1But how does this happen in an industry as intensely competitive as investment underwriting still depends on close relations between issuers and their bankers.
This makes it hard for new competitors to move in. Because the penalties attached to a failed initial public offering are so stiff, companies are reluctant to try less established underwriters, which increases the market power of the handful of banks that dominate the business.
handful 少量
Underwriter=证券包销者
但是,在一个竞争强如投资证券的行业中,这如何发生,仍然取决于发行[securities,证券]的人和他们银行的亲密关系。这种亲密关系使新的竞争者很难插足,因为,首次就因失败于public offering[对公众兑现现金?]而受到的惩罚是如此的严厉,所以公司们只好不情愿地选择既有的少数证券包销者。而这些包销者会使得一小撮主宰商业的银行对市场的影响力增加。
2The biggest of these is Cazenove, a private partnership which counts more than half of Britain`s 100 largest companies among its clients and has unrivalled, though diminishing , influence among institutional investors.
注意语序调一下
The biggest of these is Cazenove , a private partnership which counts more than half of Britain`s 100 largest companies among its clients
and though diminishing , influence among institutional investors,has unrivalled,
他们中最大的叫 Cazenove ,是一个私人合作联盟,其顾客超过了英国前100家大公司的一半。虽然正另人惋惜地走向衰退,但是其对投资团体的影响,还是无以伦比的。
[此贴子已经被作者于2004-4-17 11:54:00编辑过]