno che colpisce duro □ (di discorso, ecc.) hard-hitting, energico, vigoroso, incisivo; ( anche) che non usa giri di parole □ (metall.) hard iron, ferro magnetizzabile □ (leg., stor.) hard labour, lavori forzati ( aboliti in GB nel 1948) □ ( di corda, ecc.) hard-laid, strettamente intrecciato □ hard landing, (aeron.) atterraggio duro; (econ. fig.) atterraggio duro, brusca frenata □ (metall.) hard lead, piombo duro (o all'antimonio) □ (polit.) the hard left, l'estrema sinistra □ ( anche polit.) hard line, linea dura: to take a hard line, seguire la linea dura; non fare concessioni □ hard-line, duro, inflessibile, rigido, intransigente: a hard-line policy, una politica intransigente □ hard liner, chi segue la linea dura; (un) intransigente, irriducibile, integralista □ (fam.) hard lines = hard luck ► sotto □ hard liquor = hard drink ► sopra □ (fin.) hard loan, prestito in valuta forte; ( anche) prestito a tassi di mercato □ hard luck, sfortuna, malasorte; disdetta, scalogna (fam.): Hard luck!, che sfortuna!; che peccato! □ (fam.) a hard-luck story, una storia pietosa (o strappalacrime, fam.) □ a hard man, un duro □ (econ.) hard market, mercato stabile ( nel quale la domanda è alta e i prezzi sono elevati) □ hard money, (econ.) moneta metallica; (polit. USA) contributo diretto alla campagna elettorale di un candidato □ hard-mouthed, ( di cavallo) ribelle al morso; (fig.) indisciplinato, ribelle; testardo, ostinato □ (fam.) hard-nosed, concreto; pratico; realistico; duro □ (fam. fig.) hard nut, osso duro; brutto cliente □ (fam. fig.) a hard nut to crack, una bella gatta da pelare □ hard of hearing, duro d'orecchi; sordastro; che ci sente poco □ hard on, (avv.) = hard upon ► sotto □ (volg.) hard-on, erezione ( del pene); ( slang) to have a hard-on for st., fare una passione per qc.; avere la fregola di qc. (fig.) □ to be hard on, ( di persona) essere duro (o scortese, sgarbato, severo) con (q.); ( di persona) logorare in fretta, maltrattare ( abiti, scarpe, ecc.); ( di cosa) essere dannoso, fare male a: Don't be too hard on your son, non essere troppo duro (o severo) con tuo figlio!; Sitting at a computer all day is hard on the eyes, stare davanti al computer tutto il giorno fa male agli occhi □ to be hard on sb. 's heels, essere alle calcagna di q. □ ( sci) hard-packed snow, neve compatta; neve dura □ (anat.) hard palate, palato duro □ ( nella ceramica) hard paste, pasta dura, pasta compatta □ hard-paste porcelain, porcellana dura □ hard porn, pornografia spinta □ hard-pressed, inseguito da vicino, incalzato; (fig.) oberato, sovraccarico; in difficoltà, alle strette: to be hard-pressed for money, essere a corto di denaro □ to be hard put ( to it) to do st., trovarsi in imbarazzo (o in difficoltà) a fare qc. □ (polit.) the hard right, l'estrema destra □ (ind.) hard rubber, ebanite □ hard science, scienza «dura»; scienze «dure» ( fondate su metodi rigorosi e sperimentali) □ hard science-fiction, fantascienza «dura» ( verosimile sul piano scientifico) □ (market.) ( the) hard-sell, vendita aggressiva □ (market.) hard selling, tecnica di vendita aggressiva □ hard-set, fermo, fisso, ben saldo; ( di cemento, ecc.) indurito; (fig.: di lineamenti) duro, rigido; ( di persona) caparbio, ostinato □ (autom. GB) hard shoulder, corsia d'emergenza ( d'autostrada) □ (mil., miss.) hard site, rampa di lancio protetta □ hard sleep, sonno duro (o profondo) □ (metall.) hard solder, lega per brasatura (o per saldatura forte) □ (naut.) Hard starboard!, tutto a dritta! □ (fam.) the hard stuff, i superalcolici; ( anche) la droga pesante □ ( sport) a hard team to beat, la squadra da battere; un osso duro (fig.) □ hard to please, difficile da contentare; esigente □ hard-to-reach, difficile da raggiungere; di difficile accesso □ hard up, a corto di quattrini; al verde; ( anche) in fregola, eccitato; allupato (fam.) □ hard up for, a corto di, giù a (fam.): I'm hard up for ideas, sono a corto d'idee □ (lett.) hard upon, subito dopo; poco dopo □ hard wear, uso intenso ( d'abiti e sim.) □ ( d'abito e sim.) hard-wearing, robusto; resistente all'uso □ hard-wired ► hardwired □ ( anche mil. e sport) hard-won, contrastato; ottenuto a caro prezzo □ hard-working, laborioso, operoso □ (fig.) to be (as) hard as nails, essere forte, muscoloso; essere duro di cuore, insensibile □ (fig.) to come hard, essere dura: It comes hard to say goodbye, è dura dire addio □ to die hard, ( di un'abitudine e sim.) essere duro a morire; ( di una persona) vendere la pelle a caro prezzo □ to do st. the hard way, fare da sé, ma con fatica; imparare a fare qc. con la dura pratica □ to freeze hard, diventare solido per il gelo; gelare □ to get hard, indurirsi; solidificarsi □ (fam.) to give sb. a hard time, rendere la vita difficile a q.; fare soffrire q.; farla trovare lunga a q. (fam.) □ to go hard with sb., essere dura (o un duro colpo) per q. □ to have a hard time, passarsela male; essere nei guai □ to have a hard time doing st., avere difficoltà a fare qc., trovare duro fare qc. (fam.) □ to learn st. the hard way, imparare qc. a proprie spese □ (fam.) to play hard to get, farsi desiderare; fare il prezioso (fam.) □ to take st. hard, prendere male qc., essere sconvolto da qc. □ (pop. Austral. e NZ) to put the hard word on sb., chiedere soldi a q.; ( anche) fare un'avance sessuale a q.; ( anche) minacciare q. □ to take a ( long) hard look at st., esaminare qc. con calma; ponderare (su) qc. □ too hard to take, troppo forte; troppo scioccante; indigesto. -
