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Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243761
Inglês
Texto associado
Michael R. Bloomberg is the 108th Mayor of the City of
New York. He was born on February 14, 1942 to middle class
parents in Medford, Massachusetts, where his father was the
bookkeeper at a local dairy. Mayor Bloomberg's thirst for
information and fascination with technology was evident at an
early age, and led him to Johns Hopkins University, where he
parked cars and took out loans to finance his education. After
his college graduation, he gained an MBA from Harvard and in
the summer of 1966, he was hired by Salomon Brothers to work
on Wall Street.
He quickly advanced through the ranks, and became a
partner in 1972. Soon after, he was supervising all of Salomon's
stock trading, sales and later, its information systems. He was
fired in 1981 after another company acquired Salomon. Michael
Bloomberg used his stake from the Salomon sale to start his
...39... company, an endeavor that would revolutionize the way
that Wall Street ....40.... business. As a young trader, he had been
amazed at the archaic nature in which information was stored.
When he needed to see how a stock had been trading three
weeks earlier, he had to find a copy of the Wall Street Journal
from the date in question, and the records system consisted of
clerks penciling trades in oversize ledgers. ...41... , he created a
financial information computer that would collect and analyze
different combinations of past and present securities data and
deliver it immediately to the user.
In 1982, Bloomberg LP sold 20 subscriptions to its
service; 20 years ....42... , Bloomberg LP has over 165,000
subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the
media business, launching a news service, and then radio,
television, Internet, and publishing operations.
Nearly 20 years after its founding, Bloomberg LP now
employs more than 8,000 people − including 2,500 in New York
City − in more than 100 offices worldwide. As the company
enjoyed tremendous growth, Michael Bloomberg dedicated more
of his time and energy to philanthropy and civic affairs. His
desire to improve education, advance medical research and
increase access to the arts, has provided the motivation for
much of his philanthropy.
The Mayor served as the Chairman of the Board of
Trustees of Johns Hopkins University until May 2002. Recently,
he was honored by Johns Hopkins University, when its School of
Hygiene and Public Health was renamed "The Bloomberg
School of Public Health," a tribute to his leadership and use of
philanthropy to improve the human ....43... .
In 1997, Michael Bloomberg published his autobiography,
Bloomberg by Bloomberg. All of the royalties from sales of the
book are donated to the Committee to Protect Journalists.
(Adapted from
http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119
4&cc=unused1196&rc=1194&ndi=-1)
Segundo o texto, Bloomberg
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243760
Inglês
Texto associado
Michael R. Bloomberg is the 108th Mayor of the City of
New York. He was born on February 14, 1942 to middle class
parents in Medford, Massachusetts, where his father was the
bookkeeper at a local dairy. Mayor Bloomberg's thirst for
information and fascination with technology was evident at an
early age, and led him to Johns Hopkins University, where he
parked cars and took out loans to finance his education. After
his college graduation, he gained an MBA from Harvard and in
the summer of 1966, he was hired by Salomon Brothers to work
on Wall Street.
He quickly advanced through the ranks, and became a
partner in 1972. Soon after, he was supervising all of Salomon's
stock trading, sales and later, its information systems. He was
fired in 1981 after another company acquired Salomon. Michael
Bloomberg used his stake from the Salomon sale to start his
...39... company, an endeavor that would revolutionize the way
that Wall Street ....40.... business. As a young trader, he had been
amazed at the archaic nature in which information was stored.
When he needed to see how a stock had been trading three
weeks earlier, he had to find a copy of the Wall Street Journal
from the date in question, and the records system consisted of
clerks penciling trades in oversize ledgers. ...41... , he created a
financial information computer that would collect and analyze
different combinations of past and present securities data and
deliver it immediately to the user.
In 1982, Bloomberg LP sold 20 subscriptions to its
service; 20 years ....42... , Bloomberg LP has over 165,000
subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the
media business, launching a news service, and then radio,
television, Internet, and publishing operations.
Nearly 20 years after its founding, Bloomberg LP now
employs more than 8,000 people − including 2,500 in New York
City − in more than 100 offices worldwide. As the company
enjoyed tremendous growth, Michael Bloomberg dedicated more
of his time and energy to philanthropy and civic affairs. His
desire to improve education, advance medical research and
increase access to the arts, has provided the motivation for
much of his philanthropy.
The Mayor served as the Chairman of the Board of
Trustees of Johns Hopkins University until May 2002. Recently,
he was honored by Johns Hopkins University, when its School of
Hygiene and Public Health was renamed "The Bloomberg
School of Public Health," a tribute to his leadership and use of
philanthropy to improve the human ....43... .
In 1997, Michael Bloomberg published his autobiography,
Bloomberg by Bloomberg. All of the royalties from sales of the
book are donated to the Committee to Protect Journalists.
(Adapted from
http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119
4&cc=unused1196&rc=1194&ndi=-1)
In the text, 5th paragraph, the underlined pronoun its refers
to
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243759
Inglês
Texto associado
Michael R. Bloomberg is the 108th Mayor of the City of
New York. He was born on February 14, 1942 to middle class
parents in Medford, Massachusetts, where his father was the
bookkeeper at a local dairy. Mayor Bloomberg's thirst for
information and fascination with technology was evident at an
early age, and led him to Johns Hopkins University, where he
parked cars and took out loans to finance his education. After
his college graduation, he gained an MBA from Harvard and in
the summer of 1966, he was hired by Salomon Brothers to work
on Wall Street.
He quickly advanced through the ranks, and became a
partner in 1972. Soon after, he was supervising all of Salomon's
stock trading, sales and later, its information systems. He was
fired in 1981 after another company acquired Salomon. Michael
Bloomberg used his stake from the Salomon sale to start his
...39... company, an endeavor that would revolutionize the way
that Wall Street ....40.... business. As a young trader, he had been
amazed at the archaic nature in which information was stored.
When he needed to see how a stock had been trading three
weeks earlier, he had to find a copy of the Wall Street Journal
from the date in question, and the records system consisted of
clerks penciling trades in oversize ledgers. ...41... , he created a
financial information computer that would collect and analyze
different combinations of past and present securities data and
deliver it immediately to the user.
In 1982, Bloomberg LP sold 20 subscriptions to its
service; 20 years ....42... , Bloomberg LP has over 165,000
subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the
media business, launching a news service, and then radio,
television, Internet, and publishing operations.
