how high can a dead cat bounce

8/2/2019 How High Can a Dead Cat Bounce

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HONGKONGPAPERS IN LINGUISTICS ANDLANGUAGETEACHING 18 (1995) ISSN1015-1059

How High Can a Dead Cat Bounce? : Metaphor and the Hong KongStock Market.

Geoff P . Smith sThe English Centre, University ofHongKong

AbstractThe perception of metaphor ha s changed i n recent years from a r a t h e r obscure area ofl i t e r a r y s t y l e to a c e n t r a l psycho-linguistic process intimately concerned with the way weconstruct r e a l i t y through language . Language pedagogy, however, has continued tomarginalize metaphor a s a n a rea of i n t e r e s t . This paper looks a t metaphor i n the languageof economics, i n p a r t i c u l a r the way the v i c i s s i t u d e s of the Hong Kong f i n a n c i a l marketsare reported i n the p r e s s , and a number of subject domains are i d e n t i f i e d . I t i s seen thatmetaphor i s c e n t r a l t o the d e f i n i t i o n of basic economic c o n s t r u c t s , and a l s o ha s a r o l e i nmaking abstruse t h e o r e t i c a l concepts accessible to readers or merely t o i n t e r e s t ore n t e r t a i n . Understanding the significance of metaphor could lead t o useful and motivatingadditions to the material of ESP courses i n the area of economics and finance ."The question every t r ad e r w i l l be asking himself t h i s week i s : j u s t how high ca n a deadcat bounce?"Timothy Charlton, South China Morning Post 9/5/94 p . 1 3 .

Introduction

This paper looks a t metaphorical language i n the description of stock market trading and r e l a t e deconomic a c t i v i t y i n Hong Kong . The t e x t samples from which the metaphors w ere d ra w n w ere collectedfrom the l o c a l media over a period of approximately f i v e months a t the beginning of 1 99 4 . The significanceof the use of metaphor i n t h i s genre i s considered i n the l i g h t of recent work i n the f i e l d of the l a nguage ofeconomics and pedagogical implications a r e explored .

The language of economics ha s received considerable a t t e n t i o n in recent years . McCloskey (1985),analyses economic t e x t s to show, f o r example, how r h e t o r i c a l devices may be used t o suppress uncertaintyand give the impression t h a t what i s presented i s unassailable f a c t . Collections of papers on economiclanguage and discourse by Klamer e t a l . (1988), Dudley-Evans and Henderson (1990), Samuels (1990) andHenderson, Dudley-Evans and Backhouse (1993) have addressed i s s u e s of both t h e o r e t i c a l and pedagogicalsignificance . Fo r economists such as Klamer and Samuels, an awareness of the r h e t o r i c of economic modelsand description give fresh i n s i g h t s i n to the subject i t s e l f . Applied l i n g u i s t s , such a s Dudley-Evans andHenderson, analyse t e x t s t o give more profound i n si g h ts i n to the r h e t o r i c and discourse s t r u c t u r e of"authentic" t e x t s i n the context of English f o r Specific Purposes, and examine the pedagogical significanceof t h e i r analysis where appropriate .

The l i t e r a t u r e on metaphor i s enormous, a nd a recent bibliography r e s t r i c t e d to post-1970publications runs t o nearly 500 pages (van Noppen, 1985) . The work which ha s had the most far-reachingGeoffSmith isalecturer in theEnglishCentre at theUniversity ofHongKong,where he co-ordinates BusinessCommunication Hepreviously taught in England, PapuaNewGuinea and

West Africa andhis main research interest is inthe area oflanguage contact and change, in particular currentdevelopments in Melanesian PidginEnglish

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implications f o r the way m e t a p h o r i s considered i s probably La ko ff a n d J oh ns on , 1 980 , w h i c h w i l l bediscussed more f u l l y b e l o w . The r o l e o f m e t a p h o r s p e c i f i c a l l y i n e c o n o m i c s writing has a l s o received s o m ea t t e n t i o n . Henderson's a r t i c l e " M e t a p h o r i n e c o n o m i c s " (1982) c l a s s i f i e s m et a p hors u s e d i n e c o n o m i cdiscourse i n t o those w h i c h are a l s o applicable more generally, those w h i c h h a v e become conventional t o o l si n e c o n o m i c description a n d more o r i g i n a l metaphorical i m a g e s dealing with s p e c i f i c s i t u a ti o n s . Mason(1990) includes m e t a p h o r i n a more d e t a i l e d a n a l y s i s o f a s a m p l e of t e x t from a n e c o n o m i c textbook(Samue lson and Nordhaus, 1985) . Sh e notes various metaphorical c o n s t r u c t s , s u c h as the c o n t a i n m e n t ofideas i n c h a p t e r s , branches o f the t r e e o f knowled g e a n d t h e personification o f various m ark et abstractions .Ot her work dealing with m e t a p h o r a n d e c o no m ic s includes Li n d st ro m be rg 1 9 91 .

Th e purpose o f t h e c u rre n t investigation i s t o e x t e nd t h i s analysis o f e c o n o m i c writing to a mor es p e c i f i c genre . I t looks a t m e t a p h o r in c o n t em p orary f i n a n c i a l journalism in Hong Kong from a n ESPperspective a n d attempts to c l a s s i f y the various m et a p hors i n us e and probe t h e i r significance f o r t h enegotiation o f m e a n i n g within t h i s subject area . M e t a p h o r i s c l e a r l y a n important consideration i n t h ee c o n o m i c s textbooks i n c u rre n t u s e , a n d a n understanding of m e t a p h o r thus has relevance fo r p e d a g o g y i nEnglish courses for e c o n o m i c s students . I n s i g h t s i n t o m e t a p h o r i n general w i l l hopefully be of assistance t ostudents whose m o t h e r t o n g u e i s n o t E ng li sh in t h e i r s t ru g gl e t o c o m p r e h e n d e c o n o m i c s t e x t s . I n a d d i t i o n ,p a s s a g e s from c o n t em p orary m e d i a reports on f i n a n c i a l a c t i v i t y i n Hong Kong c o u l d p ro v i de reading t e x t sfor l o c a l students which are more relevant than the North Am eri c a n e x a m p l e s currently d o m i n a t i n g t h em a j o r " i n t e r n a t i o n a l " e d i t i o n s o f standard textbooks . This c ou ld be a n important motivating f a c t o r t o t a k ei n t o consideration when de v i si n g r e adi n g -ba s e d ELT material f o r e c o n o m i c s students .

Sources o f I n f orm a t i o nThe s ou rc es u se d t o l o c a t e the metaphorical language described b e l o w were p re ss re po rt s o f

business a c t i v i t y i n Hong Kong a n d th e r e g i o n , especially t h e movement o f stock ( s h a r e ) prices . Most o f t h ee x a m p l e s quot e d are from the South C h i n a Morning Post's Business P o s t supplement, (hereafter SCMPBP ) ,with some from other sources s u c h as the As i a n Wall Street Journal (AWSJ) a n d the e a r l y m orn i n gtelevision programme Asia Business News (ABN), broadcast on TVB Pearl . Reports were from a f i v emonth period from January t o J un e 1 9 9 4 . The So u t h C h i n a Morning Post r e p o r t s , by f a r the most s i g n i f i c a n tsource o f information, were m a i n l y written by T i m o t h y Charlton, Gareth H e w e t t a n d Carrie Le e . One o rtwo e x a mp l e s f ro m outside t h i s period are used f o r i l l u s t r a t i o n .

Literal De scriptions and "Dead" MetaphorsThe Hong Kong St o ck Market ha s a s p e c i a l place i n Hong Kong society . News o f movements i n

the Hang Seng I nd e x h as a pro m i n en t place i n m e d i a r e p o r t s , a n d the w a x i n g a n d w a n i n g fortunes o f t h em a j o r c o ns t i tu e nt s t o cks g r e a t l y a f f e c t feeling ab ou t th e s t a t e of Hong Kong i t s e l f . Many people across t h ew h o l e s o c i o -e c o n om i c s p e c tru m follow s h are p ri c e movements a v i d l y , a n d i t i s no t uncommon for s m a l ls c al e i n ve s to rs t o s p e n d a good deal o f t i me a n d e f f o r t to s e i z e a n opportunity f o r short-term gains . Th ea p pro a c h by many t o th e m ark et i s i n f a c t often characterized a s a form of g a m b l i n g . The magnificentwaterfront towers o f Exchange Square, wher e the Stock E x c h a n g e i s l o c a t e d , stand as a monument t ocapitalism fo r t r a d e r s , dealers a n d dabblers from a l l walks o f l i f e .

