Theory and practical application of nominal clauses, adverbial clauses, direct và indirect speech in finance

pplication Nominal clauses & adverbial clauses in finance Direct & indirect speech in finance Conclusion Appendix I. References II. Discourses A. Introduction The complex sentence is an important part of English grammar, not only for its popular application but also for its complicated structures. Among knowledge involved in the complex sentence, there are nominal clauses, adverbial clauses, direct and indirect speech. This report looks into these matters by including two main sections. The first section focuses on literature reviews for the definition and usage of nominal clauses, adverbial clauses, direct and indirect speech. The other section deals with practical applications of these theories in finance- an aspect of business. This section contrasts the use of nominal clauses and adverbial clauses, direct and indirect speech in the financial theme by analyzing five financial articles to help you thoroughly understand the theory. Moreover, the report is carried out by some useful research methods such as getting theories from orthodox English grammar books and collecting additional examples from international e-newspapers in the Internet. We do hope that the report will provide readers useful information and practically assist readers in studying and using English. B. Development I. Literature review NOMINAL CLAUSES 1.Definition A nominal clause is a subordinate clause that functions as a noun phrase. For example: “What we are talking about today is the complex sentence.” “Do you know whether this shirt costs much or not?” In the above example, what we are talking about today and whether this shirt costs much or not are nominal clauses and they function as noun phrases. In details, what we are talking about today functions as a subject and whether this shirt costs much or not functions as a direct object. 2. Classification According to syntax, nominal clauses can be divided into two main types: finite nominal clauses and non-finite nominal clauses. For the finite nominal clauses, there are four subtypes: that-clause, wh-interrogative clause, yes-no interrogative clause and nominal relative clause. For the non-finite nominal clauses, there are three subtypes: to- infinitive nominal clause, V_ing nominal clause and bare- infinitive nominal clause. 2.1. Finite nominal clauses a. That- clause That- clause is made by the conjunction “that” and a clause. For example, “English is that this course improves.” When the clause performs function of object or complement, or when the clause is brief and uncomplicated, the conjunction “that” can be omitted. In this case, we call it the zero that- clause. For example: I told him (that) he was wrong. However, when the clause is subject, that can not be omitted and is usually expanded to the fact that, except in very formal English. (The fact) that she got mark ten surprised everybody. Also, when the complex sentence is loaded with adverbials and modifications, that is obligated to appear. Mrs Thuy told us, to our regret, that we must take the final exam. In the above, to our regret is an adverbial, and the omission of that will make the sentence unclear. b. Wh- interrogative clause Wh-interrogative clauses resemble wh-question in that they leave a gap of unknown information, represented by the wh-element. For example: We are curious about who will win the miss NEU this year. In the example , who will win the miss NEU this year is a wh- interrogative clause. It concludes the wh- word who, and the whole clause functions as a prepositional complement. An infinitive wh-clause can be formed with all wh-words except why. For example, the sentence “I don’t know how one must pronounce this word” can be rewritten as “I don’t know how to pronounce this word.” However, we can not rewrite the sentence “The small child wonders why he ought to brush his teeth before going to bed” as “The small child wonders why to brush his teeth before going to bed”. c. Yes-no interrogative clause The dependent yes-no interrogative clause is formed with if or whether. I don’t know if/ whether they accept my application. The dependent alternative question has if/ whether ...or: He doesn’t care whether she loves him or not. I am not sure if it will rain or be sunny. A clause beginning with whether cannot be made negative, except as the second part of an alternative question. For example, we can say “She asked me if class grammar 1 doesn’t have many boys” but we can not say “She asked me whether class grammar 1 doesn’t have many boys”. However, we can make it more reasonable by changing it into “She asked me whether class grammar 1 has many boys or (whether it does) not”. One more note is that if can not introduce a subject clause. For example, it is untrue to say “if it is expensive or not doesn’t concern me” because