Nearly 20 years after its founding, Bloomberg LP now
employs more than 8,000 people − including 2,500 in New York
City − in more than 100 offices worldwide. As the company
enjoyed tremendous growth, Michael Bloomberg dedicated more
of his time and energy to philanthropy and civic affairs. His
desire to improve education, advance medical research and
increase access to the arts, has provided the motivation for
much of his philanthropy.
The Mayor served as the Chairman of the Board of
Trustees of Johns Hopkins University until May 2002. Recently,
he was honored by Johns Hopkins University, when its School of
Hygiene and Public Health was renamed "The Bloomberg
School of Public Health," a tribute to his leadership and use of
philanthropy to improve the human ....43... .
In 1997, Michael Bloomberg published his autobiography,
Bloomberg by Bloomberg. All of the royalties from sales of the
book are donated to the Committee to Protect Journalists.
(Adapted from
http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119
4&cc=unused1196&rc=1194&ndi=-1)
No texto, advanced through the ranks refere-se à rapidez
com que Bloomberg
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243758
Inglês
Texto associado
Michael R. Bloomberg is the 108th Mayor of the City of
New York. He was born on February 14, 1942 to middle class
parents in Medford, Massachusetts, where his father was the
bookkeeper at a local dairy. Mayor Bloomberg's thirst for
information and fascination with technology was evident at an
early age, and led him to Johns Hopkins University, where he
parked cars and took out loans to finance his education. After
his college graduation, he gained an MBA from Harvard and in
the summer of 1966, he was hired by Salomon Brothers to work
on Wall Street.
He quickly advanced through the ranks, and became a
partner in 1972. Soon after, he was supervising all of Salomon's
stock trading, sales and later, its information systems. He was
fired in 1981 after another company acquired Salomon. Michael
Bloomberg used his stake from the Salomon sale to start his
...39... company, an endeavor that would revolutionize the way
that Wall Street ....40.... business. As a young trader, he had been
amazed at the archaic nature in which information was stored.
When he needed to see how a stock had been trading three
weeks earlier, he had to find a copy of the Wall Street Journal
from the date in question, and the records system consisted of
clerks penciling trades in oversize ledgers. ...41... , he created a
financial information computer that would collect and analyze
different combinations of past and present securities data and
deliver it immediately to the user.
In 1982, Bloomberg LP sold 20 subscriptions to its
service; 20 years ....42... , Bloomberg LP has over 165,000
subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the
media business, launching a news service, and then radio,
television, Internet, and publishing operations.
Nearly 20 years after its founding, Bloomberg LP now
employs more than 8,000 people − including 2,500 in New York
City − in more than 100 offices worldwide. As the company
enjoyed tremendous growth, Michael Bloomberg dedicated more
of his time and energy to philanthropy and civic affairs. His
desire to improve education, advance medical research and
increase access to the arts, has provided the motivation for
much of his philanthropy.
The Mayor served as the Chairman of the Board of
Trustees of Johns Hopkins University until May 2002. Recently,
he was honored by Johns Hopkins University, when its School of
Hygiene and Public Health was renamed "The Bloomberg
School of Public Health," a tribute to his leadership and use of
philanthropy to improve the human ....43... .
In 1997, Michael Bloomberg published his autobiography,
Bloomberg by Bloomberg. All of the royalties from sales of the
book are donated to the Committee to Protect Journalists.
(Adapted from
http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119
4&cc=unused1196&rc=1194&ndi=-1)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preencha corretamente a lacuna do texto apresentado (...43...).
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243757
Inglês
Texto associado
Michael R. Bloomberg is the 108th Mayor of the City of
New York. He was born on February 14, 1942 to middle class
parents in Medford, Massachusetts, where his father was the
bookkeeper at a local dairy. Mayor Bloomberg's thirst for
information and fascination with technology was evident at an
early age, and led him to Johns Hopkins University, where he
parked cars and took out loans to finance his education. After
his college graduation, he gained an MBA from Harvard and in
the summer of 1966, he was hired by Salomon Brothers to work
on Wall Street.
He quickly advanced through the ranks, and became a
partner in 1972. Soon after, he was supervising all of Salomon's
stock trading, sales and later, its information systems. He was
fired in 1981 after another company acquired Salomon. Michael
Bloomberg used his stake from the Salomon sale to start his
...39... company, an endeavor that would revolutionize the way
that Wall Street ....40.... business. As a young trader, he had been
amazed at the archaic nature in which information was stored.
When he needed to see how a stock had been trading three
weeks earlier, he had to find a copy of the Wall Street Journal
from the date in question, and the records system consisted of
clerks penciling trades in oversize ledgers. ...41... , he created a
financial information computer that would collect and analyze
different combinations of past and present securities data and
deliver it immediately to the user.
In 1982, Bloomberg LP sold 20 subscriptions to its
service; 20 years ....42... , Bloomberg LP has over 165,000
subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the
media business, launching a news service, and then radio,
television, Internet, and publishing operations.
Nearly 20 years after its founding, Bloomberg LP now
employs more than 8,000 people − including 2,500 in New York
City − in more than 100 offices worldwide. As the company
enjoyed tremendous growth, Michael Bloomberg dedicated more
of his time and energy to philanthropy and civic affairs. His
desire to improve education, advance medical research and
increase access to the arts, has provided the motivation for
much of his philanthropy.
The Mayor served as the Chairman of the Board of
Trustees of Johns Hopkins University until May 2002. Recently,
he was honored by Johns Hopkins University, when its School of
Hygiene and Public Health was renamed "The Bloomberg
School of Public Health," a tribute to his leadership and use of
philanthropy to improve the human ....43... .
In 1997, Michael Bloomberg published his autobiography,
Bloomberg by Bloomberg. All of the royalties from sales of the
book are donated to the Committee to Protect Journalists.
(Adapted from
http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119
4&cc=unused1196&rc=1194&ndi=-1)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preencha corretamente a lacuna do texto apresentado (...42...).