I n l i t e r a l terms, t h e Hong Kong Stock E x c h a n g e deals i n p arc el s o r shares o f t he e qu it y i n l i s t e dc o m p a n i e s . The s ha re s i nc re as e o r decrease i n v a lu e a c c ord i ng t o demand . Factors a f f e c t i n g t h i s d e m a n dinclude the c o m p an i e s ' p e rfo rm a n c e i n t erm s o f p r o f i t and l o s s ; other f a c t o r s s u c h as price-to-book v a l u e ,price t o earnings r a t i o a n d net t a n g i b l e a s s e t s (som e t i m e s referred t o a s "fundamentals") ; a n d o u t s i d einfluences s u c h a s international trade r e l a t i o n s . Su p e r i m p o s e d o n these broad trends are the f l u c t u a t i n gp a t t e r n s of ev ery da y trading . When t h e p ri c e d ec re a se s , bargain hunters move i n t o buy, providing p r e s s u r efo r t he p r i c e t o r i s e again . As t he p ri ce i n c r e a s e s , p r o f i t takers s e l l , s e nd i n g the p r i c e down o n c e more. Anumber of the m o s t heavily capitalized c o m p a n i e s c o n s t i t u t e t h e gro u p o n w h i c h the Hang Seng Index i sb a s e d . C h a n g e s i n t he l e v e l o f the i n de x g i ve a generalized p i c t u r e of th e movement i n m a j o r stock p r i c e s .

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HONGKONGPAPERSIN LINGUISTICS ANDLANGUAGE TEACHIN 18 (1995)

As Henderson (1982) pointed o u t , a number of wha t were o r i g i n a l l y metaphors have becomeconventionalized i n the language of economics, a nd can now be b e t t e r considered as technical terms than" l i v i n g " metaphors . Such terms as equilibrium, f l o a t , i n f l a t i o n , leakage, boom, l i q u i d i t y a nd slump, a r e nowso familiar i n the jargon of the subject t h a t t h e i r metaphorical etymology i s not immediately obvious . Moreobscure terms too of ten have metaphorical o r i g i n s bu t become f o s s i l i z e d a s the technical jargon of thes u b j e c t , e . g . s t r ad d l e, s t ra n gl e , c a l l , p u t , cover, hedge, v o l a t i l i t y , leverage, e t c . Since these terms are part oft h e specialized lexicon of the f i e l d a nd not generally used i n a metaphorical way, they w i l l not be consideredf o r the purposes of t h i s paper . However, i t should be pointed out t h a t the boundary betw een w ha t i s af o s s i l i z e d or dead metaphor, a nd what i s l i v i n g , i s f a r from c l e a r - c u t .

Leaving aside these "dead" metaphors, the prose of f i n a n c i a l media reports i s a rich source ofmetaphorical terms . Many of these a r e f a i r l y g e n e r a l , a nd could be applied to a variety of s i t u a t i o n s as wella s f i n a n c i a l matters :

"Since India was a n emergi ng market, there would a lwa ys be hiccoughs andbottlenecks" (SCMPBP 30/1/94 p . 1 1 )

. . . market sentiment was now convinced t h a t the corner ha s been turned a nd the trend i sup .

Metaphorical Domains

(Sunday Morning Post : Money 20/3/94 p . 5 )The worldwide downturn i n the a i r l i n e industry which gnawed away a t Cathay's p r o f i t s. . . (Sunday Morning Post : Money 20/3/94 p . 1 6 )

In a d d i t i o n , there i s a g rea t dea l of metaphorical language which i s more s p e c i f i c a l l y concerned with thelanguage of economics, a nd a number of d i s t i n c t domains ca n be i d e n t i f i e d .

AnthropomorphismI t i s a c t u a l l y t r a d e r s a nd stockbrokers who exert t h e i r energy buying and s e l l i n g a nd who use t h e i r

f i n a nc i a l e x p e r t i se t o t ak e r i s k s i n the pursuit of p r o f i t . However, as Mason ( 1 99 0) ha s pointed o u t , humanc h a r a c t e r i s t i c s are frequently transferred from these people t o the market in g e n e r a l , or s p e c i f i c aspects of i t :

Brokers said the ma rk et wa s having trouble focusing on i s s u e s which could give i td i r e c t i o n . (SCMPBP 4/6/94 BP p . 1 6 )Stocks shrugged off weaker bond p r i c e s a nd a bearish f u t u r e s market t o close higher i nchoppy trade . (SCMPBP 11/3/94 p . 11 )The market i s s t il l trying t o fi nd a l e v e l to consolidate on i t s way down . (SCMPBP18/3/94 p . 1 3 )The market was very nervous . I t lacked d i r e c t i o n . I n the afternoon the index nose-dived with a vengeance . . .(SCMPBP 31/3/94 p . 1 5 )Henderson land f e e l s f i r s t shivers i n property market - headline . (SCMPBP 21/4/94P . 1 )The market was s u f f e r i n g vertigo following the dramatic 200-point leap i n the f u t u r e smarket on Wednesday . (SCMPBP 10/6/94 p . 11 )

This personalization of inanimate or a b s t r a c t nouns i s a very common f e a t u r e ofdescriptions ofstock marketa c t i v i t y . The stock markets themselves may be the object of a n i d e n t i t y switch, where the placethe stockmarket i s located i s substituted f o r the market i t s e l f . S t r i c t l y speaking these maybe termed examples ofmetonymy :

. . . the announcement sent Wall St tumbling a nd the reverberations are expected t o bef e l t around the globe . (SCMPBP 16/2/94 p . 1 1 )Sydney claws ba ck d e s p i t e gold f a l l - headline(SCMPBP 12/5/94 p . 1 7 )

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F a l l s i n Wall St overnight added t o Hong Kong's j i t t e r s .(SCMPBP 13/5/94 p . 1 1 )

Gravity and Other Forces

I t held a r e l a t i v e l y narrow range . . . before l o s i n g i t s footing .(SCMPBP 12/2/94 p . 1 )

I nde x t u mb l es t h ro u gh 10000 as nerves fray - headline(SCMPBP 26/2/94 p7)

. . . t h e market s t a r t e d to d r i f t and l o s e d i r e c t i o n .(SCMPBP 17/2/94 p . 1 3 )

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Increase and decrease i n value are closely associated with the conventional r i s i n g and f a l l i n g l i n e son graphs and c h a r t s , and hence the analogy with r i s i n g and f a l l i n g i n physical space i s very compelling .Shares go up or go down ; commentators t a l k of new highs or lows, of up-sides and down-sides, ofspectacular le ap s o r sickening f a l l s . This upward and downward movement inevitably comes under t h einfluence of the force of gravity . A c a r e l e s s s l i p can be a danger to unsure f o o t i n g , leading to an unfortunatef a l l requiring a weary climb back up . Some examples i l l u s t r a t e the use of t h i s very common me tap h o r :

Brokers s aid t he market seemed to have come ou t of i t s f r e e f a l l and had established ashort term f l o o r a t the 10,800 mark .(SCMPBP 16/2/94 p . l l )

The Hang S e n g I nd ex dr op p e d l i k e a b ri ck through the 10,000 mark yesterday as thep o l i t i c a l impasse a t home sparked a s e l l off. (SCMPBP 14/3/94 p . 1 5 )

Brokers t r i e d t o maintain a brave f r o n t i n t he f ace ofthe f r e e f a l l , . . . (SCMPBP 26/2/94p7 )Investors had b e e n worried t h a t i f the market f e l l through the 9,700 mark, the nextcushion would be a t 9,200 . (SCMPBP 15/3/94 p . 1 3 )

Often gravity i s associated with other a c t i v i t i e s which involve g r a v i t at i o n a l f o r c e , such as mountainclimbing, r o l l e r - c o a s t e r r i d i n g or parachuting :

