资源描述：
《在交易型开放式基金中的卖空【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、毕业论文外文翻译外文题目：SHORTINTERESTINEXCHANGE-TRADEDFUNDS出处SWISSSOCIETYFORFINANCIALMARKETRESEARCH作者：JeffMadura·ThanhNgo原文：SHORTINTERESTINEXCHANGE-TRADEDFUNDSAbstractShortsellingexchange-tradedfunds(ETFs)hasbecomeacommonmeansofspeculatingorhedginginresponsetopessimis
2、ticexpectationsaboutaspecificmarketorsector,astheshortinterestofETFsismorethan10timesthatofindividualstocks,onaverage.Wedeterminethatsector-basedETFshaveanabnormallylargeshortinterestlevel,whereasinternationalETFshaveanunusuallysmallshortinterestlevel.Thele
3、velofshortinterestislargerforETFsthathaveahighertradingvolumeandalowermarketcapitalization,regardlessofthetypeofETFassessed.ThelevelofshortinterestislowerforETFsrepresentingindexesthathavetradablederivatives,buthigherforinternationalETFsrepresentingindexest
4、hathavetradablederivatives.WealsodeterminethatthelevelofshortinterestinanETFservesasaneffectivesignalofbearishsentimentwhenconsideringallETFs,butisnotaneffectivesignalwhenisolatinganyparticulartypeofETF.Keywords:Exchange-tradedfunds·Shortsales·ShortsellingI
5、.INTRODUCTIONAnETFisaspecializedinvestmenttrustthatiscreatedtomirroraspecificedportfolioofsecurities.MostETFsrepresentportfoliosofstocksandcanbeclassifiedasbroad-based,sector-based,orinternational,dependingonthetypeofindextheymimic.Theydifferfromopen-endind
6、exmutualfundsinthattheyaretradedcontinuouslyonanexchangeandcanbepurchasedorsoldanytimethemarketisopen.TheseETFsarecreatedwhenanauthorizedparticipant(suchasaspecialist)obtainstheportfolioofstocksandstoresthestocksatacustodialbank.Inreturn,thecustodialbankpro
7、videssharesofETFstotheauthorizedparticipant.Thisprocessisreferredtoasin-kindtrading.OncetheETFsharesareprovidedtotheauthorizedparticipant,theycanbetradedonstockexchangesjustlikestocks.Morerecently,someETFshavebeendesignedtomirrorfixed-incomeassets.Arbitrage
8、preventsthepriceoftheETFfromdeviatingsignificantlyfromthenetassetvalueand,therefore,limitstrackingerror.TheexpensesofETFsassociatedwithmanagingtheportfolioareverylow.ETFscanbeshorted,justlikestocksand,