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243756
Inglês
Texto associado
Michael R. Bloomberg is the 108th Mayor of the City of
New York. He was born on February 14, 1942 to middle class
parents in Medford, Massachusetts, where his father was the
bookkeeper at a local dairy. Mayor Bloomberg's thirst for
information and fascination with technology was evident at an
early age, and led him to Johns Hopkins University, where he
parked cars and took out loans to finance his education. After
his college graduation, he gained an MBA from Harvard and in
the summer of 1966, he was hired by Salomon Brothers to work
on Wall Street.
He quickly advanced through the ranks, and became a
partner in 1972. Soon after, he was supervising all of Salomon's
stock trading, sales and later, its information systems. He was
fired in 1981 after another company acquired Salomon. Michael
Bloomberg used his stake from the Salomon sale to start his
...39... company, an endeavor that would revolutionize the way
that Wall Street ....40.... business. As a young trader, he had been
amazed at the archaic nature in which information was stored.
When he needed to see how a stock had been trading three
weeks earlier, he had to find a copy of the Wall Street Journal
from the date in question, and the records system consisted of
clerks penciling trades in oversize ledgers. ...41... , he created a
financial information computer that would collect and analyze
different combinations of past and present securities data and
deliver it immediately to the user.
In 1982, Bloomberg LP sold 20 subscriptions to its
service; 20 years ....42... , Bloomberg LP has over 165,000
subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the
media business, launching a news service, and then radio,
television, Internet, and publishing operations.
Nearly 20 years after its founding, Bloomberg LP now
employs more than 8,000 people − including 2,500 in New York
City − in more than 100 offices worldwide. As the company
enjoyed tremendous growth, Michael Bloomberg dedicated more
of his time and energy to philanthropy and civic affairs. His
desire to improve education, advance medical research and
increase access to the arts, has provided the motivation for
much of his philanthropy.
The Mayor served as the Chairman of the Board of
Trustees of Johns Hopkins University until May 2002. Recently,
he was honored by Johns Hopkins University, when its School of
Hygiene and Public Health was renamed "The Bloomberg
School of Public Health," a tribute to his leadership and use of
philanthropy to improve the human ....43... .
In 1997, Michael Bloomberg published his autobiography,
Bloomberg by Bloomberg. All of the royalties from sales of the
book are donated to the Committee to Protect Journalists.
(Adapted from
http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119
4&cc=unused1196&rc=1194&ndi=-1)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preencha corretamente a lacuna do texto apresentado (...41...).
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243755
Inglês
Texto associado
Michael R. Bloomberg is the 108th Mayor of the City of
New York. He was born on February 14, 1942 to middle class
parents in Medford, Massachusetts, where his father was the
bookkeeper at a local dairy. Mayor Bloomberg's thirst for
information and fascination with technology was evident at an
early age, and led him to Johns Hopkins University, where he
parked cars and took out loans to finance his education. After
his college graduation, he gained an MBA from Harvard and in
the summer of 1966, he was hired by Salomon Brothers to work
on Wall Street.
He quickly advanced through the ranks, and became a
partner in 1972. Soon after, he was supervising all of Salomon's
stock trading, sales and later, its information systems. He was
fired in 1981 after another company acquired Salomon. Michael
Bloomberg used his stake from the Salomon sale to start his
...39... company, an endeavor that would revolutionize the way
that Wall Street ....40.... business. As a young trader, he had been
amazed at the archaic nature in which information was stored.
When he needed to see how a stock had been trading three
weeks earlier, he had to find a copy of the Wall Street Journal
from the date in question, and the records system consisted of
clerks penciling trades in oversize ledgers. ...41... , he created a
financial information computer that would collect and analyze
different combinations of past and present securities data and
deliver it immediately to the user.
In 1982, Bloomberg LP sold 20 subscriptions to its
service; 20 years ....42... , Bloomberg LP has over 165,000
subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the
media business, launching a news service, and then radio,
television, Internet, and publishing operations.
Nearly 20 years after its founding, Bloomberg LP now
employs more than 8,000 people − including 2,500 in New York
City − in more than 100 offices worldwide. As the company
enjoyed tremendous growth, Michael Bloomberg dedicated more
of his time and energy to philanthropy and civic affairs. His
desire to improve education, advance medical research and
increase access to the arts, has provided the motivation for
much of his philanthropy.
The Mayor served as the Chairman of the Board of
Trustees of Johns Hopkins University until May 2002. Recently,
he was honored by Johns Hopkins University, when its School of
Hygiene and Public Health was renamed "The Bloomberg
School of Public Health," a tribute to his leadership and use of
philanthropy to improve the human ....43... .
In 1997, Michael Bloomberg published his autobiography,
Bloomberg by Bloomberg. All of the royalties from sales of the
book are donated to the Committee to Protect Journalists.
(Adapted from
http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119
4&cc=unused1196&rc=1194&ndi=-1)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preencha corretamente a lacuna do texto apresentado (...40...).
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243754
Inglês
Texto associado
Michael R. Bloomberg is the 108th Mayor of the City of
New York. He was born on February 14, 1942 to middle class
parents in Medford, Massachusetts, where his father was the
bookkeeper at a local dairy. Mayor Bloomberg's thirst for
information and fascination with technology was evident at an
early age, and led him to Johns Hopkins University, where he
parked cars and took out loans to finance his education. After
his college graduation, he gained an MBA from Harvard and in
the summer of 1966, he was hired by Salomon Brothers to work
on Wall Street.
He quickly advanced through the ranks, and became a
partner in 1972. Soon after, he was supervising all of Salomon's
stock trading, sales and later, its information systems. He was
fired in 1981 after another company acquired Salomon. Michael
Bloomberg used his stake from the Salomon sale to start his
...39... company, an endeavor that would revolutionize the way
that Wall Street ....40.... business. As a young trader, he had been
amazed at the archaic nature in which information was stored.
When he needed to see how a stock had been trading three
weeks earlier, he had to find a copy of the Wall Street Journal
from the date in question, and the records system consisted of
clerks penciling trades in oversize ledgers. ...41... , he created a
financial information computer that would collect and analyze
different combinations of past and present securities data and
deliver it immediately to the user.
In 1982, Bloomberg LP sold 20 subscriptions to its
service; 20 years ....42... , Bloomberg LP has over 165,000
subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the
media business, launching a news service, and then radio,
television, Internet, and publishing operations.
