UC知道求高手帮忙翻译一段金融类英语论文
来源：百度知道 编辑：UC知道 时间：2024/09/23 10:39:32
In addition to the trades regressions, we also experiment extensively with various regressions for holdings. Our most basic specification for holdings is
nothing more than a levels version of equation (1), namely,
hij ,k,l =∑αc { Hic,xk • I (l = c) } + ∑βc { Hic•I (l ≠ c) +γHiR+δ•LOCALi,l +εij ,k,l . (4)
The one noteworthy addition here is the dummy LOCALi,l, which takes the value of 1 if stock i is headquartered in the same census region as city l, and the value of 0 otherwise. This dummy is a control for the local-bias effect of Coval and Moskowitz (1999); it is effectively differenced out in our trades specifications, but needs to be inserted when working with holdings. We also try three variations on (4), which add further controls. (Again, all of these controls are differenced out in the trades regressions.) In the first of these, the LOCALi,l term is replaced with 135 fund-city × firm-census-region dummies. In the second variation, we
nothing more than a levels version of equation (1), namely,
hij ,k,l =∑αc { Hic,xk • I (l = c) } + ∑βc { Hic•I (l ≠ c) +γHiR+δ•LOCALi,l +εij ,k,l . (4)
The one noteworthy addition here is the dummy LOCALi,l, which takes the value of 1 if stock i is headquartered in the same census region as city l, and the value of 0 otherwise. This dummy is a control for the local-bias effect of Coval and Moskowitz (1999); it is effectively differenced out in our trades specifications, but needs to be inserted when working with holdings. We also try three variations on (4), which add further controls. (Again, all of these controls are differenced out in the trades regressions.) In the first of these, the LOCALi,l term is replaced with 135 fund-city × firm-census-region dummies. In the second variation, we
此外，该行业的回归，我们也广泛的实验与各回归为控股。我们最基本的规格为控股是
没有一个多层次版本的方程（ 1 ） ，即
hij ，钾，升= σα c （这里， xk •我（升=三） ） + σβ c （这里•我（升≠三） + γ hir + δ • locali ，升+ ε ij ，钾，升。 （ 4 ）
一个值得注意的，除了这里是道具locali ，升，其中考虑的价值1如果股票i是总部设在同一普查区域作为城市升，和值为0 ，否则。这个道具是控制当地偏见的影响， coval和莫斯克维兹（ 1999年） ;它是有效的差分列在我们的行业规格，但需要插入工作时，与控股。我们也可以尝试三个变化，对（ 4 ） ，其中新增进一步管制。（再次，所有这些管制是差分列于该行业的回归。 ）在上述第一， locali ，升来说，是取代135基金市×公司的中期人口统计的区域假人。在第二个变化，我们离开，在locali ，升任期，但新增225基金市×投资风格的假人。在第三个变化，我们取代基金市×投资风格的假人与1245年基金市×业
假人。一般的图片出现，从所有这些控股回归是非常相似，即从行业的回归。因此，为了节省空间，我们不讨论控股结果的任何进一步这里。有兴趣的读者参阅，以表爱在附录A ，这提供了一个紧凑的概要，许多这些结果，使用的格式类似，即表四。我们先前的nber工作文件（香港， kubik ，斯坦因（ 2003 ））包含一个更为详细叙述了这种材料。