Index winds up ahead following a v o l a t i l e r i d e - headline .(SCMPBP 16/2/94 p . l l ). . . the contract see-sawed, with t r a d e r s having l i t t l e idea where market sentiment washeading . (SCMPBP 16/2/94 p . l l )Stock prices took a r o l l e r coast r i d e and e n de d u p i n t he subway . (CBS News 18/2/94)

Other sporting metaphors appear i n s ect ion 4 . 6 . Stocks or t he market i n general may not appear to be merep a t i e n t s of t he f orces a t work, but may be depicted a s a c t i v e l y involved i n the struggle t o go higher :

The index hovered around the 10,400 mark f o r most of the day, seemingly unable t op ush higher . (SCMPBP 19/2/94 p10)Stocks closed 1 . 8 p e r ce nt lower i n s l u g g i s h , gloomy t rade a s p e r s i s t e n t s e ll i n g pressurecontinued to s t i f l e weak attempts a t a rebound . (SCMPBP 11/3/94 p . l l )

. . . t h e v o l a t i l i t y showed the market ha s not yet found a new d i r e c t i o n . (SCMPBP16/2/94 p . 1 1 )

. . . i t looked as though the index would stay above 10,000 as i t precariously balanced onthe 10,050 mark . (SCMPBP 16/3/94 p . l l )

When prices f a l l , there w i l l often be a "bounce" or "rebound", l ea ding t o a reversa l of d i r e c t i o n . Sha rp r i s e s ,on the other hand, are usually followed by a "correction" . Frequently, these a r e qualified by the word"technical" to show t h a t the change i s du e to t h e r a p i d i t y of the movement r a t h e r than a change i n thefundamental nature ofthe stocks .

. . . the bounce was more technical than s u b s t a n t i a l .(SCMPBP 23/3/94 p . 1 5 ) .


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Those hoping f o r a big rebound t o c a t a p u l t i t out of t h i s bear trap would probably bedisappointed . . . (SCMPBP25/3/94 p . l )

Most rebounds are welcomed by i n v e s t o r s , but the "dead c a t bounce" referred to i n the t i t l e i s not quite whati t appears . The term i s used t o i n d i c a t e a small rebound a f t e r a lowering ofshare p r i c e s which quickly l o s e smomentum a nd f a l l s short ofexpectations .

Traders warned the overnight r a l l y i n London might j u s t be a "dead ca t b ounce" a n dsaid t he r ea l t e s t . . . (SCMPBP 22/3/94 p. 2 ). . . we a r e i n the middle of a dead c a t bounce . (SCMPBP 7/5/94 p . 7 )The question every t r a d e r w i l l be asking himself t h i s week i s : j u s t how high c an a deadc a t bounce? (SCMPBP 9/5/94 p . 1 3 )

In other accounts of price movements, shares or t h e i r prices dipped, plummeted, sagged, plunged, dived,dropped, slumped a nd tumbled, or jumped, surged, s p r i n t e d , climbed, gained, l e a p e d , rose a nd vaulted fromt h e i r previous value . A few other examples continue the theme of Euclidean space :

Hang Seng Index f u t u r e s plumbed the depths yesterday as increasing heat in domesticp o l i t i c s and f e a r s of i n t e r n a t i o n a l i n t e r e s t r a t e r i s e s combined to severely damagemarket sentiment .(SCMPBP26/2/94 p . 1 0 ). . . appeared t o f a l l off a c l i f f a s t ra di ng opened i n a vacuum of sentiment a nd bids .(SCMPBP 3/3/94 p . 1 8 )BP Prices are l i k e l y t o trend sideways t h i s week . . .(SCMPBP 14/3/94 p . 1 5 )The sagging SET index continued i t s t a i l s p i n i n another week of v er y t h i n trading . . .(SCMPBP 21/3/94 p . 2 2 )The index f e l l off the c li f f i n the afternoon opening(SCMPBP 18/3/94 p . 1 3 )Regional stocks sent i n t o nosedive (headline) (SCMPBP 20/4/94 p . 1 )

Other forces apart from gravity may be involved . These may allude t o the such f orces a s t he momentum ofa speeding vehicle or the pressure building up i n s i d e a bubble or balloon :

Yesterday's 4 .29% rocket was propelled by heavy trading . . . (SCMPBP 12/5/94 p . 1 7 ). . . with Japanese buying f o r fundamental reasons as t h e i r market looks as though i t w i l lbe stuck i n neutral f o r some time .Strong i n st i t ut i on al s e ll in g pu t the brakes on Hang Seng Index f u t u r e s tradingyesterday . (SCMPBP 16/3/94 p . 1 4 )

. . . r ai s e i nt er es t r a t e s , w hi ch w ou ld pu t a f u r t h e r prick i n the property bubble .(SCMPBP 20/4/94 p . 1 5 )

Resident FaunaThe Hong Kong stock market, as other stock markets ofthe world, i s inhabited by t w o w el l -kn ow n

metaphorical animals, the b u l l a nd the bear . These c r e a t u r e s ha v e b een i n existence for a long time, a nd theOxford English Dictionary notes t h a t the word "bear" was in use i n t he ea rl y eighteenth century, a ndcommon around the time of t h e great speculative frenzy known as the South Sea Bubble . The o r i g i n of theterm "bear" i s probably connected t o the proverb " t o s e l l the bearskin before one h as c au ght t he bea r" . Abear i s now understood a s a person who p r e d i c t s a f a l l inthe price of s t o c k s , but o r i g i n a l l y i t appears t o havereferred t o the stocks themselves, as i n the phrase " t o s e l l the bear" . This would nowadays be r e f e r r e d to as" s e l l i n g s h o r t " , whereby brokers s e l l a nd obt ain set t lem en t f or st oc ks t hey do not a c t u a l l y possess in t heexpectation t h a t the price will f a l l a nd they will then make a p r o f i t on the transaction . Manipulating marketsby heavy short s e l l i n g t o bring about f a l l s i n p r i c e s i s sometimes referred t o as a bear t r a p , which i s usuallyi l l e g a l . The bull apparently appeared l a t e r than the b e a r , a l s o during the eighteenth century, a nd probably asa metaphorical f o i l for the bear . Bulls are o p t i m i s t i c , predicting that stocks will r is e i n price .

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Words derived from these basic terms i n cl u de t he adjectives b u l l i s h a n d b e a r i s h , a n d compoundss uch as b u l l r un , be ar trap a n d so on :

"Specu l atio n on new l i s t i n g s was dampened by th e recent bearish sentiment towardsth e market . " (SCMPBP 19/2/94 p 7)Nomura i s taking a more b u l l i s h tone . (SCMPBP 18/4/94 p . 1 7 ) ,When does a bull ru n take i t s revenge a n d become a bear market? (SCMPBP 20/3/94p . 5 ). . . f e a r o f j u s t a b o u t everything dr ov e equity a n d derivative instruments o n a m a j o r be arr u n ye st e rd a y . (SCMPBP 3/3/94 p . 1 8 )The m ar ke t c a n strengthen f u r t h e r , but I s t i l l think i t ' s a bear t r a p (SCMPBP 12/5/94p . 1 7 )" I hate to c a l l i t a bear market, b ut i t i s a very contracting market," said one USbroker . .(SCMPBP 16/3/94 p . 1 1 )

Bulls a n d bears a d o p t opposite p o s i t i o n s o n trading s t r a t e g i e s , a nd ma rke t forces a r e frequentlydescribed in terms ofa n t a g o n i s m b etween th e two :

Bears t o r ul e i n short term but b u l l s expected t o return - headline (SCMPBP 22/2/94p . 9 )The market was c h o p p y . There was a tug-of-war b etween b u l l s a n d bears (P .Au-Yo u n g , SCMPBP 31/3/94 p . 1 5 )

There may b e e xt en d ed m et a p ho r s relying on t h e behavioura l c h a r a c t e r i s t i c s ofth e a n i ma l s . Bears ares t r o n g , c u n n i n g and tenacious a n d have sharp c l a ws :

Lo c a l b a r g ai n h u n te r s t r i e d t o s ta ge a r a l l y a n d p u sh ed the market up 8 0 points t o th e10,680 mark j u s t a f t e r 10 . 3 0 a.m . , b ut t h e bears had t h e i r c l a ws firmly dug i n and weren o t l e t t i n g go .(SCMPBP 22/2/94 P . 9 )S t a m p e d i n g bears s e nd index diving - headline(SCMPBP 20/3/94 p . 1 6 )Yesterday's 200 point crash through th e 9,600 mark delivered th e market i n t o th e j a w so f th e be ar . (SCMPBP 18/3/94 p . l )After weeks of d r i f t i n g aimlessly, strong bears came out o f th e woods determined todrag th e market down . (SCMPBP 19/3/94 p . 9 )The sleeping bear ha s b e e n woken, and there i s n o sign t h a t he i s h e ad i ng b a c k tohibernate . (SCMPBP 9/5/94 p . 1 3 )Bears r u l e with s o g g y sentiment - headline (SCMPBP 18/3/94 p . 1 6 )

B u ll s , t o o , are formidable o p p o nents, whose l a c k o f s u b t l e t y i s c o m p e n s a t e d by brute strength which, whenp r o v o k e d i n t o a n a n g r y r e a c t i o n , i s d i f f i c u l t t o contain .