Nearly 20 years after its founding, Bloomberg LP now
employs more than 8,000 people − including 2,500 in New York
City − in more than 100 offices worldwide. As the company
enjoyed tremendous growth, Michael Bloomberg dedicated more
of his time and energy to philanthropy and civic affairs. His
desire to improve education, advance medical research and
increase access to the arts, has provided the motivation for
much of his philanthropy.
The Mayor served as the Chairman of the Board of
Trustees of Johns Hopkins University until May 2002. Recently,
he was honored by Johns Hopkins University, when its School of
Hygiene and Public Health was renamed "The Bloomberg
School of Public Health," a tribute to his leadership and use of
philanthropy to improve the human ....43... .
In 1997, Michael Bloomberg published his autobiography,
Bloomberg by Bloomberg. All of the royalties from sales of the
book are donated to the Committee to Protect Journalists.
(Adapted from
http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119
4&cc=unused1196&rc=1194&ndi=-1)
Para responder à questão,
assinale, na folha de respostas, a letra correspondente à alternativa que preencha corretamente a
lacuna do texto apresentado (...39...).
Q2242624
Inglês
Texto associado
The hard cell
Thanks to politics, stem cell research in the United States is suffering. But not so in Sweden, which is poised to capture what could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in the world to enter clinical trials with a new drug that could cure Alzheimer's disease. Four years ago this type of research was all but stopped in the United States by political and ethical questions − which is ....61.... Sweden now seems in the best position to capture a $25 billion market.
Any day now, the U.S. Congress is expected to pass a sweeping new law that could dramatically inhibit researchers from working with stem cells taken from human embryos. Such cells, which can be used to grow a whole host of new cells and organs, could fundamentally change the way we treat heretofore intractable maladies like Alzheimer's disease, Parkinson's disease, cancer, stroke, liver failure, and heart disease. The only problem is that these cells by definition are derived from human embryos, many of which are cloned or come from unused fetuses collected at fertility clinics. The argument, from a certain segment of the American political spectrum, is that ....62.... methods are morally wrong. They are ....63.... a form of abortion or an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term effect of the legislation will be to further chill all forms of scientific inquiry and commercialization efforts in the field. Entrepreneurs and investors are already eschewing such research − in large part because of the additional uncertainty and risk that politics introduce.
Of the nearly 50 private stem cell companies in the United States, only a handful are still viable. Meanwhile, across the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently has 40 private stem cell companies, a number that's growing. Sweden's leading research universities have 32 percent of the world's stem cell inventory, close on the heels of the United States' 35 percent.
Sweden, say analysts, is now in the best position to capture a worldwide market for drugs based on stem cell therapies that could grow to $25 billion in the next three to five years − nearly equal to the whole biotech industry at present. This estimate doesn't even address the market for stem cells capable of repairing damaged vital organs like the brain, heart, and kidneys. If the United States offers an object lesson of what can happen when scientific inquiry and investment capital fall victim to politics, Sweden and its leading stem cell startup, NeuroNova, offer the opposite example. How odd that the United States, which for generations has been the envy of the world for its progressive views of science and commercialization, should now have a biomedical climate chillier than a Swedish winter.
One company feeling a lot of pain is StemCells, which at first glance seems to have it all: founding scientists include Stanford's Dr. Weissman and Fred Gage of the Salk Institute in La Jolla, California. An equally well-regarded expert in the treatment of Alzheimer's, Dr. Gage spent five years in Sweden as a researcher and now sits on a national committee on stem cell research there. The firm's chairman is Roger Perlmutter, Amgen's head of research.
Yet over the past two years, none of management's efforts to help investors and even critics reconsider the stem cell field have worked. At press time, the stock was thinly traded and sitting in the neighborhood of 50 cents. With less than $15 million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January 2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells can't make it, who can? Geron, the only other publicly held stem cell firm to speak of, is in a fix, too. The company's stock price is also moribund, at $3.85 per share. Thanks to some capital infusions a few years ago, when money came easy, Geron still has $40 million on hand, but by the end of next year, that too will likely be gone. Once a media darling, Geron focuses on diagnostic tests and drugs derived from stem cells, a strategy that's not going well. For the nine months ended last September, revenue fell 68 percent to $955,000 and net loss widened 18 percent to $26.7 million. The company's financials were also hit hard after it terminated an agreement with Pharmacia and acquired research technology from Lynx Therapeutics, which Geron bought in a desperate attempt to be seen as something more than just a stem cell company.
The situation is quite different, however, for Sweden's NeuroNova, which has 30 academic partners and a staff of 20. NeuroNova is working on ways to inject stem cells into the human brain to trigger a process called neurogenesis (the growth of new neural cells), which could combat diseases like Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of treating one of several central nervous system disorders − by far the most lucrative after heart disease products − it will have done so not because it raised more money or got more media buzz than the rest. It will have succeeded because the science is solid, and academe, government, and the investment community are supportive. Meanwhile, the United States will look on with envy and wonder how it, a country known for its entrepreneurial innovation, ever got so short-sighted.
(Adapted from http://www.redherring.com/investor/2003/02/biotech021303.html)
O autor do artigo
Q2242623
Inglês
Texto associado
The hard cell
Thanks to politics, stem cell research in the United States is suffering. But not so in Sweden, which is poised to capture what could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in the world to enter clinical trials with a new drug that could cure Alzheimer's disease. Four years ago this type of research was all but stopped in the United States by political and ethical questions − which is ....61.... Sweden now seems in the best position to capture a $25 billion market.
Any day now, the U.S. Congress is expected to pass a sweeping new law that could dramatically inhibit researchers from working with stem cells taken from human embryos. Such cells, which can be used to grow a whole host of new cells and organs, could fundamentally change the way we treat heretofore intractable maladies like Alzheimer's disease, Parkinson's disease, cancer, stroke, liver failure, and heart disease. The only problem is that these cells by definition are derived from human embryos, many of which are cloned or come from unused fetuses collected at fertility clinics. The argument, from a certain segment of the American political spectrum, is that ....62.... methods are morally wrong. They are ....63.... a form of abortion or an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term effect of the legislation will be to further chill all forms of scientific inquiry and commercialization efforts in the field. Entrepreneurs and investors are already eschewing such research − in large part because of the additional uncertainty and risk that politics introduce.
