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

The complex sentence is an important part of English grammar, not only for its popular application but also for its complicated structures.

National Economics University Faculty of foreign languages Department of business English

Supervisor : Pham Thi Thanh Thuy

Group members : Truong Thu Hang (CQ503703) Luu Dieu Ly (CQ503742)

Pham Thi Kim Chung (CQ503679)

_Ha Noi 2010_

A Introduction 1

B Development .2

I Literature review .2

NOMINAL CLAUSES .2

ADVERBIAL CLAUSES .8

DIRECT AND INDIRECT SPEECH .14

III.Practical application .21

1 Contrast the use of nominal clauses and adverbial clauses in finance 21

3 Contrast the use of direct speech and indirect speech in finance 34

C Conclusion 46

D Appendix .47

I References 47

II Discourses ( from Finance Times) 47

A Introduction

B Development

1 Nominal clauses

2 Adverbial clauses

3 Direct & indirect speech

II Practical application

1 Nominal clauses & adverbial clauses in finance

2 Direct & indirect speech in finance

C Conclusion

D Appendix

II Discourses

A Introduction

The complex sentence is an important part of English grammar, not onlyfor its popular application but also for its complicated structures Amongknowledge 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 reviewsfor the definition and usage of nominal clauses, adverbial clauses, direct andindirect speech The other section deals with practical applications of thesetheories in finance- an aspect of business This section contrasts the use ofnominal clauses and adverbial clauses, direct and indirect speech in the financialtheme by analyzing five financial articles to help you thoroughly understand thetheory Moreover, the report is carried out by some useful research methodssuch as getting theories from orthodox English grammar books and collectingadditional examples from international e-newspapers in the Internet We dohope that the report will provide readers useful information and practically assistreaders 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 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 beparaphrased by a noun phrase containing a nominal element & a post modifyingrelative 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 form of a relative clause: universal meaning is made by 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 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 withoutsubject

Thu is responsible for checking our participation.

In the other case, when the participle clause requires a subject ,we usegenitive 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 aninanimate 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 infinitiveclause 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), prepositionalcomplement (Cprep), object complement (Co), adjectival complement (Cadj)and indirect object (Oi) However, not all the types of nominal clauses canperform all these functions In fact, there are some major functions that all typescan 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 receivethe 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 inwhich 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 prepositionalcomplement 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 objectcomplement 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, canfunction 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 ormeanwhile, it can indicate to or for whom or what the action of a intransitiveverb 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

1 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 ).

2 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:

1 Clauses of time

2 Clauses of place

3 Clauses of condition

4 Clauses of concession

5 Conditional consessive clauses

6 Clauses of reason or cause

7 Clauses of circumstance

8 Clauses of manner

9 Clauses of comparison

10.Clauses of result

11.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

When I last saw Chung, she looked

more beautiful than

and so on 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 longas

a) Real condition: leaves unsolved the question of the fulfilment or non fulfilment ofthe condition, and so the truth

of the proposition expressed by themain 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

b) 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 herenow (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

a) Alternative conditional concessive clause:

Whether we satisfy Ms.Thuy or not, we

will feel pleased.

b) 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 ourpresentation

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 withellipted 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 quotationmarks (" ") 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 besuitable 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 inthe suborndinate clause in Indirect speech as compared to the independentclause 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 usereported speech, we are usually talking about a time in the past (becauseobviously the person who spoke originally spoke in the past) The verbstherefore usually have to be in the past too

As a rule when you report something someone has said you go back atense, called back-shift (the tense on the left changes to the tense on the right):

present perfect simple

I've been to France three times

past perfect simple

He said he had been to France three times

present perfect continuous

I've been working very hard

past perfect continuous

He said he had been working very hard

It was raining earlier

past perfect continuous

He said it had been raining earlier

past perfect

The play had started when I

past perfect

NO CHANGE POSSIBLE

arrived

past perfect continuous

I'd already been living in London

for five years

past perfect continuous

NO 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 orchange 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:

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 therelationship 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:

the following week the next week the week after

yesterday the previous day

the day before

last week the previous week

the week before

before

2 weeks ago 2 weeks previously

2 weeks beforetonight that night

last Saturday the previous Saturday

the Saturday beforenext Saturday the following Saturday

the next Saturdaythe Saturday afterthat SaturdayFor 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 meif/ 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 Inindirect speech, this sentence should be: She wanted to know why he hadn’tattended the meeting The pointer word “ ask” can be changed into “want toknow” to make the sentence more meaningful and interesting

Commands → To infinitive clause

In reporting commands and requests, the indirect speech is introduced bysome verb expressing commands and requests, and the Imperative Mood ischanged into Infinitive Mood For example : Mary said to John, “ Go away” Inthis 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 applaudedLan, saying that she had done well

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

(to-of reason)

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

finite (clause

of result)

non-finite (clause of time)

non- finite (V_ing cl)

non- finite infinitive cl)

(to-finite (clause

of reason)

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)

finite (zero that- clause)

finite (zero that- clause)

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.”

non-finite (V_ing cl) non-finite (to infinitive cl)

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 has died.”

Political analysts believe that it will be very difficult to get

bipartisan consensus before the onset of another economic

crisis.

“When America is in crisis it acts,” said Bill Schneider, a

political scientist at George Mason University

“But the fiscal problem is a bit like global warming Unless, or

until, disaster happens, it is very doubtful the political system

will do anything about it,” he added

non-finite (to infinitive cl)

finite cl)

(that-finite(that-cl)

non finite (result cl)

finite( cl of condition)

(By Edward Luce in Washington- Finance Times)

adverbial clauses

frequency of nominal cls/

complex sentences

frequency of adverbial cls/

complex sentences

10 7 4 70% 40%

Lending to businesses falls sharply

Lending to private non-financial companies fell sharply in

March and at a faster pace than seen over the previous six

months, a shift that lenders attributed to low demand for credit

from the corporate sector.

Data from the British Bankers’ Association showed that lending

to so-called PNFCs – whose activities form the backbone of the

British economy – fell by £3bn in March, against an average

monthly decline over the previous six months of £1.7bn

The availability of credit for the corporate sector has been

among the chief concerns of economists and policymakers, even

non-finite cl (V_ing cl) non-finite cl (to infinitive)