1 0 ,0 0 0 - m ark red c a p e as b u l l s paw the g r o u n d - headline(SCMPBP 23/5/94 p . 1 5 )This time l a s t year . . . bull market s en t im en t t o ok o n armour-like q u a l i t i e s as no b a dnew s , however horrendous, appeared t o s t i c k . Now t he b ea rs a p p e a r to be c o ated i na r m o u r . (SCMPBP 3/3/94 p. 1 8 )

The collocation "maximum b u l l i s h " or was a very common expression i n th e s e cond half of 1993, followingth e a n n o u n c e m e n t by Morgan S t a n l e y ' s chief an a lyst B ar t on B i ggs t h a t he was "maximum b u l l i s h " onHongKong . This was c o nsidered t o b e a m a j o r f a c t o r i n th e 1 9 9 3 " b u l l run" i n HongKong stocks . When th e b u l lr un e nd ed , v ul g ar variations on th e "maximum b u l l i s h " t h eme w e r e currently i n v o g u e .

Amore recently introduced species i s th e s t a g . This r e f e r s to a n investor who p urchases shares i n newi s s u e s , h o p i n g t h a t they will show a n immediate g a i n , wh i ch c a n b e r e a l i s e d a s q u i ck p r o f i t . The term c a n betraced f r o m th e 1 8 4 0 ' s , a n d oroginally a p pears to h a v e ha d connotations o f a n o utsider rather t h an a b o n a

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f id e i nv es to r . An ingenious v a r i a t i o n on the b u l l market theme i s the idea o f t he "cow market" (ABN19/4/94) . "Cow" markets d o n ot q ui te h a v e the general upward momentum o f bull markets, b ut can b e"milked" by judicious investing i n s e lecte d s t ocks . The ABN s t o r y r e f e r r e d t o the s i t u a t i o n in Malaysia i nmid-April .One or two o t h e r sp ecies occasionally make appearances . Cats n o rm a l ly a ppea r i n the collocation "dead ca tbounce", but may occasionally b e f o u n d a l i v e :

The market was ext r emely v o l a t i l e a s speculators played a c a t and mouse game withstocks r a l l y i n g o ne mi nu te an d f a l l i n g the n ext . (SCMPBP 13/5/94 p . 1 1 )Traders said t h e market was l i k e a cat-and-mouse game . T i m i d mic e would come outt o buy i n the h o p e s o f a r e b o u n d o nly to b e p o u n c e d on by big c a t s a l l t oo k een t o s e l la t t h e s e l e v e l s .(SCMPBP22/3/94 p . 1 5 )

Oth e r s include the f ollowing :. . . (yesterday) saw i n v e s t o r s run l i k e a h e r d o f s t a r t l e d gazelles . (SCMPBP 17/3/94 p15 )I n th e peri o d u n t i l the a r r i v a l o f K h u n d ka r Khalid Ahmed Hossain, t he stock r em a ineda dog i n i n v e s t me n t t e r ms .(SCMPBP 4/6/94 p . 1 6 )

The r a t makes a n a pp e ar a n ce i n the t e r m " r a t trading" :SFC homes i n o n r a t trading and f r o n t r u n n i n g - h eadli n e . Rat trading i s when a b r ok erreceives an order f r o m h i s c l i e n t to b uy a share a t a c e r t a i n price . I f t h e b r oker believest he p r i c e w il l d r op , h e waits an d t h e n buys t he s t ock a t the lowest price t h r o u g h h i s ownaccount . The s t i n g comes when h e s e l l s the s ame stock back to the c l i e n t a t t he c l i e n t ' so r i g i n a l ( p r i c e ) and pocketi ng the difference . (SCMPBP 18/2/95 p . l )

A w h o l e m ena g erie s e e m s to have b e e n l e t lo o s e i n the f ollowing :With the r i s e f r o m 7000 t o 8600, optimists saw the mak i n g s o f a b a b y b u l l , butnaysayers warned i t could b e a bum s t e e r . . . a f t e r l a s t y e ar ' s g r i z z l y b ea r market . (ABN29/4 /95)

F i n a l l y , a v e ry old t e r m " b e l l wether", m e a n i n g th e leading s h e e p i n a flock ar o u n d whose n e c k a b e l l i sh u n g , i s s o m e t im e s applied to t h e market's m o s t p rom inen t stocks :

Cheung Kong an d H ut ch is on , b ot h co n s i d e r e d bellwether stocks f o r the market,. . .(SCMPBP 22/2/94 p . 9 )

Call t o B at t leThe c o n f l i c t m e t a p h o r exemplified by the s t r u g g l e b e t w e e n b u l l s an d bears may b e e xt e nd e d t o

include b a t t l e s b e t w e e n r i v a l armies o r g a ng s . The o p p o s e d forces may b e p r o f i t - t a k e r s an d bargain-hunters,o r stocks t h e m s e l v e s may adopt the r o l e o f combatants, attempting t o struggle h igh e r against the attempts o fo p p o s i n g forces dedicated to k n o c k i n g them down.

. . . stocks beat a steady r e t r e a t (SCMPBP 18/3/94 p . 1 3 )The p s ych o lo g i ca lly i mp o rt an t 10,000 l e v e l i n Hang Se n g I n d e x futures f a i l e d t o b eb r ea ched yesterday as p r o f i t - t a k e r s g u a rded the b a r r i e r . (SCMPBP 14/4/94 p . 1 3 )B i g s e l l i n g by o v e r s eas i n v e s t o r s turned the f i r s t trading d ay of the Year o f th e Dogi n t o t he St . Valentine's Day Ma ssa cre on the Hong Kong Stock Exchang e yesterday . . . .e a r l y trading s aw the b l o o d b a t h con t i nue a s professional d e a l e r s ran f o r c o v e r .(SCMPBP 15/2/94 p . l )Sum Cheong r e tr e at s a f te r a l l - o u t charge . (SCMPBP 21/4/94 p . 1 6 ). . . Cheung Kong l e d the charge (SCMPBP 12/5/94 p . 1 7 )

Combat requires n o t o nly aggression, but a c o nt i n uo u s s u pp l y o f e n er gy . As fortunes wax an d wa ne, t h ebattle-weary protagonists mount r a l l i e s o r ar e forced t o r e t r e a t as t h ey c o nt i nu e t h e i r struggle :Japan's badly wounded economy(SCMPBP 9/294 p . l l )

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HOWHIGH CANA DEADCATBOUNCE? : METAPHORANDTHEHONGKONGSTOCKMARKET

Groggy dollar s l i p s against major u n i t s - headline(SCMPBP 15/2/94 p . l )Sick dollar attempts t o r a l l y a f t e r s e l l i n g fever - headline .(SCMPBP 16/2/94 P . 1 5 ). . . r e t r e a t e d a f t e r a n early r a l l y . (ABN 3/3/94)After getting c r e a m e d i n the m o r n i n g s e s s i o n, t h e r e were n o t many i n v e s t o r s willing t ocome back for a n o ther go.(SCMPBP 25/3/94 p . 1 5 )In S h e n z h e n investors c h arge d f o r the e x i t s . . . (ABN 20/4/94)

Waging such c o n f l i c t s requires n o t o n l y a g re at d ea l o f physical s t r e n g t h a n d energy, but ps ycho l o g icalf o r t i t u d e a s wel l . Some o f the a f f e ct i v e f a c t o r s such as conf i dence a n d sentiment v i t a l for success aredescribed i n t he n ex t section .