Of the nearly 50 private stem cell companies in the United States, only a handful are still viable. Meanwhile, across the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently has 40 private stem cell companies, a number that's growing. Sweden's leading research universities have 32 percent of the world's stem cell inventory, close on the heels of the United States' 35 percent.
Sweden, say analysts, is now in the best position to capture a worldwide market for drugs based on stem cell therapies that could grow to $25 billion in the next three to five years − nearly equal to the whole biotech industry at present. This estimate doesn't even address the market for stem cells capable of repairing damaged vital organs like the brain, heart, and kidneys. If the United States offers an object lesson of what can happen when scientific inquiry and investment capital fall victim to politics, Sweden and its leading stem cell startup, NeuroNova, offer the opposite example. How odd that the United States, which for generations has been the envy of the world for its progressive views of science and commercialization, should now have a biomedical climate chillier than a Swedish winter.
One company feeling a lot of pain is StemCells, which at first glance seems to have it all: founding scientists include Stanford's Dr. Weissman and Fred Gage of the Salk Institute in La Jolla, California. An equally well-regarded expert in the treatment of Alzheimer's, Dr. Gage spent five years in Sweden as a researcher and now sits on a national committee on stem cell research there. The firm's chairman is Roger Perlmutter, Amgen's head of research.
Yet over the past two years, none of management's efforts to help investors and even critics reconsider the stem cell field have worked. At press time, the stock was thinly traded and sitting in the neighborhood of 50 cents. With less than $15 million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January 2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells can't make it, who can? Geron, the only other publicly held stem cell firm to speak of, is in a fix, too. The company's stock price is also moribund, at $3.85 per share. Thanks to some capital infusions a few years ago, when money came easy, Geron still has $40 million on hand, but by the end of next year, that too will likely be gone. Once a media darling, Geron focuses on diagnostic tests and drugs derived from stem cells, a strategy that's not going well. For the nine months ended last September, revenue fell 68 percent to $955,000 and net loss widened 18 percent to $26.7 million. The company's financials were also hit hard after it terminated an agreement with Pharmacia and acquired research technology from Lynx Therapeutics, which Geron bought in a desperate attempt to be seen as something more than just a stem cell company.
The situation is quite different, however, for Sweden's NeuroNova, which has 30 academic partners and a staff of 20. NeuroNova is working on ways to inject stem cells into the human brain to trigger a process called neurogenesis (the growth of new neural cells), which could combat diseases like Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of treating one of several central nervous system disorders − by far the most lucrative after heart disease products − it will have done so not because it raised more money or got more media buzz than the rest. It will have succeeded because the science is solid, and academe, government, and the investment community are supportive. Meanwhile, the United States will look on with envy and wonder how it, a country known for its entrepreneurial innovation, ever got so short-sighted.
(Adapted from http://www.redherring.com/investor/2003/02/biotech021303.html)
Segundo o texto, a Geron
Q2242622
Inglês
Texto associado
The hard cell
Thanks to politics, stem cell research in the United States is suffering. But not so in Sweden, which is poised to capture what could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in the world to enter clinical trials with a new drug that could cure Alzheimer's disease. Four years ago this type of research was all but stopped in the United States by political and ethical questions − which is ....61.... Sweden now seems in the best position to capture a $25 billion market.
Any day now, the U.S. Congress is expected to pass a sweeping new law that could dramatically inhibit researchers from working with stem cells taken from human embryos. Such cells, which can be used to grow a whole host of new cells and organs, could fundamentally change the way we treat heretofore intractable maladies like Alzheimer's disease, Parkinson's disease, cancer, stroke, liver failure, and heart disease. The only problem is that these cells by definition are derived from human embryos, many of which are cloned or come from unused fetuses collected at fertility clinics. The argument, from a certain segment of the American political spectrum, is that ....62.... methods are morally wrong. They are ....63.... a form of abortion or an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term effect of the legislation will be to further chill all forms of scientific inquiry and commercialization efforts in the field. Entrepreneurs and investors are already eschewing such research − in large part because of the additional uncertainty and risk that politics introduce.
Of the nearly 50 private stem cell companies in the United States, only a handful are still viable. Meanwhile, across the Atlantic, Sweden has avoided many of the political and ethical quagmires surrounding this type of research. It currently has 40 private stem cell companies, a number that's growing. Sweden's leading research universities have 32 percent of the world's stem cell inventory, close on the heels of the United States' 35 percent.
Sweden, say analysts, is now in the best position to capture a worldwide market for drugs based on stem cell therapies that could grow to $25 billion in the next three to five years − nearly equal to the whole biotech industry at present. This estimate doesn't even address the market for stem cells capable of repairing damaged vital organs like the brain, heart, and kidneys. If the United States offers an object lesson of what can happen when scientific inquiry and investment capital fall victim to politics, Sweden and its leading stem cell startup, NeuroNova, offer the opposite example. How odd that the United States, which for generations has been the envy of the world for its progressive views of science and commercialization, should now have a biomedical climate chillier than a Swedish winter.
One company feeling a lot of pain is StemCells, which at first glance seems to have it all: founding scientists include Stanford's Dr. Weissman and Fred Gage of the Salk Institute in La Jolla, California. An equally well-regarded expert in the treatment of Alzheimer's, Dr. Gage spent five years in Sweden as a researcher and now sits on a national committee on stem cell research there. The firm's chairman is Roger Perlmutter, Amgen's head of research.
Yet over the past two years, none of management's efforts to help investors and even critics reconsider the stem cell field have worked. At press time, the stock was thinly traded and sitting in the neighborhood of 50 cents. With less than $15 million in cash, the company likely won't exist at this time next year. (CEO Martin McGlynn, who joined the firm in January 2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells can't make it, who can? Geron, the only other publicly held stem cell firm to speak of, is in a fix, too. The company's stock price is also moribund, at $3.85 per share. Thanks to some capital infusions a few years ago, when money came easy, Geron still has $40 million on hand, but by the end of next year, that too will likely be gone. Once a media darling, Geron focuses on diagnostic tests and drugs derived from stem cells, a strategy that's not going well. For the nine months ended last September, revenue fell 68 percent to $955,000 and net loss widened 18 percent to $26.7 million. The company's financials were also hit hard after it terminated an agreement with Pharmacia and acquired research technology from Lynx Therapeutics, which Geron bought in a desperate attempt to be seen as something more than just a stem cell company.