42 close ***
I [kləʊs]1. advvicino, dappressoclose by; close at hand — qui or lì vicino
2. adj1) (near) vicino (-a), (relative, connection, resemblance) stretto (-a), (friend) intimo (-a), (almost equal: result) quasi pari, (fight, contest, election, race) combattuto (-a)they're very close — (in age) sono molto vicini come età, (emotionally) sono molto uniti
that was a close shave fig fam — l'ho (or l'hai etc) scampata per un pelo
2) (exact, detailed: examination, study) accurato (-a), attento (-a), (investigation, questioning) approfondito (-a), (surveillance, control, watch) stretto (-a)to pay close attention to sb/sth — stare ben attento (-a) a qn/qc
3) (handwriting, texture, weave) fitto (-a)4) (stuffy: atmosphere, room) soffocante, (weather) afoso (-a)II [kləʊz]1. n(end) fine f, chiusura2. vi3. vt1) (shut: door, road, shop etc) chiudereplease close the door — chiudi la porta, per favore
2) (end: discussion, meeting) chiudere, concludere, (bank account) chiudere, estinguere, (bargain, deal) concludere•- close in- close up -
43 close
I.close1 [kləʊs]1. adjectivea. ( = near) proche• in close proximity to sb/sth dans le voisinage immédiat de qn/qch• she felt something close to loathing for the man elle éprouvait un sentiment proche de la haine pour cet hommeb. [friend, relative] proche ; [relationship, friendship] profond ; [cooperation, ties, links, connection] étroit ; [resemblance] fort• to be in/keep in close contact with sb être/rester en contact étroit avec qn• to be/feel close to sb être/se sentir proche de qnc. [examination, inspection, study] attentif ; [questioning] serré ; [investigation, enquiry, checking] minutieux ; [translation] fidèle• (up)on closer inspection or examination après un examen plus minutieux• to keep a close eye or watch on sb/sth surveiller qn/qch de prèsd. [texture] dense ; [election, contest, race, finish] serrée. [room] mal aéré ; [atmosphere] lourd2. adverb• close to sb/sth près de qn/qch• close behind (sb/sth) juste derrière (qn/qch)• close by (sb/sth) tout près (de qn/qch)• to get close (to sb/sth) s'approcher (de qn/qch)• to get closer (to sb/sth) se rapprocher (de qn/qch)• to be close at hand [object] être à portée de main ; [place] être à proximité ; [date, event] être proche• to look at sth close to/up regarder qch de très près3. compoundsII.close2 [kləʊz]1. noun( = end) fin f• to draw sth or bring sth to a close mettre fin à qcha. ( = shut) fermer ; [+ road] barrerb. [+ proceedings, discussion] mettre fin à ; [+ account] clorea. [door, drawer] se fermer ; [museum, theatre, shop] fermerb. [session] se terminer ; [speaker] terminer• the meeting closed abruptly la séance a pris fin or s'est terminée brusquement4. compounds► close season noun (British) (Hunting) période f de fermeture de la chasse ; (Fishing) période f de fermeture de la pêche ; (Football) intersaison f[business, shop] fermer (définitivement)[hunters, pursuers] se rapprocher ; [darkness, night] tomber• to close in on sb ( = approach) se rapprocher de qn ; (in race, pursuit) rattraper qn► close off separable transitive verb[+ room] interdire l'accès à ; [+ road] barrer► close up[people in line] se rapprocher ; [wound] se refermer[+ house, shop] fermer* * *I 1. [kləʊs]1) ( road) passage m2) ( of cathedral) enceinte f2.1) ( with close links) [relative] proche; [resemblance] frappantto bear a close resemblance to somebody/something — ressembler beaucoup à quelqu'un/quelque chose
close links with — liens mpl étroits avec [country]; liens mpl d'amitié avec [group]
2) ( intimate) [friend] proche (to de)3) ( almost equal) [contest, result] serré‘is it the same?’ - ‘no but it's close’ — ‘c'est le même?’ - ‘non mais c'est proche’
4) (careful, rigorous) [scrutiny] minutieux/-ieuse; [supervision] étroitto keep a close watch ou eye on somebody/something — surveiller étroitement quelqu'un/quelque chose
5) ( compact) [texture] dense; [print, formation] serré6) ( stuffy) [weather] lourd7) (colloq) ( secretive)3.1) ( nearby)it's close, I can hear it — il ne doit pas être loin, je l'entends
2) ( close temporally)3) ( almost)4.‘is the answer three?’ - ‘close!’ — ‘est-ce que la réponse est trois?’ - ‘tu y es presque’
