"BLOGGO PLC ", announces its press office at 7 a.m., London time, "last night agreed to purchase Junko Inc, of Wichita". (46)A quote from Bloggo"s proud chairman sets out how well the American purchase fits the British buyer"s strategy.And the British shareholder, if he is wise, heads for his broker and the exit. (47)That, repeatedly, has been the lesson of British incursions into the United States: from attempts in the 1950s of firms like Austin and Morris to sell their utterly ill-suited and often ill-built small cars of the time, through European Ferries, which in the 1980s bought up several thousand acres near Denver, presumably without asking—until it went all, but belly up—whether a cross-Channel ferry firm really knew more about land in Colorado than local real-estate buffs did.Even in the later era of serious direct investment, British incursions have had a spotty record. Two academics at Exeter University"s new finance and investment centre, have now put figures on it. Alan Gregory and Steve McCorriston studied 197 British takeovers in America, nearly all the significant ones, in manufacturing and services (banking excluded) in 1984-94. (48)Over a five-year period from the purchase, they found, the cumulative return to shareholders was 27% lower than "normal"—i.e., for similar companies that had stayed at home—and notably worse than the trivial difference over one year that stockmarkets (and academics) have tended to look at.(49)The figure was also in notable contrast to comparable ones from 97 takeovers in the European Union, and 39 elsewhere in the world.Returns in the EU looked better than normal, but the figures were not statistically significant; those in the rest of the world were both, 32% better. (50)You might expect the opposite, given that Britain"s corporate culture is much like America"s. but some way from those of most EU countries.So why the unexpected outcome The Exeter academics do not know, but would love to find out—if they can get the research funding.
Low levels of literacy and numeracy have a damaging impact on almost every aspect of adults, according to a survey published yesterday, which offers (1)_____ of a developing underclass. Tests and (2)_____ with hundreds of people born in a week in 1958 graphically illustrated file (3)_____ of educational underachievement. The effects can be seen in unemployment, family (4)_____, low incomes, depression and social inactivity. Those who left school at 16 with poor basic skills had been employed for UP to four years less than good readers (5)_____ they reached 37. Professor John Bynner, of City University, who carried the research, said that today"s (6)_____ teenagers would even encounter greater problems because the supply of (7)_____ jobs had shrunk. Almost one fifth of the 1,700 people interviewed for yesterday"s report had poor literacy and almost half (8)_____ with innumeracy, a proportion (9)_____ other surveys for the Basic Skills Agency. Some could not read a child"s book, and most found difficult (10)_____ written instruction. Poor readers were twice as likely to be a low wage and four times likely to live in a household where partners worked. Women in this (11)_____ were five times as likely to be (12)_____ depressed, (13)_____ both tended to feel they had no control over their lives, and to trust others (14)_____. Those who had low literacy and numeracy were seldom (15)_____ in any community organization and less likely than others to (16)_____ in a general election. There had been no (17)_____ in the literary level of (18)_____. Alan Wells, the agency"s director, said: "The results emphasize the dangers of developing an underclass people, who were out of work, (19)_____ depressed and often labeled themselves as (20)_____. There is a circle of marginalization, with the dice against these people and their families."
A. hardly
B. seriously
C. increasingly
D. potentially
Low levels of literacy and numeracy have a damaging impact on almost every aspect of adults, according to a survey published yesterday, which offers (1)_____ of a developing underclass. Tests and (2)_____ with hundreds of people born in a week in 1958 graphically illustrated file (3)_____ of educational underachievement. The effects can be seen in unemployment, family (4)_____, low incomes, depression and social inactivity. Those who left school at 16 with poor basic skills had been employed for UP to four years less than good readers (5)_____ they reached 37. Professor John Bynner, of City University, who carried the research, said that today"s (6)_____ teenagers would even encounter greater problems because the supply of (7)_____ jobs had shrunk. Almost one fifth of the 1,700 people interviewed for yesterday"s report had poor literacy and almost half (8)_____ with innumeracy, a proportion (9)_____ other surveys for the Basic Skills Agency. Some could not read a child"s book, and most found difficult (10)_____ written instruction. Poor readers were twice as likely to be a low wage and four times likely to live in a household where partners worked. Women in this (11)_____ were five times as likely to be (12)_____ depressed, (13)_____ both tended to feel they had no control over their lives, and to trust others (14)_____. Those who had low literacy and numeracy were seldom (15)_____ in any community organization and less likely than others to (16)_____ in a general election. There had been no (17)_____ in the literary level of (18)_____. Alan Wells, the agency"s director, said: "The results emphasize the dangers of developing an underclass people, who were out of work, (19)_____ depressed and often labeled themselves as (20)_____. There is a circle of marginalization, with the dice against these people and their families."
A. claim
B. join
C. vote
D. win