S e n t im e n t a l Br ok e r sWh i l e a good dea l o f t h e a n al y s is o f f i n a n c i a l i n f o rmat i o n i s r a t i o n a l a n d s c i e n t i f i c , some moresubjective f a c t o r s are v e ry p r om in e nt . I t i s a clich6 t h a t two major e m o t i o n s rule the stock m a rket : g r e e d

a n d fear . H o w e v e r , i t i s the l e s s s p e c i f i c , and often po o r l y-def i ned e m o t i o n "sentiment" w h i c h i s morecommonly described as the moti v a t i n g force beh ind i n ves tment decisions . What sentiment exactly c o n s i s t so f i s rather d i f f i c u l t to divine f r o m i t s current u s a g e . I t i s s om et im es described as a n a c t i v e agent, s o m e t i m e sas a n a b s t r a c t e m o t i o n q u a l i f i e d by a v a r ie t y o f e p i t h e t s . C onside r the f o l lo w i ng us e s :

. . . f r a g i l e stock m a rket sen t iment a r ou n d the w o r l d will make pr o g res s i n Hong Konge q u i t i e s d i f f i c u l t t h i s week .(SCMPBP 14/2/94 p . 7 )Al so un de rmi ni ng m a rket sen t iment w a s Go v e r n o r Chris P a t t e n ' s r e f o r m b i l l. . .(SCMPBP 22/2/94 p . 9 ). . . k n o ck e d the wind out o f m a rket s e n t i me n t y e s te r d a y .(SCMPBP 26/2/94 p . 1 0 )

. . . f e a r s o f a l o c a l i n t e r e s t hike dampened sentiment . (ABN 15/2/94)The m a rket i s expected t o be sluggish t h i s week . . o n sus t a i n ed be a r i sh sen t iment .(SCMPBP 14/3/94 p . 1 5 )Wi t hou t some bi g d e v e l o p m e n t to s h i f t sentiment up a g e a r , I d o n ' t see us g o i n gth rough jus t y et (SCMPBP 14/4/94 p . 1 3 )

. . . sen t iment t o w a r d s the s e c t o r turned sour . (SCMPBP 21/4/94 p . 1 3 )In l a c k l u s t r e sentiment, the cash i n d e x f e l l 6 4 points .(SCMPBP 16/4/94 p . 8 )

The w i d e r a n g e o f descriptions applied to sentiment gives i t a pr o tea n q u a l i t y w h i c h i s ve ry d i f f i c u l t to pina n exact d e f i n i t i o n o n t o . Other metapho r ical accounts o f psychological f a c t o r s a f f e c t i n g e c o n o m i cconditions gener a l l y c onc e rn " j i t t e r s " o r "depression" or e ve n "panic", a n d include the f o l l owi n g :

Tokyo l ea ds d ir ge on A s i a n mark e ts - headline(SCMPBP 18/3/94 p.13). . . a f t e r a few d ay s o f a n aemic trading (SCMPBP 12/3/94 p . 1 0 ). . mark e ts g o t the wobb l es . . . (SCMPBP 14/3/94 p . 1 5 )US d o l l a r cringes - hea d l i ne (SCMPBP 31/3/94 p . 1 9 )Shru g g i n g o f f l a s t weeks j i t t e r s , the Hang S e n g I n de x c omf o r ta bl y a d d e d 309 . 9 8points . (SCMPBP 15/2/94 p. 1 5 )

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HONGKONGPAPERS IN LINGUISTICS AND LANGUAGE TEACHING 18 (1995)

. . . stock ha d plummeted 5 1 5 . 2 2 points by the t ime d e a l e r s trudged out of ExchangeSquare . . . the f a l l cast a p a l l over the f i n a n c i a l s e c t o r i n Hong Kong (SCMPBP 15/2/94p . l )Tokyo meande rs under p o l i t i c a l cloud - headline .(SCMPBP 12/4/94 p . 1 3 )Tokyo s hi n es as p o l i t i c a l clouds c l e a r - headline .(SCMPBP 14/4/94 p . 1 3 )" t h e t r ad i ti o na l Chinese New Year r a l l y w i l l probably be l o s t i n a malaise o f c o n c e r nan d confused s e n t ime n t a s equity markets globally stumble aro und trying t o find ani n v e s t m e n t s t o r y t o l a t c h on t o . (SCMPBP 14/2/94 p . 7 ) .

Sp o r t i n g LifeSomewhat l e s s bloody, bu t maintaining the antag onism theme, sporting me tapho rs a r e often u sed .

Those actively involved partake i n a v a r i e t y o f s p o r t s , while others wait o n the s i d e l i n e s f or t he ir turn .Having cleared the 9,700 hurdle i n the m o r n i n g without t r i p p i n g , the m ar ke t t o ok thev i e w t h a t t h e only way was up.(SCMPBP 15/3/94 p . 1 3 )I n d e x di ps as buyers hug s i d e l i n e s - headline . (SCMPBP 16/3/94 p . l l )

. . . the mark e t m ight remain i n a s tale mat e u n t i l tomorrow's fu tu re s s et tl em en ts(SCMPBP 10/3/94 p . 1 5 )Investors thr ow in t o we l a f t e r New Year h o p e s fade - headline . (SCMPBP 17/2/94p . 1 3 )We beli eve the index can break i t s e a r l y year high an d . . . we intend t o be aro und t o surfthe upside when i t comes .(Sunday Morning P ost Money 22/5/94 p . 1 2 )One b r o k er d es c ri b ed the afternoon session as a "grab-a-thon" . . . (SCMPBP 15/3/94p . 1 3 )

One k i n d ofgame very closely r e l a t e d t o s t o c k mark e t a c t i v i t y i s gambling, su ch a s blackjack or p o k er,w h i c h n or mally takes place i n casinos . In f a c t , i n v e s t o r s i n Hong Kong, wher e the c l o s e s t l e ga l gamingt ab le s a re i n Macau, are commonly described as having a "casino mentality" . Shares are equated t o thecounters or chips u sed i n g am bl i ng , a nd ar e o ft e n r e f e r r e d t o as su ch . "Blue Chip" c o m p a n i e s r e f e r t o t hel a r g e r businesses which are c o n s idered r e l i a b l e investments . Blue chips originally r e f e r r e d to blue countersu sed i n poker, w h i c h had a higher value than other to k e n s . By analogy, Red Chips r e f e r to comparativelyr e l i a b l e i nves tme n t s in Mainland Chinese ( " r e d " ) c o mpan i e s .

Property c o u n te r s t ak e a beating (headline) (SCMPBP31/3/94 p . l )Wi th trading domi nat ed by Blue Chips yesterday, second- an d t h i r d - l i n e r s appearedsluggish (SCMPBP 24/3/94 p. 2 2 )Smaller c o m p a n i e s b eat b lu e chips t o s t e a l t h e show yesterday while the Shougangg ro up o f c o mpan i e s t o o k centre s t a g e . (SCMPBP 25/3/94 p . 1 8 )Red chips and H- shares w e r e yesterday's s t a r performers .(SCMPBP 19/2/94 p . 1 0 )People who couldn't believe t h e i r luck i n t he r a l l y headed fo r t he c a s h i e r ' s window t ocash i n t h e i r chips (SCMPBP 13/5/94 p . l l )

. . pro p erty counters c o n t i nued to s u f f e r . (Sunday Morning Post Money 20/3/94 p.16)


10/16

HOWHIGHCANADEADCATBOUNCE? : METAPHOR ANDTHEHONGKONGSTOCKMARKET

Metaphor and Journalistic StyleNewspaper a r t i c l e s a nd t e l e v i s i o n c omme n t a r i e s have d i f f e r e n t audiences from textbooks, and th e

journalist ha s t o be e n te r ta in in g a s w e ll a s informative . Frequently j o u r n a l i s t s us e me t apho r i n an attempt t omake th e prose more l i v e l y a nd i n t e r e s t i n g . As we have s e e n , th e accurate b ut d u l l " f a l l " may b e replaced by"tumble", "p l umme t " or other verbs i n th e i n t e r e s t of variety . A stimulating s t y l e i s always t he o bj e ct ive , a sth e following e xampl e s of some of th e more imaginative pro s e e n c o u nt e r ed i l l u s t r a t e