it is expensive or not functions as a subject here. We can use whether instead. d. Nominal relative clause The nominal relative clause is also introduced by a wh-element like wh- interrogative clause. However, in fact, the nominal relative clause is much closer to noun phrase status than other nominal clauses are. It can normally be paraphrased by a noun phrase containing a nominal element & a post modifying relative clause. For example: We remember when we first came here. Whoever told you that was not telling the truth. Definitely, the nominal relative clause when we first came here can be paraphrased as the noun phrase the time when we first came here including the nominal element the time and the post modifying relative clause when we first came here. Likewise, in the second example, whoever told you that can also be paraphrased as anyone who told you that. There is a difference between UNIVERSAL and DEFINITE meaning as expressed by the wh-form of a relative clause: universal meaning is made by wh-word +ever (whoever ,whatever, whenever.....), definite meaning is made by wh-word(who ,what, when..). Coming back to the two example above, the first is paraphrased in universal term (the time) while the second is paraphrased in definite term (anyone). 2.2. Non- finite nominal clauses a. To- infinitive nominal clause For the neighbors to sell their house would be a mistake.  Ly’s dream is to be fatter. In the examples, both for the neighbors to sell their house and to be fatter are to- infinitive clauses that perform the function of noun phrases. The subject of a to-infinitive clause is normally preceded by for (which is perhaps acting here more as a conjunction than as a preposition). For example, “The plan is for us to finish this term next week”. However, when the clause is a direct object, the for is omitted like in “Everyone wants me to talk louder”. b. V_ing nominal clause (also participle clause) The commonest type of participle clause is the participle clauses without subject. Thu is responsible for checking our participation. In the other case, when the participle clause requires a subject ,we use genitive case in formal style or objective case in informal style. For examples: Bau’s friends are surprised at his changing to new hair style. or Bau’s friends are surprised at him changing to new hair style. However, the genitive is particularly unsuitable when the subject is an inanimate or abstract noun phrase or a ‘group’ genitive phrase. For instance, the sentence “She is upset about her marriage’s ending in a divorce” is not suitable because her marriage is an abstract noun phrase. Another note is that a pronoun in the objective case shouldn’t be used in subject position. For example, it is very informal to say “Him singing in the shower is an interesting hobby”. c. Bare- infinitive nominal clause When the to of the infinitive is omitted, it is called bare- infinitive. The bare- infinitive nominal clause is used when the infinitive clause supplies a predication corresponding to an use of the proverb do. For example, “The thing parents often do in Tet holiday is (to) buy their children new clothes”. Besides, another situation in which we use bare- infinitive is that when the infinitive clause is initial. 3. Function According to syntax, nominal clauses can be used in 8 functions: subject (S), direct object (Od), subject complement (Cs), appositive (App), prepositional complement (Cprep), object complement (Co), adjectival complement (Cadj) and indirect object (Oi). However, not all the types of nominal clauses can perform all these functions. In fact, there are some major functions that all types can perform and some minor functions that are restricted to a certain type only. 3.1. Subject (major function) Nominal clauses firstly function as grammatical subjects which perform the action of or act upon the verb. For example, “That ‘Thi No’ gave ‘Chi Pheo’ a bowl of rice gruel with onions made him fall in love with her”. Easily to see, all the that- clause functions as the subject that performs the action of making him fall in love with her. 3.2. Direct object (major function) Nominal clauses secondly function as direct objects that follow and receive the action of transitive verbs. For example, “Some teachers had been wondering if they chose the right career”. 3.3. Subject complement ( major function) A nominal clause can also perform the function of subject complement in which it follows copular verbs and describes the grammatical subject. For example, “The thief will be whoever has blue ink on their hands”. Here the Wh- interrogative nominal clause functions as the subject complement of the thief. 3.4. Appositive (major function) All types of nominal clause can also functions as an apposition means that they identify some subjects. For example, “Her dream, to be a famous singer, was never fulfilled”. In this example, the to- infinitive clause to be a famous singer identifies the subject her dream and makes it clearer. 