close enough adverbial phrase5.that's close enough — ( no nearer) tu es assez près; ( acceptable) ça ira
close to prepositional phrase, adverbial phrase1) ( near) près de [place, person, object]how close are we to...? — à quelle distance sommes-nous de...?
2) ( on point of) au bord de [tears, hysteria]3) ( almost at)closer to 30 than 40 — plus proche or plus près de 40 ans que de 30
to come closest to — s'approcher le plus de [ideal, conception]
how close are you to completing...? — est-ce que vous êtes sur le point de finir...?
4) ( also close on (colloq)) ( approximately) près de, presque6.close by prepositional phrase, adverbial phrase près de [wall, bridge]••(from) close to — (colloq)
II 1. [kləʊz]it was a close call (colloq) ou shave (colloq) ou thing — je l'ai/tu l'as etc échappé belle
1) gen, Sport fin fat the close of day — littér à la tombée du jour liter
2) Finance2.transitive verb1) ( shut) fermer2) ( block) fermer [border, port]; boucher [pipe, opening]; barrer [road]; interdire l'accès à [area of town]3) ( bring to an end) mettre fin à [meeting, case]; fermer [account]4) ( reduce)to close the gap — fig réduire l'écart
5) ( agree) conclure [deal, contract]3.1) ( shut) [airport, polls, shop] fermer; [door, container, eyes, mouth] se fermer2) ( cease to operate) [business, mine] fermer définitivement3) ( end) [meeting, play] prendre finto close with — se terminer par [song]
4) Finance [currency, index] clôturer (at à)the market closed down/up — le marché a clôturé en baisse/en hausse
5) ( get smaller) se réduire6) ( get closer) se rapprocher (on de)4.closed past participle adjective1) ( shut) fermé‘closed’ — ( sign in shop) ‘fermé’; ( in theatre) ‘relâche’
‘closed for lunch/for repairs’ — ‘fermé pour le déjeuner/pour cause de réparations’
‘road closed’ — ‘route barrée’
‘closed to the public’ — ‘interdit au public’
‘closed to traffic’ — ‘circulation interdite’
behind closed doors — fig à huis clos
2) ( restricted) [community, meeting] fermé•Phrasal Verbs:- close in- close up -
44 method
n
- abbreviated method
- accelerated method
- accounting method
- accretion method
- accrual method
- accrued benefit valuation method
- actual cost method
- actuarial method
- adequate method
- ad hoc method
- advanced method
- advertising method
- age-life method of depreciation
- amortization method
- approximation method
- assessment method
- automated processing method
- backtracking method
- balance method
- batch method of production
- bidding methods
- block booking method
- bookkeeping method
- branch-and-bound method
- by-product method of cost accounting
- calculation method
- capital-intensive method of production
- case study method
- cash receipts and disbursements method of accounting
- common methods of fraud
- completed contract method
- complete elimination method
- composition ratio method
- continual review method
- control method
- conventional method
- conventional production methods
- costing method
- cost-based methods
- cost depletion method
- cost-plus method
- cost-recovery method
- cost-saving method
- credit-scoring method
- critical path method
- declining-balance depreciation method
- depreciation method
- design methods
- direct method of depreciation
- direct method of standardization
- direct write-off method
- discounted cash flow method
- distributing method
- distribution method
- double-declining-balance depreciation method
- double description method
- double entry method
- economical method
- effective method
- efficient method
- estimating method
- evaluation method
- fabrication method
- fifo costing method
- first in, first out costing method
- forecasting method
- general method
- generalized method
- genetic engineering method
- graduation method
- graph method
- gross method
- gross profit method
- index method
- indexing method
- industrial method
- inspection method
- installment sale method
- inventory method
- inventory valuation method
- investment valuation method
- irregular method of write-off
- item-by-item method
- job method of cost accounting
- job order method of cost accounting
- joint product method of cost accounting
- kid-glove methods
- labour-hour method of depreciation
- lean production methods
- least-squares method
- lifo costing method
- last in, first out costing method
- loading method
- machine-hour method
- machine-hour rate depreciation method
- machining method
- mail questionnaire method
- major category method
- manual methods
- manufacturing method
- matching transactions method
- materials moving methods
- net method
- network method
- normal method
- numerical method
- one-factor-at-a-time method
- operating method
- output method of depreciation
- packaging method
- packing method
- patentable method
- patented method
- payback method
- periodic inventory method
- perpetual inventory method
- perturbation method
- physical volume method
- playback method