The funeral hu sh t h a t ha s draped th e Hong Kong f u t u r e s a nd derivatives mar ke t of th el a s t fe w days continued y esterday . (SCMPBP 1 1/ 3 /9 4, p . 1 1 )Investing i n Japanese e q u i t i e s i s a b i t l i k e entering i n t o an a r ra n ge d ma r ri a ge - on th esurface y o u know w ha t you a r e g e t t i n g i n t o but th e f i n e r points are a mystery .(SCMPBP 11/3/94, p . 1 1 )The mostly lullaby week on th e f u t u r e s market finished y e ste rday w ith a b i t of noise astrading a c t i v i t y pi c ke d u p.(SCMPBP 12/3/94 p . 7 )"The ma r k e t i s l i k e Madagascar - we a l l know w h e r e i t i s , but n o - o n e w a n t s to got h e r e , " said Barclay de Zoete Wedd a s s i s t a n t d i r e c t o r Nial G o od i n g s . (SCMPBP16/3/94 p.11)I f US i n t e r e s t r a t e s r i s e t o 8% . . . t h i s w i l l h i t Hong Kong i n th e bloated paunch of i t sr e s i d e n t i a l property mar ke t .(SCMPBP 21 / 3 / 9 4 p . 2 2 )Div idend " s t r i p " teases o i l i n v e s t o r s (headline) (dividend s t r i p p i n g i s s e l l i n g a sharewhen i t has a hi gh va lu e du e t o an impending dividend, then bu y i n g i t b a c k cheapera f t e r the dividend p a y m e n t as a tax avoidance s t r a t e g y ) (SCMPBP 12/5/94 p . 1 2 )The Fed's ( i n t e r e s t r a t e r i s e ) r o l e i s t o take away th e punch bowl as soon a s t he partys t a r t s warming up . They haven't taken away th e punch bowl, b ut t he y have t h r o w n afew i c e c u b e s i n .(SCMPBP 19/4/94 p . 1 1 )

I n t he s t y l e of the sub-editor's "snappy headline", metaphorical a l l u s i o n s maybe derived from somewhatself-consciously contrived puns on th e name of companies o r t he business t h a t they ar e involved i n :Under a F ull Head of S t e a m (headline) I t was a da y of s m o o t h s a i l i n g f o r GuangzhouShipyard i n a se a t h a t ha s often b e e n tempest-tossed for Hshares . I t steamed up 4 .54pe r c en t . . . A ll t he fr ot hi ng was i n anticipation of i t s f i n a l r e s u l t s . (SCMPBP 3 1 / 3 / 9 4p . 1 5 )China Light and Power had t he s hi ne taken off i t s recent good run by dropping $1 . . .(SCMPBP 12/ 3 / 9 4 p7 )Airline manages to take off i n wake of harbour di p ( he a dl in e r e f e r r i n g to ChinaA i r l i n e s , w h i c h was picking up b u si n es s a g ai n a f t e r l o s s of confidence caused by o n eof i t s planes running o ff t he runway i n t o th e h arb our i n November 1 9 9 3 ) . (SCMPBP12/2/94 p . l )Star Paging continued i t s recent s k y w a r d path . . . Kowloon Motor Bus accelerated 16 pc

. . .Ma a n sha n Iron a nd S t e e l forged ah ead 9.82% . . . Shanghai Petrochemical also fuell edth e mar ke t .(SCMPBP 24 / 3 / 9 4 p . 2 2 )Guangzhou Shipyard s a i l e d i n t o th e s p o t l i g h t a s a gaining stock i n th e recent doldrumsw h i c h have b e c a l m e d Hshares .(SCMPBP 3 1 / 3 / 9 4 p . 1 8 )Property income keeps Ferry a f l o a t (headline) - Net p ro f i t f o r Hong Kong Ferry(holdings) s a i l e d ah ead 13% to $ 9 9 .7M l a s t y ear as r e n t a l income o u t w e i g h e d l o s s e sfrom f e r r y operations . (SCMPBP 20/ 4 / 9 4 p . 2 )Mainlanders s t i t c h up th e jeans trade (headline)(SCMPBP 2 0 / 4 / 9 4 p . 4 )

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HONGKONGPAPERSINLINGUISTICSANDLANGUAGETEACHING 1 8 ( 1 99 5 )

S t a r Entertainment continued to put on a s t e l l a r performance . . (SCMPBP 21/4/94 p . 1 6 )Pizza Hu t seeks a s l i c e of t h e pie ( h ea dl in e) (SCMPBP 6/5/94 p . 9 )

Pick and MixMixed metaphors ar e generally not considered s t y l i s t i c a l l y s o un d, b u t t he s he er number of " l i v i n g "

and "dead" metaphors i n current use i n f i n a n c i a l reporting means t h a t some uncomfortable juxtapositions a r ei n e v i t a b l e . Some r a th e r i n t e r e s t i n g images ar e generated by th e following :

Wesaw th e market bloom on an explosion of l i q u i d i t y l a s t year . The bubble burst l a s tmonth . . . (SCMPBP 7/3/94 p . l l )G r ea t E ag l e expected to s par k s urge of s p i n - o f f s - headline(SCMPBP 30/1/94 p . 3 )White knuckle trading of HK stocks i n London yesterday saw market makers taking asafety f i r s t approach t o t h e i r Asian quarry .(SCMPBP 12/2/94 p . l )

. . . up a b l i s t e r i n g 256 points t o f i n i s h th e day on a strong note . (SCMPBP 15/3/94 p.13)Brokers s aid th e w h o l e tone o f m ar ket sentiment had been turned on i t s h ead .(SCMPBP 3/3/94 p . 1 8 )Al l th e h ot money flowing around th e market has dried up . . . (SCMPBP 10/3/94 p . 1 5 )

. . .companies rushed t o dre ss up beleaguered balance sheets(SCMPBP 11/3/94 p . l l )Meanwh il e, th e meltdown i n t h e Hong Kong market sent tremors aro und As iayesterday, sending regional stocks diving .(SCMPBP 22/3/94 p . 2 )

DiscussionThere i s no doubt t h a t f i na n c i a l r e p o r t s a r e a r i c h source of metaphorical language . The sheer

number of metaphors i n use i n d i c a t e s t h e i r importance i n t h i s genre . P a r t of th e explanation l i e s i n th enature of media reports : s u b j e c t matter mu st be accessible and i n t e r e s t i n g , even entertaining . Whereas th er o l e of a textbook i s to provide an accurate f a c t u a l account of the subject m a t t e r , j o ur n al i s t s ha ve t o considerreader r e a c t i o n , c i r c u l a t i o n and competition from r i v a l news r e p o r t e r s . Thus an a t t r a c t i v e s t y l e i s morel i k e l y t o command th e a t t e n t i o n of readers or viewers . Colourful and dramatic language i s a part of t h i ss t y l e , as well as w i t t i l y appropriate plays on t h e names of companies or t h e i r trading a c t i v i t i e s . Some of th es l i c k language described i n s e c t i o n 4 . 7 a bove i s i n t h i s category . But th e r o l e of metap h o r i s much moreprofound than these examp les alone w o u l d suggest .