3.5. Prepositional complement (minor function) Some types of nominal clauses like wh- interrogative, yes-no interrogative , nominal relative, V_ing clauses can perform the function of prepositional complement when directly following a preposition and completing the meaning of a prepositional phrase. For instance, “The students are thinking about what they just learned in class”. Here the prepositional phrase thinking about is modified by the italic wh- interrogative clause. 3.6. Object complement (minor function) Nominal relative clause is the sole type can perform as an object complement when directly follows and describe the direct object. In the sentence “You may call me whatever names you like”, the nominal relative clause describes the direct object me. 3.7. Adjectival complement (minor function) Almost all types of nominal clause, except for nominal relative clause, can function as adjectival complements that complete the meaning of adjectives. For example, “I am glad to welcome you to my house” includes the to- infinitive nominal clause that completes the meaning of the adjective glad. 3.8. Indirect object (minor function) Only the nominal relative clause can perform as an indirect object or meanwhile, it can indicate to or for whom or what the action of a intransitive verb is performed. We can see this function in the example “Have you given how you want to decorate your new room any thought?” ADVERBIAL CLAUSES Definition: Adverbial clauses is a dependent clauses which function as adverb phrases indicating time, place, condition, time, and purpose. They appear in positions typical of adverb phrases (initial, medial, and final). ( the definition in Language, grammar, and communication course book ). Classification: According to structural classification, adverbial clauses can be divided into three types. 2.1. The first type is finite adverbial clauses. In terms of meaning (or semantic classification of these), there exists eleven types namely: Clauses of time. Clauses of place. Clauses of condition. Clauses of concession. Conditional consessive clauses Clauses of reason or cause. Clauses of circumstance. Clauses of manner Clauses of comparison. Clauses of result. Clauses of proportion and preference. Now we go to the big more detail: Subclassification Surbodinators and joining words Examples Clause of time After, before, since, until, when, while, as soon/long as, whenever and so on When I last saw Chung, she looked more beautiful than now. Clauses of place Where / wherever Where I am study Grammar lesson I see many intelligent students. Clauses of condition ( state the dependence of one circumstance or set of circumstances on other) If(positive condition), unless(negative condition), on condition that, provided (providing) that, as long as, so long as Real condition: leaves unsolved the question of the fulfilment or non fulfilment of the condition, and so the truth of the proposition expressed by the main clause. If I am rich, I will buy a Mescedes car. Unless clause often lays stress on the escluded positive option. Unless the weather is wonderful, I will not go to school. Unreal condition: is clearly expected that the condition will not be fulfilled. If I were 6 years old, I would receive a lot of money. (unreal in present). If we had not passed the examination, we would not have sit here now. (unreal in the past). Unless clauses are not usually unreal condition If only is to express a wish: If only I were beautiful, I became a Miss World. Clauses of concession. ( show contrast between two circumstances) Although, though, even if, even though, while, whereas Although I am not intelligent, I am hardworking. Conditional and concessive clauses Whether...or, wherever, whatever, whoever, no matter how Alternative conditional concessive clause: Whether we satisfy Ms.Thuy or not, we will feel pleased. Universal conditional concessive clause: No matter how hard I try, I can not be as high as Hang. Clauses of reason or cause As, because, since Hang is very proud because she is very high. Clauses of circumstance Because, since, now that, seeing, that Seeing that students are so sleepy, I need talk more attractively. Clauses of manner (Exactly) as, just as Please pay attention as our presentation is very interesting. Clauses of comparison As if, as though He treats me as if he had never met me again. Clauses of result So that, in order that I stand here so that every students can see me clearly. Clause of proportion and preference. ( show the equivalence or degree between two circumstance) As...so, the more/the less... the more/ the less The more careful I prepare, the more confident I feel. 2.2. Non-finite adverbial clauses a. To-infinitive clauses: often introduced by (in order) to, so as to. infinitives thus used often function as A