The situation is quite different, however, for Sweden's NeuroNova, which has 30 academic partners and a staff of 20. NeuroNova is working on ways to inject stem cells into the human brain to trigger a process called neurogenesis (the growth of new neural cells), which could combat diseases like Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of treating one of several central nervous system disorders − by far the most lucrative after heart disease products − it will have done so not because it raised more money or got more media buzz than the rest. It will have succeeded because the science is solid, and academe, government, and the investment community are supportive. Meanwhile, the United States will look on with envy and wonder how it, a country known for its entrepreneurial innovation, ever got so short-sighted.
(Adapted from http://www.redherring.com/investor/2003/02/biotech021303.html)
De acordo com o texto,
Q2242613
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are characterized by underpricing. Most of the theoretical literature has linked the size of underpricing to the IPO procedure used on the primary market. In this paper, by using a matched sample of NYSE and Nasdaq IPOs, we show that the size of underpricing also depends on the trading method used in the IPO aftermarket.
There are two major methods of opening trading of initial public offerings (IPOs) in the U.S. The NYSE is an order-driven market ....56.... a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. ....57.... , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have ....58.... idea of supply and demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm value and test it. Our results show that there is a larger level of uncertainty at the beginning of trading on Nasdaq than on the NYSE. This in turn is associated with larger levels of underpricing for Nasdaq IPOs. We suggest that this may be due to the different informational efficiency of the two trading systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=% 2Fmarketinfo%2Fmarketinfo.html)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (....58....).
Q2242612
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are characterized by underpricing. Most of the theoretical literature has linked the size of underpricing to the IPO procedure used on the primary market. In this paper, by using a matched sample of NYSE and Nasdaq IPOs, we show that the size of underpricing also depends on the trading method used in the IPO aftermarket.
There are two major methods of opening trading of initial public offerings (IPOs) in the U.S. The NYSE is an order-driven market ....56.... a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. ....57.... , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have ....58.... idea of supply and demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm value and test it. Our results show that there is a larger level of uncertainty at the beginning of trading on Nasdaq than on the NYSE. This in turn is associated with larger levels of underpricing for Nasdaq IPOs. We suggest that this may be due to the different informational efficiency of the two trading systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=% 2Fmarketinfo%2Fmarketinfo.html)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (....57....).
Q2242611
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are characterized by underpricing. Most of the theoretical literature has linked the size of underpricing to the IPO procedure used on the primary market. In this paper, by using a matched sample of NYSE and Nasdaq IPOs, we show that the size of underpricing also depends on the trading method used in the IPO aftermarket.
There are two major methods of opening trading of initial public offerings (IPOs) in the U.S. The NYSE is an order-driven market ....56.... a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. ....57.... , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have ....58.... idea of supply and demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm value and test it. Our results show that there is a larger level of uncertainty at the beginning of trading on Nasdaq than on the NYSE. This in turn is associated with larger levels of underpricing for Nasdaq IPOs. We suggest that this may be due to the different informational efficiency of the two trading systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=% 2Fmarketinfo%2Fmarketinfo.html)
Para responder à questão,
assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (....56....).
Q2242576
Auditoria
O conjunto dos papéis de trabalho do auditor
independente, de acordo com as Normas Brasileiras de
Contabilidade, deve ser guardado pelo prazo de
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242138
Inglês
Texto associado
The hard cell
The hard cell
Thanks to politics, stem cell research in the United States is
suffering. But not so in Sweden, which is poised to capture what
could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in
the world to enter clinical trials with a new drug that could cure
Alzheimer's disease. Four years ago this type of research was all but
stopped in the United States by political and ethical questions − which is ...61... Sweden now seems in the best position to capture a $25 billion
market.
Any day now, the U.S. Congress is expected to pass a
sweeping new law that could dramatically inhibit researchers from working with stem cells taken from human embryos. Such
cells, which can be used to grow a whole host of new cells and
organs, could fundamentally change the way we treat heretofore
intractable maladies like Alzheimer's disease, Parkinson's
disease, cancer, stroke, liver failure, and heart disease. The only
problem is that these cells by definition are derived from human
embryos, many of which are cloned or come from unused
fetuses collected at fertility clinics. The argument, from a certain
segment of the American political spectrum, is that ....62... methods are morally wrong. They are ....63... a form of abortion or
an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term
effect of the legislation will be to further chill all forms of scientific
inquiry and commercialization efforts in the field. Entrepreneurs
and investors are already eschewing such research − in large
part because of the additional uncertainty and risk that politics
introduce.
Of the nearly 50 private stem cell companies in the
United States, only a handful are still viable. Meanwhile, across
the Atlantic, Sweden has avoided many of the political and
ethical quagmires surrounding this type of research. It currently
has 40 private stem cell companies, a number that's growing.
Sweden's leading research universities have 32 percent of the
world's stem cell inventory, close on the heels of the United
States' 35 percent.
Sweden, say analysts, is now in the best position to
capture a worldwide market for drugs based on stem cell
therapies that could grow to $25 billion in the next three to five
years − nearly equal to the whole biotech industry at present.
This estimate doesn't even address the market for stem cells
capable of repairing damaged vital organs like the brain, heart,
and kidneys. If the United States offers an object lesson of what
can happen when scientific inquiry and investment capital fall victim to politics, Sweden and its leading stem cell startup,
NeuroNova, offer the opposite example. How odd that the
United States, which for generations has been the envy of the
world for its progressive views of science and commercialization,
should now have a biomedical climate chillier than a Swedish
winter.
One company feeling a lot of pain is StemCells, which at
first glance seems to have it all: founding scientists include
Stanford's Dr. Weissman and Fred Gage of the Salk Institute in
La Jolla, California. An equally well-regarded expert in the
treatment of Alzheimer's, Dr. Gage spent five years in Sweden
as a researcher and now sits on a national committee on stem
cell research there. The firm's chairman is Roger Perlmutter,
Amgen's head of research.
