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Their participation enables otherwise impossible take atteempts to become successful; The involvement of the arbitrager explains very well the widely observed stock market movement during the process of the takeover, including the dramatic rise in share price and in transaction volume. It predicts that in most case, a high transaction volume is associated with a high success rate, as well as with a high post-announcement trading price. Also, the higher the bidding price, the higher the success rate and the bigger the jump in share price; The existence of the arbitrager implies that in the tender offer, the shareholder can always expect to get a fixed portion of the total value improvement by the raider. This surprisingly simple division rule of the takeover surplus may have great implications for related empirical research and indicates that the market for corporate control may be efficient.

其次，我们构建了一个股权收购模型，研究套利者在接管过程中的重要作用，并论证了：套利者在公司接管过程中能发挥重要作用，他们的参与能设法使其他方面不可能的接管变得成功；套利者的卷入很好地解释了在接管过程中广泛观察到的股市活动，包括股价和交易量的暴涨，并指出了在大多数情况下，更高的交易量导致更高的接管成功率和接管宣告后更高的交易价，同样，更高的竞价必然导致更高的接管成功率和更大的股价涨幅；套利者的存在指出了在发盘收购中，股东总是期望从袭击者带来的价值增加总量中获得一个固定部分，接管盈余的划分规则对相关经验研究有很大的关系，指出公司控制权市场是有效的。

On Monday, 3 August 2009 if in the reasonable opinion of the Underwriter: the success of the Rights Issue would be materially and adversely affected by: the introduction of any new law or regulation or any change in existing law or regulation (or the judicial interpretation thereof) or other occurrence of any nature whatsoever which may in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or the occurrence of any local, national or international event or change, whether or not forming part of a series of events or changes occurring or continuing before, and/or after the date hereof, of a political, military, financial, economic or other nature (whether or not ejusdem generis with any of the foregoing), or in the nature of any local, national or international outbreak or escalation of hostilities or armed conflict, or affecting local securities markets which may, in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or any material adverse change in the business or in the financial or trading position of the Group as a whole; or any material adverse change in market conditions (including, without limitation, a change in fiscal or monetary policy or foreign exchange or currency markets, suspension or restriction of trading in securities) occurs which in the reasonable opinion of the Underwriter makes it inexpedient or inadvisable to proceed with the Rights Issue; or the Prospectus or announcements of the Company published since the date of the Underwriting Agreement when published contain information (either as to business prospects or the condition of the Group or as to its compliance with any laws or the GEM Listing Rules or any applicable regulations) which has not prior to the date hereof been publicly announced or published by the Company and which may in the reasonable opinion of the Underwriter is material to the Group as a whole and is likely to affect materially and adversely the success of the Rights Issue or might cause a prudent investor not to accept the Rights Shares provisionally allotted to it, the Underwriter shall be entitled by notice in writing to the Company, served prior to the Latest Time for Termination, to terminate the Underwriting Agreement.

务请注意，倘包销商合理认为，则包销商可于二零零九年八月三日下午四时正前，随时向本公司发出书面通知，终止包销协议所载的安排：供股之成效将因下列事项而受到重大不利影响：引入任何新法律或法规，或现行法律或法规有任何改变，或发生包销商合理认为可能对本集团整体业务或财务或贸易状况或前景构成重大不利影响之任何性质之其他事件；或发生任何本地、全国或国际的政治、军事、财务、经济或其他性质（不论是否与上述任何事件同类）之事件或变化（不论是否于本公布日期之前、当日及╱或之后发生或延续之连串事件或变动之一部分），或任何本地、全国或国际性之敌对行为或武装冲突爆发或升级，或发生会影响本地证券市场的事件或变化，且包销商合理认为该等事件或变化可能对本集团整体业务或财务或贸易状况或前景构成重大不利影响；或本集团整体业务或财务或贸易状况出现任何重大不利变动；或市场状况发生任何不利变动（包括但不限于，财务或货币政策或外汇或货币市场的任何变动、证券买卖暂停或受到限制），而包销商合理认为该等变动很可能使进行供股变得不宜或不智；或本公司于包销协议日期后发出之章程或公布载有于本公布日期前本公司未公开发布或刊发之资料（不论关于本集团业务前景或状况或本集团遵守任何法律或创业板上市规则或任何适用法规的情况），而包销商合理认为该等资料可能对本集团整体而言属重大，并很可能对供股的成效构成重大不利影响或可能导致审慎投资者不接纳获暂定配发的供股股份，则包销商可于最后终止时间前，向本公司发出书面通知终止包销协议。