- point method
- prediction methods
- present value method
- pricing method
- prime cost method
- process method of cost accounting
- processing method
- production methods
- production method of depreciation
- production control method
- profit split method
- progressive methods
- quality control method
- quantitative method
- random observation method
- ranking method
- reducing balance method of depreciation
- reinterview method
- replacement method of depreciation
- resale price method
- retirement method of depreciation
- risk management method
- safe method
- sample method
- sampling method
- saturation method
- scheduling method
- scientific method
- searching method
- sequential method
- service output depreciation method
- short method
- simplex method
- sinking fund method of depreciation
- special method
- standard method
- statistical method
- stochastic approximation method
- straight line method
- straight-line method of depreciation
- straight line depreciation method
- straight-line flow method
- sum of the digits method of depreciation
- sum of the years' digits method of depreciation
- systematical method
- table method
- tally sheet method
- taxation method
- teaching methods
- team development method
- test method
- testing method
- total inventory method
- trial and error method
- turnover method
- unit method of depreciation
- unit of production method of depreciation
- unit of production depreciation method
- valuation method
- variational method
- working method
- working hours method of depreciation
- workshop method
- method of accounting
- method of amortization
- method of analysis
- method of assessment
- method of average
- method of calculation
- method of characteristics
- method of collaboration
- method of comparison
- methods of construction
- method of conveyance
- method of cooperation
- method of delivery
- method of depreciation
- method of designated routes
- method of display
- method of distribution
- methods of dodging taxes
- method of estimation
- method of evaluation
- method of exclusion
- method of feasible directions
- method of finance
- method of financing
- method of forwarding
- method of identification
- method of indirect export
- method of indirect import
- method of inspection
- method of leading averages
- method of leading variables
- method of levying duties
- methods of management
- method of manufacture
- method of operation
- method of ordering
- method of packaging
- method of packing
- method of payment
- method of planning
- method of production
- method of promotion
- method of quality determination
- methods of regulation
- method of reimbursement
- method of sales promotion
- method of sampling
- method of settlement
- method of shipment
- method of shipping
- method of smoothing
- method of solution
- method of stowage
- method of stowing
- method of successive approximation
- methods of trading
- methods of training
- method of transportation
- method of working
- cost or market whichever is lower method of inventory valuation
- adopt a method
- apply a method
- develop a method
- employ a method
- follow a method
- introduce a method
- practise a method
- realize a method
- repeal a method
- revise a method
- work out a methodEnglish-russian dctionary of contemporary Economics > method
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45 soft dollaring
See:Another reason managers are interested in controlling client commissions deserves special attention. "Soft dollaring" has got to be one of the most misunderstood and controversial practices in the money management business. The very term "soft dollars" suggests something shady and conjures up images of money exchanging hands in dark alleyways. Among laymen, soft dollars may be confused with "soft money" political contributions. There is a thin connection between "soft dollars" and "soft money." Since brokerage firms are not subject to the same rules pertaining to political contributions as municipal underwriting firms, large "soft money" contributions from owners of brokerage firms do find their way into politicians' coffers more easily than contributions from underwriters. However, it is important to not confuse the two terms.So what is "soft dollaring?" Soft dollaring is the practice whereby money managers use client brokerage commissions to purchase investment research. When a manager pays for products or services with his own money, directly from the research provider, this is referred to as "hard dollars." Payment with client commissions, financed through a brokerage firm, is referred to as "soft dollars." Through soft dollar arrangements money managers are permitted to shift an expense related to the management of assets they would otherwise have to bear, onto their clients. The amount of this research expense the money management industry