Traditionally metap h o r has been p l ac ed sq uare l y i n th e f i e l d of l i t e r a r y c r i t i c i s m and s t y l i s t i c s , andhas generally been treated as a n a bn or ma l or marginal use o f l a ng u ag e . However, contemporary thinkingtook a r a d i c a l c h ange of direction with th e publication of Lakoff and Johnson's Metap h o rs We Live By(1980), w h i c h showed how metap h o r has a much deeper significance for the way people think and view th ew or ld . I t s i mp ac t o n th e fundamental discourses of e ve ryda y l i f e i s a t th e heart of our way of perceiving t h ew or ld and actions based on those perceptions . As t he y n ot e :

" . . . metap h o r pervades o ur n or ma l conceptual system . Becau se so many of th econcepts t h a t a r e important t o us a r e e it he r a b s t r a c t or no t c l e a r l y delineated i n ourexperience ( t h e emotions, i d e a s , time, e t c . ) , we need t o get a grasp on them by meansof other concepts t h a t we understand i n c l e a r e r terms . . . " 1 9 8 0 :115

E xa m ple s of th e common metaphors of everyday l i f e include such correspondences as "id eas arep eo pl e" , " lo ve i s madness", "wealth i s a hidden o b j e c t " , "emotional e f f e c t i s physical c o n t a c t " , " l i f e i s a

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gambling game" and many o t h e r s . In combination they form a coherent network of analogies andequivalences which forms th e very foundation of ou r conceptual system .

The theme of th e c e n t r a l i t y of metaphor has a l s o been developed by other w r i t e r s , for exampleMiihlhausler (1983), who proposes a s h if t i n th e paradigm, with metaphor th e primary or natural conditionand a need to provide an explanation f o r l i t e r a l language as t h e special case . In p a r t i c u l a r , he proposes ac l a s s of " n a t u r a l " metaphors, which have primacy over " n u r t u r a l " ones . Using data from pidgins a s well a sother languages, he notes that natural metaphors tend t o be culture-independent and universally understoodi n contrast t o th e c u l t u r a l l y invented nurtural m e ta p h or s a nd may provide important i n s i g h t s i n t o u n i v e r s a llanguage development processes . I t i s suggested t h a t "Developmentally very e a r l y c lu s t er s of meaning(archetypal metaphors) may r e f l e c t universals i n th e semantics of human languages" (p . 1 8 ) . An account ofth e r o l e of metaphor i n th e expansion ofa developing pidgin appears i n Smith (1990), and f u r t h e r discussionof recent work i n th e f i e l d ca n be found i n Ait chis o n ( 1 9 9 4) .

Lakoff f u r t h e r develops h i s ideas on metaphor i n Women, Fire and Dangerous Things (1987)p a r t i c u l a r l y th e relevance of th e way language i s used in a polysemous or metaphorical way t oconsiderations of conceptual organization . The idea t h a t th e use of d i f f e r e n t language leads t o d i f f e r e n tways of perceiving th e world i s , of course, not new, but t he c l a s s i c position as formulated by Whorf (1956)has often been rejected a s untestable and u n s c i e n t i f i c . However, controlled s t u d i e s o f l an gu ag e andcognition, p a r t i c u l a r l y th e work of Paul Kay ( e . g . Kay and Kempton, 1 9 8 4 ; Kay and McDaniel 1 97 8) h av el e n t f u r t h e r support to th e a s s e r t i o n t ha t l i n g u i s t i c categories can a f f e c t non-linguistic behaviour . Lakoffextends t h i s work to t h e development of a theory of "cognitive grammar", where language, cognition andcommunicative function are inextricably intertwined .

Such a p os it io n i s of considerable relevance to the way th e discourse of a d i s c i p l i n e such a seconomics i s i n t e r - r e l a t e d with th e perceptions of those engaged i n i t and t he act io ns based on thoseperceptions . I f metaphor forms such a l ar g e p ar t of t h a t discourse, then th ere a re implications f or t h eunderstanding o f b ot h academic t e x t s and more popular j o u r n a l i s t i c a cc ou nt s o f economic and f i n a n c i a lmatters .

If economists r e a l l y l i v e by those metaphors, th e world i s seen as somehow more s e c u r e , l e s sunpredictable . The w r i t e r s of textbooks are by d e f i n i t i o n presenting a world of f a c t , of s t a t e - o f - t h e - a r tknowledge, of r e l a ti v e c e rt a i n ty . However scrupulous th e au th ors may be i n maintaining a s c i e n t i f i cperspective, there are c e r t a i n assumptions which tend t o r e i n f o r c e th e c e r t a i n t y and suppress the uncertainty .In a f i e l d of a b s t r a c t concepts, th e teacher welcomes metaphorical pegs t o hang them on . As we have s e e n ,much of th e very substance of th e s ubj ect - i n f l a t i o n , c y c l e s , depression, expansion, - i s b a s i c a l l ymetaphorical i n nature and such f o s s i l i z e d concepts a r e l e f t a s t h e basic building blocks of th e academice d i f i c e .

Financial commentators, too, welcome th e support of a framework of concrete analogies to c l a r i f yth e confusing changes which characterize business a c t i v i t y . Explanations of events lean heavily on t h i smetaphorical s t r u c t u r e : th e market f a l l s on f r a g i l e sentiment caused by th e sinking d o l l a r , or by a f l a tproperty market, or an i n t e r e s t r a t e hike . The b u l l s are i n th e ascendant when resistance l e v e l s are breachedor th e market bounces b ack f rom oversold positions . Rarely do commentators say "These events are t o t a l l yunpredictable ; I haven't th e s l i g h t e s t idea what caused them t o occur . " The explanations a r e , however,generally retrospective . Tentative predictions of what will hap p en i n th e f u tu r e c o n t r a s t sharply with t h econfident c e r t a i n t y of a t t r i b u t i n g explanations t o events which have already happened . A p lethora o feconomic indicators are invoked t o maintain th e s o l i d i t y of the cause-effect r e l a t i o n s h i p . But th e degree t owhich events a r e , i n f a c t , unpredictable was seen a t then end of 1 9 9 3 i n th e South China Morning P o s t ' ssurvey of market a n a l y s t s , who were asked t o predict t he l e v e l of th e Hang Seng Index a t th e end of 1994 .Predictions ranged from 5,000 to 16,000 . ( The a c t u a l f i g u r e was about 7,500) .

A group with a s i g n i f i c a n t stake i n th e m ai nt e na nc e o f a n impression of c e r t a i n t y a r e th e f i n a n c i a l"gurus" whose words and a c t i o n s ca n have profound e f f e c t s on th e way markets move . As noted above,Barton Biggs, th e Morgan Stanley a n a l y s t s e t off a major b u l l ru n towards th e end o f 1 99 3 by simply s t a t i n gt h a t he was "maximum b u l l i s h on China" . The periodic pessimistic predictions of analyst Marc F a b e r ,(known i n th e media as "Dr . Doom"), ca n depress market sentiment t o t he ext ent t h a t th e market f a l l s i n a natmosphere of bearish gloom . Mark Mobius a t t r a c t s i n v e s t o r s t o h i s Templeton funds p a r t l y through t h e

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m ai nt en an ce o f a n aura of arcane f i n a n c i a l knowledge about t he wo rld' s ex ot ic emerging markets . To al e s s e r e x t e n t , a host of commentators, a n a l y s t s and advisers benefit from t h e i ll us io n t h a t market events ar econtrolled and r a t i o n a l a nd c an be explained and predicted .

The finding t h a t metaphor i s such a prominent p a r t of these r e p o r t s a l s o has a number of possiblepedagogical applications i n Hong Kong . Students of business a n d e c on o mi cs who wish t o understand t h esubject m ust be aware of t h e metaphorical nature of much of t h e d e s c r i p t i o n , and be a ble to i n t e r p r e t i t whenthey come across i t . I t s importance i s confirmed by e ven a cursory glance a t th e t i t l e of some recentlyassigned readings such as "'Doomsday Models' and th e 'Chicken L i t t l e ' Syndrome : or ' t h e computer t h a tcried "wolf"" (Solow 1973) . This importance h as been demonstrated f o r economics textbooks (Henderson1982, Mason 1990), whe re th e emphasis has mainly been on metaphor a s a component of th e theoreticalunde rp in n ing of t h e s u b j e ct ' s basic assumptions and t h e o r i e s . Even i f th e metaphor underlying a term hasnow become obscure, a n a l y s i s of i t s o r i g i n s could give i n s i g ht s i n t o t h e meaning, and a c t as an aide-MEMOIRE When considering l i v i n g metaphors, an appreciation of t h e d i s t i n c t i o n between th e l i t e r a l and th efigurative would be highly d e s i r a b l e t o bring a c r i t i c a l mind t o bear on readings . The f a c t t h a t Englishmetaphors may h a v e d i r e c t Cantonese equivalents (Chan and Kwok 1974) may help i n t h i s respect . AsMcLennan (19 93 ) h as noted, t h e teaching of metaphor i n ESL c l a s s e s has generally been neglected i nsecondary schools i n Hong Kong, which i s unfortunate, a s s h e demon str ate s t h a t i t i s a significant cau se ofcomprehension f a i l u r e among l e a r n e r s . The r o l e of metaphor a s a resource for im p ro ved vocabularylearning i s f u r t h e r discussed i n McLennan (1994) .