purpose: I come early to prepare for our presentation. Sometimes, to infinitive can act as A result: This topic is too difficult to understand. b. V-ing participle clauses: -ing participle clauses are very common with subordinator such as while, without, when, etc. in the following: A time: some students take notes when listening to our presentation. A circumstance: the asmosphere having improved, I feel better. A manner: she entered the room without greeting anyone inside. A reason: being a student, I have to go to school on time. A preference: rather than talking so much, I preferred to sing a song. A condition and concession: whether singing or not, I am still pleased. c. V-ed participle clauses: A time: once promised, I never forget. A place: wherever possible, such facts have been reported A condition: these books will cause great harms to young students unless forbidden. d. Bare infinitive clauses A preference: rather than read books, you should listen to our presentation. 2.3. Verbless adverbial clauses: They include: a. Adjectival contingent clauses (without or with subordinator): A circumstance: I went home dead tired. A reason: Chung, surprising at her mark, shouting loudly A concession: though very poor, I am extremely generous A condition: if necessary, I will sing a song. A time: when rich, I will travel all over the world. b. Other clauses: often with subordinator When in Rome, do as Rome does. While in London, he enjoyed himself greatly. These verbless clauses are often considered as reduced finite clauses with ellipted subject and verb. DIRECT AND INDIRECT SPEECH 1. Definition Direct speech (sometimes called quoted speech) says exactly what someone has said. Especially, in our writing, what a person says appears within quotation marks ("...") and should be word for word. For example: Ly said: “ Today’s lesson is about the complex sentence”. Or it can be written: “ Today’s lesson is about the complex sentence” She said. In the example above, “Today’s lesson is about the complex sentence” is direct speech because it is appeared within quoted mark and it says exactly what Ly has said. Indirect speech (also referred to as 'reported speech') refers to a sentence reporting what someone has said. It is almost always used in spoken English. For example: Lan said that that day’s lesson was about the complex sentence. As you can see, the clause after “That” is indirect speech because it is reported what Lan has said. Therefore, the tense has been changed to be suitable with the moment of speaking. In detail, in this context, the moment of seaking is in the past, so the tense must be changed from the present tense is to past tense was. 2. Methods of changing from Direct to Indirect speech There are three main steps of changing from direct to indirect speech: Change of the verb forms, Change pronouns and pointer word, Clause status. a. Change the verb forms: When the reporting verb is in the present tense, there is not any change in the suborndinate clause in Indirect speech as compared to the independent clause in Direct speech in terms of tense and aspects form. You can see it clearly in those examples: The first example: He says “ my mother is cooking dinner” He says his mother is cooking dinner. The second example: He says “ I drew this picture in the night” He says he drew that picture in the night. When the reporting verb is in the past tense (asked/ thought/ wonder…), reporting speech the tense usually changes. This is because when we use reported speech, we are usually talking about a time in the past (because obviously the person who spoke originally spoke in the past). The verbs therefore usually have to be in the past too. As a rule when you report something someone has said you go back a tense, called back-shift (the tense on the left changes to the tense on the right): present simpleI'm a teacher. past simpleHe said he was a teacher present continuousI'm having lunch with my parents. past continuous.He said he was having lunch with his parents. present perfect simpleI've been to France three times. past perfect simpleHe said he had been to France three times. present perfect continuousI've been working very hard. past perfect continuousHe said he had been working very hard. past simpleI bought a new car. past perfectHe said he had bought a new car. past continuousIt was raining earlier. past perfect continuousHe said it had been raining earlier. past perfectThe play had started when I arrived. past perfectNO CHANGE POSSIBLE past perfect continuousI'd already been living in London for five years. past perfect continuousNO CHANGE POSSIBLE Note: The tenses will not change if the statement is still relevant or if it is a universal truth. We can often choose whether to keep the original tenses or change them. For example: The teacher said: “ The earth goes around the sun” The teacher said that the earth goes around the