On such day: there develops, occurs, exists or comes into force any event whereby in the reasonable opinion of the Underwriter, the success of the Open Offer or the business or financial condition and/or prospects of the group would, might be or is likely to be adversely affected or which makes it inadvisable or inexpedient to proceed with the Open Offer; or there comes to the notice of the Underwriter or the Underwriter shall have reasonable cause to believe that any of the undertakings or other obligations expressed to be assumed by or imposed on the Company under the underwriting agreement have not been complied with in any material respect; or there comes to the notice of the Underwriter or the Underwriter shall have reasonable cause to believe that any of the representations or warranties given by the Company under the underwriting agreement was untrue, incorrect, misleading or inaccurate in any material respect which adversely affect the success of the Open Offer; which in the reasonable opinion of the Underwriter: is or may or will be or is likely to be adverse to, or prejudicially affects, the business or financial or trading position or prospects of the group taken as a whole; or is or may or will be or is likely to adversely affect the success of the Open Offer and/or makes it impracticable, inexpedient or inadvisable for any part of the underwriting agreement and the Open Offer to be performed or implemented as envisaged; or make or will or is likely to make it impracticable, inexpedient or inadvisable to proceed with the Open Offer or the delivery of the convertible non-voting preference shares on the terms and in the manner contemplated by the Prospectus or the underwriting agreement.

Samson Paper Holdings Limited Provisional Allotment Account 倘于接纳可兑换无投票权优先股份及付款的截止时间后两个营业日下午六时正前任何时间出现下列事件，则公开发售包销商Quinselle Holdings Limited可于该日期下午六时正前任何时间向本公司发出书面通知以终止包销协议：因任何事件之出现、发生、存在或生效而令包销商合理认为将会、可能或极大机会对公开发售能否顺利进行或本集团之业务或财政状况及╱或前景构成不利影响，或致使进行公开发售实属不合理或不合宜；或包销商注意到或包销商有合理理由相信本公司并无于所有重大方面遵守根据包销协议列明须承担或获委予之任何承诺或其他责任；或包销商注意到或包销商有合理理由相信本公司根据包销协议作出之任何陈述或保证于任何重大方面属失实、错误、误导或不准确而对公开发售能否顺利进行造成不利影响；而包销商合理认为：经已或可能或将会或大有可能对本集团整体业务或财政或经营状况或前景造成不利影响或损害；或经已或可能或将会或大有可能对公开发售能否顺利进行构成不利影响及╱或使持续进行使包销协议的任何部份或公开发售的进行或落实为不实际、不合适或不合宜；或按发售章程或包销协议拟订之条款及方式持续进行公开发售或寄发可兑换无投票权优先股份导致、将为或大有可能为不实际、不合适或不合宜。

Result indicated that different political behaviors exerted different effects on career success, soft political behaviors, manifesting ingratiation, resulted in higher level of career success while neutral political behaviors, manifesting self-promotion, and hard political behaviors, manifesting negotiation, resulted in lower levels of success.

研究发现不同的政治行为对员工职业生涯有着不同的影响，柔性政治行为有助于员工职业生涯成功，中性政治行为和硬性政治行为不利于员工职业生涯成功。

We designed our program to meet the needs of a wide range of industries, and we measure our success in your improved performance when you return to your organization.Key Benefits During EDP, you will:...

我们的节目向您介绍如何利用竞争并取得成功的战略思想，建立适当的目标，为您的单位和领导技能来管理的主要功能界面获得结果。。。。

introduced the history background, instruction process, think idea of architect, main style and its success in art of the firenze cathedral, and used culture critique modern to criticize it.

介绍了佛罗伦萨主教堂的建造背景，建造历程，建筑师的思维方法，建筑主要风格，建筑的艺术成就等。利用文化批评模式对佛罗伦萨主教堂进行了评论。

When we left Pieria, full loaded with the friendship and good wish from its people, we also prayed that this miraculous land would become even more prosperous and that the Olympus Mountain would get a complete success in the "New 7 World Nature" vote.

当我们带着比爱利亚人的友谊和祝福离开时，心底也默默祝愿这片神奇的土地更加繁荣富饶，祝愿奥林匹斯山申请&新世界七大奇景&顺利成功！

Frederick's success in claiming Jerusalem for the cross brought him great prestige throughout Europe, but provoked further hostility from the Pope, for crusading while excommunicate.

收复圣城为腓特烈二世在欧洲带来极大声誉，但由于此时他已被除籍，此举遭到教廷强烈抵制。

Frederick's success in claiming Jerusalem for the cross brought him great prestige throughout Europe, but provoked further hostility from the Pope, for crusading while excommunicate.

收复圣城为腓特烈二世在欧洲带来极大声誉，但由於此时他已被除籍，此举遭到教廷强烈抵制。

Early on, my national security advisor, Tony Lake, had declared that success in foreign affairs is often defined by preventing or defusing problems before they develop into headaches and headline grabbers.

早些时候，我的国家安全顾问托尼。莱克宣称，外交事务上的成功表现在阻止或缓和小问题的扩展，使其不至于成为棘手的问题，或是新闻报道追逐的对象。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失