There appear t o be t h r e e main reasons why such work would also be useful f o r t e r t i ar y students i nth e ar ea of business a n d e c on o mi c s : g e t t i n g t o g r i p s with t he s u bj ect matter, background knowledge of th esubject area and s t y l i s t i c awareness . As f o r grasp of subject m a t t e r , a s noted above, understanding of TERMSmay depend on appreciation of metaphorical l i n k s , or may be a s s i s t e d by s uch an i n s i g h t . A discussion ofthese associations would be a u se fu l check f o r t e s ti n g d e f i ni t i o n s of ke y terms . Co-operation with teachings t a f f i n subject departments would be highly d e s i r a b l e here .

Secondly, a common complaint about undergraduates i s th e inadequate amount of backgroundknowledge available f o r a c r i t i c a l i n t e r p r e t a t i o n of subject matter This background knowledge i s ofsignificance no t j u s t a s a r epos itor y of f a c t s t o draw on when r e q u i r e d , but also intimately a f f e c t s th e processof reading i t s e l f . As Henzell-Thomas ( 19 8 5) h as shown, a c r i t i c a l reading s t r a t e g y based on expectationsfrom one's own background schemata i s l ik el y t o be much more e f f e c t i v e a t t e r t i a r y l e v e l than t r e a t i n g a t e x ta s a dos e of information t o be ingested and assimilated . Wide reading on topics of i n t e r e s t could bestimulated by focusing on s uch sources as t h e South China Morning Post Business Post, whe re t h e r epor tsare well w r i t t e n and informative .

Thirdly, awareness of s t y l e , genre and tone i n writing i s an ar ea whe re many t e r t i a r y students ar e i nneed of improvement . The tone and s t y l e of j o u rn a l i s t i c r e p o r t s a r e d i f f e r e n t from those o f t ex t bo okchapters or economic essays i n ways which may be obvious t o native s peakers b u t not s o apparent t o secondlanguage students . Reading exercises to i d e n t i f y d i f f e r e n t tone and s t y l i s t i c elements would be a us efulprelude t o i n s t r u c t i o n on writing reports i n an appropriate genre with th e required degree of formality .

One pedagogical application which h as b ee n u s ed with a f a i r degree of success i s project work ofth e kind currently undertaken i n ESP courses f o r economics an d business students a t th e University of 1 - l o n gKong . For example, f i r s t year economics students are required t o assemble a business p o r t f o l i o a s p a r t oft h e i r f i r s t year English f o r Academic P ur p os e s c ou rs e . This p o r t f o l i o i s based on an investigation of somecurrent a c t i v i t y o r e v e n t s , such a s t h e stock market or property p r i c e s , and s erv es as th e bas is for written ando r a l reporting . Information i s l a r g e l y obtained from media r e p o r t s , a s c ur re nt information c an no t b e foundi n textbooks . As media reports a r e normally presented i n a " j o u r n a l i s t i c " s t y l e , there h as t o be sometransposition i n t o a more s u i t a b l y formal s t y l e before i t i s acceptable i n an academic context .

One of t h e main advantages of such p r o j e c t a c t i v i t i e s i s th e motivating factor of dealing withcurrent and relevant t o p i c s . Many " i n t e r n a t i o n a l " e d i t i o n s of th e main North American economics textbooksar e somewhat culture-bound i n t h e i r choice of e xa mp le s, a nd c an be a struggle f o r students from places sucha s Hong Kong . Similar a c t i v i t i e s c ou ld b e devised a t th e secondary l e v e l a l s o , f o r e xam ple assembling anotional equity p o r t f o l i o and compiling c h a r t s t o follow i t s v i c i s s i t u d e s over th e year . This would givep r a c t i c e i n various s k i l l s and provide a s u i t a b l e focus f o r o r a l or w r i t t e n reporting . Given th e popularity of

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stock market investment among small i n v e s t o r s i n the general population i n Hong Kong (normally r e f e r r e dt o as " r e t a i l investors" by th e media), t h i s could a l s o be a u s ef u l s u r v i v a l s k i l l i n l at e r l i f e !

Metaphor i s a common and important f e a t u r e o f contemporary f i n a n c i a l journalism i n Hong Kong,an d an y understanding o f th e language of stocks and trading r e q u i r e s an appreciation o f t h i s . Metaphorfunctions not only as a s t y l i s t i c device, bu t i s fundamental t o the perceptions o f both academics an dprofessionals i n th e f i e l d . Newspaper a r t i c l e s on f i n a n c i a l dealings could be a source o f relevant an dmotivating authentic t e x t s f o r use i n th e ESP classroom f o r s t uden ts on t e r t i a r y e co n om ic s a nd businesscourses .

Aitchison, Jean . (1994) . Words i n th e Mind, 2nd ed. Oxford, Blackwell .Alchian, Armen a nd W il li am R . Allen, (1983) . Exchange and Production : Competition, co-ordination and

c o n t r o l , 3rd E d i t i o n , Belmont, Calif. , Wadsworth .Backhouse, R , Dudley-Evans, T . , an d Henderson, W(1993) . Exploring th e language an d r h e t o r i c of

economics i n Henderson e t a l (eds . ) pp. 1-20 .

Conclusion

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Henderson, W(1982) . Metaphor i n Economics, Economics 18(4) :147-57 .Henderson, W i l l i e , Tony Dudley-Evans an d Roger Back ho u se (eds . ) . (1993) . Economics andLanguage.

London, Routledge .Henzell-Thomas, Jeremy . (1985) . Learning from informative t e x t : prediction protocols as a means of

accessing the interaction between top-down an d bottom-up processes, Lancaster, unpublished PhDt h e s i s .

Hewings, Ann, (1990) . Aspects o f th e language of Economics Textbooks, i n Dudley-Evans a nd H en d er s on(eds . ) :29-42 .

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Klamer, A. , McCloskey, D , an d Solow, R (eds . ) . (1988) . Th e Consequences of Economic R h e t o r i c ,Cambridge University Press .

Lakoff, George . (1987) . Women, Fire and Dangerous Things . Chicago UP .Lakoff, George an d Mark Johnson . (1980) . Metaphors We Live By, Chicago, University o f Chicago Press .Lindstromberg, S . (1991) . Metaphor an d ESP : A ghost i n the machine, English f or Specific Purposes,

10(3) :207-25 .Maclennan, Carol H. G . (1993) . Metaphor i n th e language classroom : a case for change, ILEJ 10 :137-52 .Maclennan, Carol H G (1994) . Me ta ph o rs a nd prototypes i n t h e l ear ni ng teaching o f grammar an d

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Evans and Henderson (eds . ) : 16-28 .McCloskey, DonaldN. (1985) . Th e Rhetoric ofEconomics . Madison, University o f Wisconsin Press .

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Miihlhdusler, Peter . (1983) . Towards an explanatory theory of metaphor . Series A P ep e r 1 1 6 , T r i e r ,Linguistic Agency .

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Boston, Kluwer .Samuelson, Paul A. , (ed . ) . (1973) . Readings i n Economics, 7t h e d i t i o n . New York, M cG raw-Hi l l .Samuelson P. A . an d Nordhaus, WD . (1985) . Economics . New York, M cG raw-Hi l l .Smith, Geoff P . (1990) . Idiomatic Tok P i s i n and r e f e r e n t i a l adequacy, i n Verhaar, J .W.M . (e d . ) Melanesian

P i d g i n and Tok Pisin . Amst erdam, Benjamins pp . 275-287 .S ol ow , R ob e r t M , (1973) . Doomsday M o d e l s an d t he C h i c k e n L i t t l e Syndrome : or t he comput er t h a t cried

wolf, in Samuelson (e d . ) :302-305 .


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