sun. Other verb forms also sometimes change: willI'll come and see you soon. wouldHe said he would come and see me soon. canI can swim under water for two minutes. couldHe said he could swim under water for two minutes. must All tickets must be bought in advance. had to He said that all tickets had to be bought in advance. shall What shall we do about it? should He asked what we should do about it. may May I smoke? might He asked if he might smoke. You should remember that there is no change to: could, would, should, might and ought to. b. Change pronouns and pointer word: Pronoun in indirect speech should be changed in accordance with the relationship between them and those of the reporting clause subject. For example: He said, “ I do not believe you” He said to me that he didn’t believe me. “We didn’t agree with his decision” She said to him She told him that they didn’t agree with his decision. Adverbial of time and place and determiners should also change as follow: now then today that day here there this that this week that week tomorrow the following day the next day the day after next week the following week the next week the week after yesterday the previous day the day before last week the previous week the week before ago previously before 2 weeks ago 2 weeks previously 2 weeks before tonight that night last Saturday the previous Saturday the Saturday before next Saturday the following Saturdaythe next Saturdaythe Saturday afterthat Saturday For example: “I went to the cinema last night” she said She said she had one to the cinema the night before. “ I’m staying here until next week” she said She said that she was staying here the following week. c. Clause status: Statement → That clause In reported speech, the word that is often used. Consider this example: “I’m very hungry” he said. It will be changed into reported speech: He said that he was very hungry. Remember that “That” is never used in questions, instead we often use if. Yes/ No question → Yes/ No interrogative clause When a Yes/No question is being asked in direct speech, then a construction with if or whether is used. For example: “ Has the taxi arrived yet” She asked me. In this case, the indirect speech will become: She asked me if/ whether the taxi had arrived yet. Wh question → Wh interrogative clause If a WH question is being asked, then use the WH to introduce the clause. Consider this example: “Why didn’t you attend the meeting” she asked. In indirect speech, this sentence should be: She wanted to know why he hadn’t attended the meeting. The pointer word “ ask” can be changed into “want to know” to make the sentence more meaningful and interesting. Commands → To infinitive clause In reporting commands and requests, the indirect speech is introduced by some verb expressing commands and requests, and the Imperative Mood is changed into Infinitive Mood. For example : Mary said to John, “ Go away”. In this situation, you should use the pointer word “ order” to express the intention of the speaking. Therefore, the indirect speech should be: Mary ordered John to go away. Another example: “ Come and sitdown please” The monitor said. In indirect speech, you can use the word “ tell”: The monitor told them to come and sit down Besides, there are many other verbs we can use apart from said, told and asked. These include: accused, admitted, advised, alleged, agreed, apologised, begged, boasted, complained, denied, explained, implied, invited, offered, ordered, promised, replied, suggested and thought. Using them properly can make what you say much more interesting and informative. For example: He asked me to come to the party. He invited me to the party. He begged me to come to the party. He ordered me to come to the party. He advised me to come to the party. He suggested I should come to the party. Exclamation → That clause / Wh- clause In reporting exclamation and wishes, the Indirect Speech is introduced by some verb expressing Exclamation and Wishes. For example: Tom said, “ How clever I am? ” Tom exclaimed that he was very clever. Or: The teacher said, “ Lan! You have done well” → The techer applauded Lan, saying that she had done well. III.Practical application 1. Contrast the use of nominal clauses and adverbial clauses in finance ( clauses: nominal clauses; clauses: adverbial clauses) Articles Brazil set for interest rate rise Brazil’s central bank is expected to raise its core interest rate by as much as a full percentage point on Wednesday evening as the unexpectedly fast pace of economic growth puts increasing pressure on prices. Predictions for economic growth, inflation and interest rates at the end of 2010 have all risen sharply in recent weeks, adding to near-certainty among economists that the bank will raise its target overnight rate, known as the Selic, for the first time since September 10 2008 – less than a week before the collapse of Lehman