transfers onto its clients is in the billions annually. As a result, any analysis of the economics of the money management industry should include the effects of soft dollaring; however, we are unaware of any that has. In the institutional marketplace, strange as it may seem, it is possible for a money manager to profit more from soft dollars than from the negotiated asset management fee he receives.The general rule under the federal and state securities laws is that a fiduciary, the money manager, cannot use client assets for his own benefit or the benefit of other clients. To simplify matters greatly, soft dollaring is a legally prescribed exception to this rule. Congress, the SEC and other regulators have agreed that as long as the research purchased assists the manager in making investment decisions, the clients benefit and its legally acceptable. A tremendous amount of strained analysis has gone into the precise policies and procedures that managers must follow in purchasing research with client commission dollars. Over the years a distinction has been made between "proprietary" research or in-house research distributed to brokerage customers without a price tag attached and "independent third-party" research or research written by a third party and sold to managers at a stated price. Third party research has been most frequently criticized because its cost is separately stated and the benefit to managers most obvious. In this latter case, a breach of fiduciary duty seems most glaring. However, it is well known that proprietary research, offered for "free, " is produced to stimulate sales of dealer inventory. So presumably this research lacks credibility and is less beneficial to clients. There have been distinctions drawn between products and services, such as computers, which are "mixed-use, " i.e., which may serve dual purposes, providing both research and administrative uses. An adviser must make a reasonable allocation of the cost of the product according to its uses, the SEC has said. Some portion must be paid for with "hard" dollars and the other with "soft." There are several articles in our Library of Articles that describe soft dollar practices, rule changes and our proposal to Chairman Levitt to reform the soft dollar business.The issue that soft dollaring raises is: when is it acceptable for a manager to benefit from his client's commissions? For purposes of this article we would like to introduce a new and more useful perspective for pensions in their analysis of soft dollars or any other brokerage issue. That is, all brokerage commissions controlled by managers, benefit managers in some way. Brokerage decision-making by managers rarely, if ever, is simply based upon what firm can execute the trade at the best price. Brokerage is a commodity. Almost all brokerage firms offer reasonably competent, "best execution" services. If they didn't, they'd get sued and soon be out of business. Most savvy brokerage marketers don't even try to differentiate their firms with long-winded explanations about best-execution capabilities. Best execution is a given and impossible to prove. If you want to understand how your money manager allocates brokerage, study his business as a whole, including his marketing and affiliates-not just the investment process.The new English-Russian dictionary of financial markets > soft dollaring
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46 Hofmann, August Wilhelm von
SUBJECT AREA: Chemical technology[br]b. 8 April 1818 Giessen, Germanyd. 2 May 1892 Berlin, Germany[br]German organic chemist.[br]The son of an architect, Hofmann began studying law and languages but was increasingly drawn to chemistry, attracted by Liebig's teaching at Giessen. In 1841 Hofmann took his doctorate with a study of coal tar. He became Privatdozent at Bonn University in 1845, but later that year he was persuaded to take up the post of first Director of the Royal College of Chemistry in London, after tenure was guaranteed as a result of Prince Albert's influence. He remained there for twenty years until he was offered professorships in chemistry at Bonn and Berlin. He accepted the latter. Hofmann continued the method of teaching chemistry, based on laboratory instruction, developed by Liebig at Giessen, and extended it to England and Berlin. A steady stream of well-trained chemists issued forth from Hofmann's tuition, concerning themselves especially with experimental organic chemistry and the industrial applications of chemistry. In 1848 one of his students, C.B. Mansfield, devised the method of fractional distillation of coal tar, to separate pure benzene, xylene and toluene, thus laying the foundations of the coal-tar industry. In 1856 another student, W.H. Perkin, prepared the first synthetic dyestuff, aniline purple, heralding the great dyestuffs industry, in which several other of his students distinguished themselves. Although keenly interested in the chemistry of dyestuffs, Hofmann did not pursue their large-scale preparation, but he stressed the importance of scientific research for success on a commercial scale. Hofmann's stimulus in this direction flagged after his return to Germany, and this was a factor in the failure of British industry to follow up their initial advantage and allow it to pass to Germany. In 1862 Hofmann prepared a dye from a derivative of triphenylmethane, which he called rosaniline. From this he derived a series of beautiful colours, ranging from blue to violet, which he patented as "Hofmann's violets" the following year.