在交易型开放式基金中的卖空[文献翻译]

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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)hasbecomeacommonmeansofspeculatingorhedginginresponsetopessimist

2、icexpectationsaboutaspecificmarketorsector,astheshortinterestofETFsismorethan10timesthatofindividualstocks,onaverage.Wedeterminethatsector-basedETFshaveanabnormallylargeshortinterestlevel,whereasinternationalETFshaveanunusuallysmallshortinterestlevel.Theleve

3、lofshortinterestislargerforETFsthathaveahighertradingvolumeandalowermarketcapitalization,regardlessofthetypeofETFassessed.ThelevelofshortinterestislowerforETFsrepresentingindexesthathavetradablederivatives,buthigherforinternationalETFsrepresentingindexesthat

4、havetradablederivatives.WealsodeterminethatthelevelofshortinterestinanETFservesasaneffectivesignalofbearishsentimentwhenconsideringallETFs,butisnotaneffectivesignalwhenisolatinganyparticulartypeofETF.Keywords:Exchange-tradedfunds·Shortsales·ShortsellingI.INT

5、RODUCTIONAnETFisaspecializedinvestmenttrustthatiscreatedtomirroraspecificedportfolioofsecurities.MostETFsrepresentportfoliosofstocksandcanbeclassifiedasbroad-based,sector-based,orinternational,dependingonthetypeofindextheymimic.Theydifferfromopen-endindexmut

6、ualfundsinthattheyaretradedcontinuouslyonanexchangeandcanbepurchasedorsoldanytimethemarketisopen.TheseETFsarecreatedwhenanauthorizedparticipant(suchasaspecialist)obtainstheportfolioofstocksandstoresthestocksatacustodialbank.Inreturn,thecustodialbankprovidess

7、haresofETFstotheauthorizedparticipant.Thisprocessisreferredtoasin-kindtrading.OncetheETFsharesareprovidedtotheauthorizedparticipant,theycanbetradedonstockexchangesjustlikestocks.Morerecently,someETFshavebeendesignedtomirrorfixed-incomeassets.Arbitrageprevent

8、sthepriceoftheETFfromdeviatingsignificantlyfromthenetassetvalueand,therefore,limitstrackingerror.TheexpensesofETFsassociatedwithmanagingtheportfolioareverylow.ETFscanbeshorted,justlikestocksand,