金融類論文翻譯案例分享-北京世聯翻譯公司
Unitrans世聯
| 論文翻譯涉及領域比較廣泛，金融類論文是比較常見的，同時也是世聯北京翻譯公司擅長領域，我們擁有專業的論文翻譯團隊處理此類稿件，在此與大家分享有關金融類論文翻譯案例： Introduction 翻譯：簡介 In recent years, important institutional investors such as university endowments, sovereign wealth funds and pension funds have shifted their asset allocation away from standard asset classes like stocks and bonds into alternative investments such as private equity and hedge funds. This suggests that their portfolio managers either believe that alternatives earn high net abnormal returns or they provide diversification benefits. 翻譯：近年來，大學捐贈資產、主權財富基金以及養老基金等重要的機構投資者日益將其投資重點從傳統的股票和債券投資轉向私募股權和對沖基金等另類投資方式，這表明其投資組合經理認為另類投資方式能夠取得更高的超常凈收益，或有助于實現投資收益的多樣化。 This paper focuses on investors’ views on the level of net abnormal returns. We assume that asset returns follow a factor model and endowments solve a standard portfolio allocation problem. Using a Bayesian framework, we use information on asset returns and cross-sectional asset allocations to estimate the views on net abnormal returns—which we term alpha—that justify the observed weights on alternative investments. We find that the views on private equity’s alpha are much higher than its time-series average abnormal return. The opposite is true for hedge funds: our estimated alpha is lower than the historical alpha of our proxy. Additionally, we find that endowments’ views on expected abnormal returns have increased, reflecting the monotonic increase in allocations to alternatives during the period of our study 翻譯：本文重點探討投資者對超常凈收益程度的觀點。我們認為，資產收益遵循某種因子模型，而捐贈資產可體現投資組合的正常配置模式。我們根據貝葉斯框架，利用資產收益和跨行業資產分配信息預測人們對另類投資超常凈收益的期望值（該期望值用阿爾法表示）。我們發現，私募股權的阿爾法值遠遠高于其同期的實際超常凈收益，而對沖基金則恰恰相反：我們預測的對沖基金阿爾法值低于以往實際的阿爾法值。我們還發現，捐贈資產對其投資的超常收益期望值有了提高，這意味著捐贈資產越來越多地用于另類投資。 Our analysis of investor beliefs is based on a comprehensive panel dataset of university endowment asset allocations and performance. Universities have been leaders in the recent trend towards alternative investments. David Swensen’s Pioneering Portfolio Management articulated the value proposition of this investment style; first, accessing factor returns through nonmarketable investments offers an additional liquidity premium to patient investors and second,inefficient asset markets offer astute investors the chance to capture positive alpha by identifying skilled managers. A handful of university endowment officers put these principles into practice in the 1990s and 2000s and were highly successful. Many other institutions followed suit (cf. Goetzmann and Oster, 2012). 翻譯：我們對投資者理念的分析是以大學捐贈資產投資配置及其表現的全面數據為基礎的。大學是另類投資的領先者。大衛·史文森所著的《投資組合管理新探》對這種投資方式的理念進行了闡述：首先，通過非出售性投資取得因子收益有助于提高長線投資者投資資金的流動性；其次，低效的投資市場正是精明的投資者任用熟練的投資經理謀取超常收益的良好機會。1990年代和2000年代，一些大學捐贈資產管理者將這些原則付諸實踐并取得了很大成功，其他機構也紛紛仿效（參見Goetzmann和Oster2012年發表的有關文章）。 以上就是世聯北京翻譯公司與大家分享的有關金融類論文翻譯案例，如果您有類似翻譯服務需求，可以隨時與本公司在線客服人員聯系，或者撥打服務熱線：010-64809262 http://www.unitrans.cn/. |