[br]Principal Honours and DistinctionsEnnobled 1888.Further ReadingJ.Volhard and E.Fischer, 1902, August Wilhelm von Hofmann, ein Lebensbild, Berlin (the basic biography).K.M.Hammond, 1967, bibliography, unpublished, (Diploma in Librarianship, London University (lists 373 items; deposited in University College, London)).LRDBiographical history of technology > Hofmann, August Wilhelm von
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47 Nobel, Immanuel
[br]b. 1801 Gävle, Swedend. 3 September 1872 Stockholm, Sweden[br]Swedish inventor and industrialist, particularly noted for his work on mines and explosives.[br]The son of a barber-surgeon who deserted his family to serve in the Swedish army, Nobel showed little interest in academic pursuits as a child and was sent to sea at the age of 16, but jumped ship in Egypt and was eventually employed as an architect by the pasha. Returning to Sweden, he won a scholarship to the Stockholm School of Architecture, where he studied from 1821 to 1825 and was awarded a number of prizes. His interest then leaned towards mechanical matters and he transferred to the Stockholm School of Engineering. Designs for linen-finishing machines won him a prize there, and he also patented a means of transforming rotary into reciprocating movement. He then entered the real-estate business and was successful until a fire in 1833 destroyed his house and everything he owned. By this time he had married and had two sons, with a third, Alfred (of Nobel Prize fame; see Alfred Nobel), on the way. Moving to more modest quarters on the outskirts of Stockholm, Immanuel resumed his inventions, concentrating largely on India rubber, which he applied to surgical instruments and military equipment, including a rubber knapsack.It was talk of plans to construct a canal at Suez that first excited his interest in explosives. He saw them as a means of making mining more efficient and began to experiment in his backyard. However, this made him unpopular with his neighbours, and the city authorities ordered him to cease his investigations. By this time he was deeply in debt and in 1837 moved to Finland, leaving his family in Stockholm. He hoped to interest the Russians in land and sea mines and, after some four years, succeeded in obtaining financial backing from the Ministry of War, enabling him to set up a foundry and arms factory in St Petersburg and to bring his family over. By 1850 he was clear of debt in Sweden and had begun to acquire a high reputation as an inventor and industrialist. His invention of the horned contact mine was to be the basic pattern of the sea mine for almost the next 100 years, but he also created and manufactured a central-heating system based on hot-water pipes. His three sons, Ludwig, Robert and Alfred, had now joined him in his business, but even so the outbreak of war with Britain and France in the Crimea placed severe pressures on him. The Russians looked to him to convert their navy from sail to steam, even though he had no experience in naval propulsion, but the aftermath of the Crimean War brought financial ruin once more to Immanuel. Amongst the reforms brought in by Tsar Alexander II was a reliance on imports to equip the armed forces, so all domestic arms contracts were abruptly cancelled, including those being undertaken by Nobel. Unable to raise money from the banks, Immanuel was forced to declare himself bankrupt and leave Russia for his native Sweden. Nobel then reverted to his study of explosives, particularly of how to adapt the then highly unstable nitroglycerine, which had first been developed by Ascanio Sobrero in 1847, for blasting and mining. Nobel believed that this could be done by mixing it with gunpowder, but could not establish the right proportions. His son Alfred pursued the matter semi-independently and eventually evolved the principle of the primary charge (and through it created the blasting cap), having taken out a patent for a nitroglycerine product in his own name; the eventual result of this was called dynamite. Father and son eventually fell out over Alfred's independent line, but worse was to follow. In September 1864 Immanuel's youngest son, Oscar, then studying chemistry at Uppsala University, was killed in an explosion in Alfred's laboratory: Immanuel suffered a stroke, but this only temporarily incapacitated him, and he continued to put forward new ideas. These included making timber a more flexible material through gluing crossed veneers under pressure and bending waste timber under steam, a concept which eventually came to fruition in the form of plywood.In 1868 Immanuel and Alfred were jointly awarded the prestigious Letterstedt Prize for their work on explosives, but Alfred never for-gave his father for retaining the medal without offering it to him.