Yet over the past two years, none of management's
efforts to help investors and even critics reconsider the stem cell
field have worked. At press time, the stock was thinly traded and
sitting in the neighborhood of 50 cents. With less than $15
million in cash, the company likely won't exist at this time next
year. (CEO Martin McGlynn, who joined the firm in January
2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells
can't make it, who can? Geron, the only other publicly held stem
cell firm to speak of, is in a fix, too. The company's stock price is
also moribund, at $3.85 per share. Thanks to some capital
infusions a few years ago, when money came easy, Geron still
has $40 million on hand, but by the end of next year, that too will
likely be gone. Once a media darling, Geron focuses on
diagnostic tests and drugs derived from stem cells, a strategy
that's not going well. For the nine months ended last September,
revenue fell 68 percent to $955,000 and net loss widened 18
percent to $26.7 million. The company's financials were also hit
hard after it terminated an agreement with Pharmacia and acquired research technology from Lynx Therapeutics, which
Geron bought in a desperate attempt to be seen as something
more than just a stem cell company.
The situation is quite different, however, for Sweden's
NeuroNova, which has 30 academic partners and a staff of 20.
NeuroNova is working on ways to inject stem cells into the
human brain to trigger a process called neurogenesis (the
growth of new neural cells), which could combat diseases like
Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of
treating one of several central nervous system disorders − by far
the most lucrative after heart disease products − it will have
done so not because it raised more money or got more media
buzz than the rest. It will have succeeded because the science
is solid, and academe, government, and the investment
community are supportive. Meanwhile, the United States will
look on with envy and wonder how it, a country known for its
entrepreneurial innovation, ever got so short-sighted.
(Adapted from
http://www.redherring.com/investor/2003/02/biotech021303.html)
Instruções: Para responder a questão, assinale, na folha de respostas, a letra correspondente a alternativa que preenche corretamente a lacuna do texto apresentado.
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242137
Inglês
Texto associado
The hard cell
The hard cell
Thanks to politics, stem cell research in the United States is
suffering. But not so in Sweden, which is poised to capture what
could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in
the world to enter clinical trials with a new drug that could cure
Alzheimer's disease. Four years ago this type of research was all but
stopped in the United States by political and ethical questions − which is ...61... Sweden now seems in the best position to capture a $25 billion
market.
Any day now, the U.S. Congress is expected to pass a
sweeping new law that could dramatically inhibit researchers from working with stem cells taken from human embryos. Such
cells, which can be used to grow a whole host of new cells and
organs, could fundamentally change the way we treat heretofore
intractable maladies like Alzheimer's disease, Parkinson's
disease, cancer, stroke, liver failure, and heart disease. The only
problem is that these cells by definition are derived from human
embryos, many of which are cloned or come from unused
fetuses collected at fertility clinics. The argument, from a certain
segment of the American political spectrum, is that ....62... methods are morally wrong. They are ....63... a form of abortion or
an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term
effect of the legislation will be to further chill all forms of scientific
inquiry and commercialization efforts in the field. Entrepreneurs
and investors are already eschewing such research − in large
part because of the additional uncertainty and risk that politics
introduce.
Of the nearly 50 private stem cell companies in the
United States, only a handful are still viable. Meanwhile, across
the Atlantic, Sweden has avoided many of the political and
ethical quagmires surrounding this type of research. It currently
has 40 private stem cell companies, a number that's growing.
Sweden's leading research universities have 32 percent of the
world's stem cell inventory, close on the heels of the United
States' 35 percent.
Sweden, say analysts, is now in the best position to
capture a worldwide market for drugs based on stem cell
therapies that could grow to $25 billion in the next three to five
years − nearly equal to the whole biotech industry at present.
This estimate doesn't even address the market for stem cells
capable of repairing damaged vital organs like the brain, heart,
and kidneys. If the United States offers an object lesson of what
can happen when scientific inquiry and investment capital fall victim to politics, Sweden and its leading stem cell startup,
NeuroNova, offer the opposite example. How odd that the
United States, which for generations has been the envy of the
world for its progressive views of science and commercialization,
should now have a biomedical climate chillier than a Swedish
winter.
One company feeling a lot of pain is StemCells, which at
first glance seems to have it all: founding scientists include
Stanford's Dr. Weissman and Fred Gage of the Salk Institute in
La Jolla, California. An equally well-regarded expert in the
treatment of Alzheimer's, Dr. Gage spent five years in Sweden
as a researcher and now sits on a national committee on stem
cell research there. The firm's chairman is Roger Perlmutter,
Amgen's head of research.
Yet over the past two years, none of management's
efforts to help investors and even critics reconsider the stem cell
field have worked. At press time, the stock was thinly traded and
sitting in the neighborhood of 50 cents. With less than $15
million in cash, the company likely won't exist at this time next
year. (CEO Martin McGlynn, who joined the firm in January
2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells
can't make it, who can? Geron, the only other publicly held stem
cell firm to speak of, is in a fix, too. The company's stock price is
also moribund, at $3.85 per share. Thanks to some capital
infusions a few years ago, when money came easy, Geron still
has $40 million on hand, but by the end of next year, that too will
likely be gone. Once a media darling, Geron focuses on
diagnostic tests and drugs derived from stem cells, a strategy
that's not going well. For the nine months ended last September,
revenue fell 68 percent to $955,000 and net loss widened 18
percent to $26.7 million. The company's financials were also hit
hard after it terminated an agreement with Pharmacia and acquired research technology from Lynx Therapeutics, which
Geron bought in a desperate attempt to be seen as something
more than just a stem cell company.
The situation is quite different, however, for Sweden's
NeuroNova, which has 30 academic partners and a staff of 20.
NeuroNova is working on ways to inject stem cells into the
human brain to trigger a process called neurogenesis (the
growth of new neural cells), which could combat diseases like
Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of
treating one of several central nervous system disorders − by far
the most lucrative after heart disease products − it will have
done so not because it raised more money or got more media
buzz than the rest. It will have succeeded because the science
is solid, and academe, government, and the investment
community are supportive. Meanwhile, the United States will
look on with envy and wonder how it, a country known for its
entrepreneurial innovation, ever got so short-sighted.
(Adapted from
http://www.redherring.com/investor/2003/02/biotech021303.html)
Instruções: Para responder a questão, assinale, na folha de respostas, a letra correspondente a alternativa que preenche corretamente a lacuna do texto apresentado.
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242136
Inglês
Texto associado
The hard cell
The hard cell
Thanks to politics, stem cell research in the United States is
suffering. But not so in Sweden, which is poised to capture what
could be the biggest new market to hit biotech in a decade.
