Question

求这些英文翻译

herding ：羊群效应
However, for South Korea and Taiwan, the two emerging markets in our sample, we document significant evidence of herding. The results are robust across various size-based portfolios and over time. Furthermore, macroeconomic information rather than firm-specific information tends to have a more significant impact on investor behavior in markets which exhibit herding. In all five markets, the rate of increase in security return dispersion as a function of the aggregate market return is higher in up market, relative to down market days. This is consistent with the directional asymmetry documented by McQueen et al. (1996) (McQueen, G., Pinegar, M.A., Thorley, S., 1996. Journal of Finance 51, 889–919).

Answer 1

However, for South Korea and Taiwan, the two emerging markets in our sample, we document significant evidence of herding.不过，韩国和台湾，我们的样本中两个新兴市场，我们重要的证据文件的放牧。 The results are robust across various size-based portfolios and over time.结果非常良好，在各个大小的组合，随着时间的推移。 Furthermore, macroeconomic information rather than firm-specific information tends to have a more significant impact on investor behavior in markets which exhibit herding.此外，而不是公司的特定信息的宏观经济信息往往有更多的投资者对市场的羊群行为表现出显着的影响。 In all five markets, the rate of increase in security return dispersion as a function of the aggregate market return is higher in up market, relative to down market days.在所有五个市场，在安全返回分散增加了市场的总回报率较高的功能在了市场，市场相对下降天。 This is consistent with the directional asymmetry documented by McQueen et al.这与麦奎因等人记录了方向不对称是一致的。 (1996) (McQueen, G., Pinegar, MA, Thorley, S., 1996. Journal of Finance 51, 889–919). （1996年）（麦奎因，克，皮尼格，马，索利，南，1996。财政部51，889-919版）。

Answer 2

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