英文高手翻譯幫幫忙呀中午之前就要!!

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這是財金的期刊。很多專業用語。不懂請高手幫幫忙

很急。謝謝大家!

The two-tier structure is perhaps the signature characteristic that determines the dividend supply of industrial firms, and it has been so for at least two decades (and

probably longer). Although our evidence is limited to dividends, we conjecture that

the small set of top-tier firms is also responsible for the majority of cash payouts via

stock repurchase. Three observations are consistent with this conjecture. First, Fama

and French (2001a) report that stock repurchases are primarily the province of

dividend-paying firms. Second, earnings are highly concentrated, with a handful offirms generating the bulk of industrial earnings and dividends, and these firms may

also use their earnings to support repurchases. Finally, for S&P 500 firms in the late

1990s, Liang and Sharpe (1999, fig. 1) document substantial gross (as well as net of

stock option exercise) dollar repurchase volume, with gross repurchases the same

order of magnitude as dividends—facts consistent with our conjecture that top-tier

firms dominate aggregate repurchase activity. Whatever the ultimate verdict on

the concentration of repurchase volume, future analyses of payout policy

should recognize that a few large earners dominate the dividend supply, while the

vast majority of firms collectively contributes little to aggregate earnings and

dividends.

Answer 1

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二列的結構也許是決定工業公司的被除數補給的簽字特性，而且它已經如此有至少二十年之久（和

可能比較長的）. 雖然我們的證據被限制於被除數，但是我們推測哪一

一流公司的小組也負責多數的現金花費經由

存貨的買回。 三觀察與這一個推測一致。

而且法語 （2001 一）報告存貨買回主要地是省

支付被除數的公司。 其次，所得高度地被集中，少數 offirms 產生大部份的工業所得和被除數，和這些公司可能

也使用他們的所得支持買回。 最後，為 S＆P 500 在遲者中堅固

1990 年代、兩和 Sharpe（1999, 圖 1) 証明可觀的總數（連同淨餘的存貨選擇練習）元再買體積，藉由總共的買回大小的次序當做被除數－事實一致的與我們的推測哪一一流的

公司支配合計的買回活動。 任何的終極判決在

買回體積的集中，未來花費政策分析

應該認識，一些大的 earners 支配被除數補給，當那的時候

相當多的公司集體地少有助於聚集所得和

被除數。

Source(s): http://www.mytrans.com.tw/newMytrans/freeTrans/Fre...