Brothers and the ensuing global crisis took the pressure off an economy that was showing dangerous signs of overheating. The bubbles that burst round the developed world are a long way from reinflating but, in Brazil, many economists fear the economy may already be behaving much as it was 18 months ago. The central bank’s most recent survey of market economists, published on Friday, put the consensus for economic growth this year at 6 per cent – well above the 4.5 per cent or so that many economists regard as the potential, or non-inflationary, rate. That is even after factoring in an increase in the Selic rate from 8.75 per cent on Wednesday to 11.75 per cent by the end of the year – a full half point above the consensus just four weeks ago. Consumer price inflation is seen rising to 5.41 per cent a year, almost a point above the government’s target of 4.5 per cent. Henrique Meirelles, central bank governor, in an unprecedented signal of intent, said on Monday: “In situations like this one, we need a program of vigorous action.” His comments caused a spike in interest-rate futures contracts as many investors who had expected a half or three-quarter point increase on Wednesday evening began to see a full point rise as a real possibility. Some economists believe the central bank should have acted more quickly as inflationary pressures emerged some months ago. In a note to clients on Friday, Nick Chamie of RBC Capital Markets said he expected the actual rate of Brazil’s economic growth to overtake its potential rate during the second half of this year. “Given we are six-nine months away from the output gap closing (according to our estimates) and monetary policy tends to work with a 12 to 18-month time lag, it is fair to say the BCB is already behind the curve,” he wrote, describing the task facing the central bank of bringing inflation under control as “an enormous challenge”. However, others believe there is still room for sustainable growth. On Friday, Marcelo Salomon and Guilherme Loureiro of Barclays Capital wrote that “while inflation is clearly a source of concern and domestic demand growth has jumped back to the pre-crisis levels, there is still some spare capacity to be filled before we reach the same blistering pre-crisis conditions”. ( By Jonathan Wheatley in São Paulo –Finance Times) Analysis non- finite (to- infinitive cl) finite (clause of reason) finite (clause of result) non-finite (clause of time) non- finite (V_ing cl) non- finite (to-infinitive cl) finite (clause of reason) finite (zero that- clause) finite (zero that- clause) finite (clause of time) finite (clause of time) → complex sentences nominal clauses adverbial clauses frequency of nominal cls/ complex sentences frequency of adverbial cls/ complex sentences 10 5 6 50% 60% Articles Experts warn deficit could result in new crisis Strong majorities of former Republican and Democratic economic officials forecast the US will suffer another severe economic crisis unless it takes steps to rein in the country’s structural fiscal deficits, according to the Peterson Foundation, a non-partisan body. The survey, which questioned officials from eight former US administrations, coincided with the first day’s hearing of Barack Obama’s bipartisan fiscal commission, which will publish its proposals in December, shortly after the mid-term congressional elections. More than three-quarters of Republicans and Democrats who were surveyed predicted another big crisis within the next decade in the absence of tough measures to reverse America’s deteriorating fiscal outlook. In contrast to the views of many sitting lawmakers, a strong majority also agreed that any solution would require both tax increases and spending cuts. “For years folks in Washington deferred politically difficult decisions and avoided telling hard truths about the nature of the problem,” said Mr Obama yesterday. “This is going to require people of both parties to come together and take a hard look at the growing [fiscal] gap.” Few observers believe that the 18-member commission, which is co-chaired by Alan Simpson, a former Republican senator, and Erskine Bowles, a former chief of staff to Bill Clinton, the former US president, will come up with meaningful proposals, given the requirement that it produce 14 votes in favour of any recommendation. Any attempt to reduce long-term deficits, which are driven principally by America’s entitlement programmes, namely Medicare, Medicaid and Social Security, would require Democrats and Republicans to climb down from long-cherished positions. On Tuesday, Mr Simpson rejected charges by fellow Republicans that the commission was a “stalking horse for higher taxes”. He said: “We are stalking horses for our grandchildren. I have six. He [Mr Bowles] has seven.” He added: “I was in the Senate for 18 years and the cry to me was always: ‘Al, bring the bacon home’. Well, the pig._.