Question

谁能帮我翻译这段话?急用！求！！

Recently, there has been considerable interest among accounting researchers in the relation between asymmetric information and cost of capital. A number of empirical studies document associations between risk premiums and proxies for asymmetric information such as earnings quality. However, the theoretical foundation for these studies has yet to be fully established. In this study, we consider the effects of private signals that are informative of both systematic factors and idiosyncratic shocks affecting asset payoffs in a competitive, noisy, rational expectations setting.Taking a large economy limit, we show that (1) risk premiums equal products of betas and factor risk premiums, irrespective of information asymmetries;
(2) holding total information constant, greater information asymmetry leads to higher factor risk premiums and, thus, higher costs of capital; and (3) controlling for betas, there is no crosssectional effect of information asymmetries on cost of capital. These results provide guidance in interpreting the findings of existing empirical work and suggest specifications helpful for future research.

Answer 1

最近，已经有相当之间在信息不对称和资本成本会计的研究人员之间的利益关系。如一个盈余质量的信息不对称数之间的风险溢价实证研究和代理文件关联。然而，这些研究的理论基础尚未完全建立起来。在这项研究中，我们考虑的是两个制度性因素，影响资产收益的私人信息在异质冲击信号的影响有竞争力，嘈杂，setting.Taking一大经济限制的合理期望，我们发现：（1）风险溢价等于产品的测试版和风险溢价的因素，不论信息不对称;
（二）持有总额不断的信息，加强信息不对称导致更高的风险溢价的因素，因此，较高的资本成本;（3）控制的测试版，没有信息不对称的资本成本横断效果。在解释这些结果提供现有的实证研究结果的指导和建议的规格为今后的研究有所帮助。

Answer 2

五分。。。LZ给的太少了。。。

Answer 3

这么机密啊

Answer 4

最近,己有很多之间利益关系的研究人员会计信息不对称、资本成本。大量的实证研究文献之间的联系的风险酬金以及代表等信息不对称收益质量。然而,这些研究的理论基础还没有被完全确立。在本研究中,我们考虑私人信号的影响的信息既系统化因素和特质的冲击影响