纳斯达克市场上的股权结构、期望值和卖空交易【外文翻译】

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1、毕业论文外文翻译外文题目：OWNERSHIPSTRUCTURE,EXPECTATIONS,ANDSHORTSALESONTHENASDAQ出处：JOURNALOFECONOMICSANDFINANCE作者：J.EdwardGrahamandJ.ChristopherHughen原文：AbstractWeestimateexpectedshortinterestforNasdaqstocks.Extendingpriorwork,ourresearchisamongthefirsttoinvestigatetheimpactofownerships

2、tructureonshort-sellingactivity.Wefindthatshortinterestisnegativelyrelatedtoinstitutionalownershipandpositivelyrelatedtoinsideownership;stockswithgreaterliquidityandsmallerrelativespreadsaremoreheavilyshorted.Wealsodevelopameasureoftheunanticipatedlevelofshortselling;relative

3、tothereportedamountofshortinterest,thisunexpectedlevelofshortsellingseemsatfirsttobetterrepresenttheopinionsofinformedinvestorsengagingincostlyshort-sellingactivities.However,thepoweroftheunanticipatedlevelofshort-sellingfactorisdisplacedwhenwemakeallowancesfortraditionalmark

4、et,firmsize,andmomentumvariables.I.INTRODUCTIONThomas(2006)affirmsthestruggleoffinancialresearchersastheyconsidershortsales.Confrontinginstitutionalandstatisticalissues,anewshortsalesliteraturehasevolvedinthepastfewyears;weseektotemperthestrugglewithasetofrelatedexaminationst

5、hatextendthisresearch.First,weexaminetheimpactofownershipstructureonthelevelofshortinterestandfinditsignificantlyrelatedtoshort-sellingactivity.Second,weextendourownershipmeasuresanddiscoverthatwhileshortsellingisnegativelyrelatedtoinstitutionalownership,itispositivelyrelated

6、toinsideownership;thislatterrelationshipisnotanartifactofthenon-monotonicrelationshipbetweenownershipconcentrationandfirmvaluedocumentedbyMorcketal.(1988).Third,wefindthatshortsellersaremoreactiveinstockswithgreaterliquidityandsmallerrelativebid-askspreads.Finally,wemeasureex

7、pectedshortinterestanddemonstratethatourmeasureoftheunanticipatedlevelofshortinterestseemstoprovidegreaterexplanatorypowerforfuturereturnsthandotherawmeasuresofshortsales;however,thisgreaterpowerisdisplacedwhenweadoptselectedfirmsizeandmomentumvariablesasadditionalexplanatory

8、factors.Inadvancingourunderstandingofshortselling,weconnecttwolineso