[br]Principal Honours and DistinctionsImperial Gold Medal (Russia) 1853. Swedish Academy of Science Letterstedt Prize (jointly with son Alfred) 1868.BibliographyImmanuel Nobel produced a short handwritten account of his early life 1813–37, which is now in the possession of one of his descendants. He also had published three short books during the last decade of his life— Cheap Defence of the Country's Roads (on land mines), Cheap Defence of the Archipelagos (on sea mines), and Proposal for the Country's Defence (1871)—as well as his pamphlet (1870) on making wood a more physically flexible product.Further ReadingNo biographies of Immanuel Nobel exist, but his life is detailed in a number of books on his son Alfred.CM -
48 Senefelder, Alois
SUBJECT AREA: Paper and printing[br]b. 6 November 1771 Prague, Bohemia (now Czech Republic)d. 26 February 1834 Munich, Germany[br]German inventor of lithography.[br]Soon after his birth, Senefelder's family moved to Mannheim, where his father, an actor, had obtained a position in the state theatre. He was educated there, until he gained a scholarship to the university of Ingolstadt. The young Senefelder wanted to follow his father on to the stage, but the latter insisted that he study law. He nevertheless found time to write short pieces for the theatre. One of these, when he was 18 years old, was an encouraging success. When his father died in 1791, he gave up his studies and took to a new life as poet and actor. However, the wandering life of a repertory actor palled after two years and he settled for the more comfortable pursuit of playwriting. He had some of his work printed, which acquainted him with the art of printing, but he fell out with his bookseller. He therefore resolved to carry out his own printing, but he could not afford the equipment of a conventional letterpress printer. He began to explore other ways of printing and so set out on the path that was to lead to an entirely new method.He tried writing in reverse on a copper plate with some acid-resisting material and etching the plate, to leave a relief image that could then be inked and printed. He knew that oily substances would resist acid, but it required many experiments to arrive at a composition of wax, soap and charcoal dust dissolved in rainwater. The plates wore down with repeated polishing, so he substituted stone plates. He continued to etch them and managed to make good prints with them, but he went on to make the surprising discovery that etching was unnecessary. If the image to be printed was made with the oily composition and the stone moistened, he found that only the oily image received the ink while the moistened part rejected it. The printing surface was neither raised (as in letterpress printing) nor incised (as in intaglio printing): Senefelder had discovered the third method of printing.He arrived at a workable process over the years 1796 to 1799, and in 1800 he was granted an English patent. In the same year, lithography (or "writing on stone") was introduced into France and Senefelder himself took it to England, but it was some time before it became widespread; it was taken up by artists especially for high-quality printing of art works. Meanwhile, Senefelder improved his techniques, finding that other materials, even paper, could be used in place of stone. In fact, zinc plates were widely used from the 1820s, but the name "lithography" stuck. Although he won world renown and was honoured by most of the crowned heads of Europe, he never became rich because he dissipated his profits through restless experimenting.With the later application of the offset principle, initiated by Barclay, lithography has become the most widely used method of printing.[br]Bibliography1911, Alois Senefelder, Inventor of Lithography, trans. J.W.Muller, New York: Fuchs \& Line (Senefelder's autobiography).Further ReadingW.Weber, 1981, Alois Senefelder, Erfinder der Lithographie, Frankfurt-am-Main: Polygraph Verlag.M.Tyman, 1970, Lithography 1800–1950, London: Oxford University Press (describes the invention and its development; with biographical details).LRD
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