阿威 asked in 社會與文化語言 · 5 years ago

請專業翻譯大大 幫小弟翻譯這篇文章 小的我中文造詣實在差勁.

This article examines the impact of index futures and options contracts on the volatility of the spot market. In the period following the flexible-exchange-rate regime, which coincides with the deregulation of broker's commissions, the introduction of currency and interest rate futures contracts, and the introduction of individual stock options, the unconditional variance of daily index stock returns rose significantly.At the same time, the conditional variance of the daily returns became less sensitive to innovations(news) and more predicated, because the persistence rose substantially. The implications is that today’s news has become less important in the formation of tomorrow’s volatility forecasts.Because of the many important developments that took place over this period, their impact on stock return volatility cannot be assessed independently. There is, however, unambiguous evidence that the introduction of index futures and index options produced no further structural changes on either the conditional or the unconditional variance, apart from the impact of the October 1987 stock market crash. In fact, for the weekly returns, the unconditional variance appears to have been reduced in the post-futures period,even though the reduction is statistically insignificant. Consequently, calls for tightening regulation of index futures on the basis that they increase stock market volatility are unwarranted.

The robustness of the empirical findings is tested on the basis of an array of diagnostics performed on the estimated standardized residuals. All tests fail to produce any evidence of misspecification.

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    This article examines the impact of index futures and options contracts on the volatility of the spot market.

    In the period following the flexible-exchange-rate regime, which coincides with the deregulation of broker's commissions,

    the introduction of currency and interest rate futures contracts, and the introduction of individual stock options,

    the unconditional variance of daily index stock returns rose significantly.

    At the same time, the conditional variance of the daily returns became less sensitive to innovations(news) and more predicated,

    because the persistence rose substantially.

    這篇文章檢視動當的現貨市場對股指期貨和期權合約的衝擊。在接下來彈性匯兌的制度時期,同時也放鬆掮客(中間商)收取手續費(回扣)解禁的時期,並導入貨幣和利率期貨合約,以及引入個股期權外加無條件 變異的指標股 日收益率快速上升。再此同時, 因為持續性大幅度的提升,

    有條件變異的指標股日收益率對創新方面的新聞則變得較不敏感並較可預測。

    The implications is that today’s news has become less important in the formation of tomorrow’s volatility forecasts.

    Because of the many important developments that took place over this period, their impact on stock return volatility cannot be assessed independently.

    There is, however, unambiguous evidence that the introduction of index futures and index options produced no further structural changes on either

    the conditional or the unconditional variance, apart from the impact of the October 1987 stock market crash.

    這意味著當日新聞對於明日(股市市場)變動預測上變得較不重要。因為很多重要的發展再之前發生,不行單就個別(發展)對股市的益率影響做出評估。

    因此,也就是是說,除了1987崩盤所但來的衝擊以外,不管是有條件或是無條件變動,股指期貨和指數期權的引進,已明確地證明並未對股指期貨的結構產生進一步的改變。

    In fact, for the weekly returns,

    the unconditional variance appears to have been reduced in the post-futures period,even though the reduction is statistically insignificant.

    Consequently, calls for tightening regulation of index futures on the basis that they increase stock market volatility are unwarranted.

    The robustness of the empirical findings is tested on the basis of an array of diagnostics performed on the estimated standardized residuals. All tests fail to produce any evidence of mis-specification.

    2015-04-16 16:57:26 補充:

    事實上,針對每週益率,無條件變異的出現 已經減短後-期貨時期的時間

    2015-04-16 16:58:22 補充:

    事實上,針對每週益率,無條件變異的出現 已經減短後-期貨時期的時間,

    儘管此(一期間)的縮短在數據上微不足道。結果,根據股市市場變動,

    對股指期貨緊縮規定的呼籲並未受到保證。

    (此)穩健性(是透過)經驗主義從一連串預估標準殘留的基準上所執行的診斷

    (所獲得的)。所有測試皆未產生任何錯誤設定的證據(翻'跡象'更順?)。

    2015-04-16 16:58:58 補充:

    ------------------(單字表)--------------------------

    index futures 股指期貨

    index options 指數期權

    option contracts 期權合約

    spot market 現貨市場

    commissions手續費, 回扣

    interest rate futures contracts利率期貨合約

    individual stock options各股期權

    variance變動

    daily return日收益率(類似每日收盤後賺.賠)

    index stock 指標股

    persistence 持續性

    rose(rise過去式)

    2015-04-16 16:59:10 補充:

    substantialy 大幅度的

    unambiguous 明白的 清楚的 不含糊的

    index options指數期權

    post-futures 後期貨

    statistically數據上的

    insignificant 微不足道的

    empirical 經驗主義的

    robustness 強壯;強健;堅實[U]

    misspecification 錯誤設定

    Source(s): 谷歌字典+雅虎奇摩字典+自己
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