By Stephan Herrera
February 13, 2003
New York, January 1, 2006:
Sweden announces that one of its biotechnology companies is the first in
the world to enter clinical trials with a new drug that could cure
Alzheimer's disease. Four years ago this type of research was all but
stopped in the United States by political and ethical questions − which is ...61... Sweden now seems in the best position to capture a $25 billion
market.
Any day now, the U.S. Congress is expected to pass a
sweeping new law that could dramatically inhibit researchers from working with stem cells taken from human embryos. Such
cells, which can be used to grow a whole host of new cells and
organs, could fundamentally change the way we treat heretofore
intractable maladies like Alzheimer's disease, Parkinson's
disease, cancer, stroke, liver failure, and heart disease. The only
problem is that these cells by definition are derived from human
embryos, many of which are cloned or come from unused
fetuses collected at fertility clinics. The argument, from a certain
segment of the American political spectrum, is that ....62... methods are morally wrong. They are ....63... a form of abortion or
an activity that could eventually lead to human cloning.
Those working in stem cell research say the short-term
effect of the legislation will be to further chill all forms of scientific
inquiry and commercialization efforts in the field. Entrepreneurs
and investors are already eschewing such research − in large
part because of the additional uncertainty and risk that politics
introduce.
Of the nearly 50 private stem cell companies in the
United States, only a handful are still viable. Meanwhile, across
the Atlantic, Sweden has avoided many of the political and
ethical quagmires surrounding this type of research. It currently
has 40 private stem cell companies, a number that's growing.
Sweden's leading research universities have 32 percent of the
world's stem cell inventory, close on the heels of the United
States' 35 percent.
Sweden, say analysts, is now in the best position to
capture a worldwide market for drugs based on stem cell
therapies that could grow to $25 billion in the next three to five
years − nearly equal to the whole biotech industry at present.
This estimate doesn't even address the market for stem cells
capable of repairing damaged vital organs like the brain, heart,
and kidneys. If the United States offers an object lesson of what
can happen when scientific inquiry and investment capital fall victim to politics, Sweden and its leading stem cell startup,
NeuroNova, offer the opposite example. How odd that the
United States, which for generations has been the envy of the
world for its progressive views of science and commercialization,
should now have a biomedical climate chillier than a Swedish
winter.
One company feeling a lot of pain is StemCells, which at
first glance seems to have it all: founding scientists include
Stanford's Dr. Weissman and Fred Gage of the Salk Institute in
La Jolla, California. An equally well-regarded expert in the
treatment of Alzheimer's, Dr. Gage spent five years in Sweden
as a researcher and now sits on a national committee on stem
cell research there. The firm's chairman is Roger Perlmutter,
Amgen's head of research.
Yet over the past two years, none of management's
efforts to help investors and even critics reconsider the stem cell
field have worked. At press time, the stock was thinly traded and
sitting in the neighborhood of 50 cents. With less than $15
million in cash, the company likely won't exist at this time next
year. (CEO Martin McGlynn, who joined the firm in January
2001, would not talk to Red Herring, despite repeated efforts.)
Some observers on Wall Street are asking, If StemCells
can't make it, who can? Geron, the only other publicly held stem
cell firm to speak of, is in a fix, too. The company's stock price is
also moribund, at $3.85 per share. Thanks to some capital
infusions a few years ago, when money came easy, Geron still
has $40 million on hand, but by the end of next year, that too will
likely be gone. Once a media darling, Geron focuses on
diagnostic tests and drugs derived from stem cells, a strategy
that's not going well. For the nine months ended last September,
revenue fell 68 percent to $955,000 and net loss widened 18
percent to $26.7 million. The company's financials were also hit
hard after it terminated an agreement with Pharmacia and acquired research technology from Lynx Therapeutics, which
Geron bought in a desperate attempt to be seen as something
more than just a stem cell company.
The situation is quite different, however, for Sweden's
NeuroNova, which has 30 academic partners and a staff of 20.
NeuroNova is working on ways to inject stem cells into the
human brain to trigger a process called neurogenesis (the
growth of new neural cells), which could combat diseases like
Parkinson's, Alzheimer's, and even schizophrenia.
If NeuroNova is the first to develop a drug capable of
treating one of several central nervous system disorders − by far
the most lucrative after heart disease products − it will have
done so not because it raised more money or got more media
buzz than the rest. It will have succeeded because the science
is solid, and academe, government, and the investment
community are supportive. Meanwhile, the United States will
look on with envy and wonder how it, a country known for its
entrepreneurial innovation, ever got so short-sighted.
(Adapted from
http://www.redherring.com/investor/2003/02/biotech021303.html)
Instruções: Para responder a questão,
assinale, na folha de respostas, a letra correspondente a alternativa que preenche corretamente a
lacuna do texto apresentado.
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242133
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the
Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are
characterized by underpricing. Most of the theoretical literature
has linked the size of underpricing to the IPO procedure used on
the primary market. In this paper, by using a matched sample of
NYSE and Nasdaq IPOs, we show that the size of underpricing
also depends on the trading method used in the IPO
aftermarket.
There are two major methods of opening trading of initial
public offerings (IPOs) in the U.S. The NYSE is an order-driven
market ....56... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. .....57.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have KK
58 idea of supply and
demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm
value and test it. Our results show that there is a larger level of
uncertainty at the beginning of trading on Nasdaq than on the
NYSE. This in turn is associated with larger levels of
underpricing for Nasdaq IPOs. We suggest that this may be due
to the different informational efficiency of the two trading
systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
Instruções: Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado.
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242132
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the
Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are
characterized by underpricing. Most of the theoretical literature
has linked the size of underpricing to the IPO procedure used on
the primary market. In this paper, by using a matched sample of
NYSE and Nasdaq IPOs, we show that the size of underpricing
also depends on the trading method used in the IPO
aftermarket.
There are two major methods of opening trading of initial
public offerings (IPOs) in the U.S. The NYSE is an order-driven
market ....56... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. .....57.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have KK
58 idea of supply and
demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm
value and test it. Our results show that there is a larger level of
uncertainty at the beginning of trading on Nasdaq than on the
NYSE. This in turn is associated with larger levels of
underpricing for Nasdaq IPOs. We suggest that this may be due
to the different informational efficiency of the two trading
systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
Instruções: Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado.
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