Question

速度求翻译！！！！悬赏30，高手求助！！不要翻译器翻译的！！！因内容太长，分批次上传！！！速度求助啊

The paper makes a contribution at three levels. First, it extends the findings of Felgren (1985) and Todd and Murray (1988); that in comparison to sales and delivery by traditional insurers, the use of bank branches reduces the cost of selling and delivering insurance products. Second, it contributes to the literature on integrated distribution of products and services via financial alliances, for example, Benoist (2002) and Claessens (2003). Third, it contributes to the sparse literature on the impact of bundling financial service products.
The paper is organized as follows. “Section 2” summarizes relevant aspects of the literature on bank diversification, bancassurance, and product bundling. “Section 3” provides a description of the data. “Section 4” specifies and tests a model, “Section 5” presents the results of the model, and “Section 6” validates these results. “Section 7” concludes.
2. Literature Review
The bank diversification literature is well established and focuses primarily on studies that use US data; see Kwan and Laderman (1999) for a review. Allen and Santomero (2001) explain that although as a proportion of total financial assets, banks’ assets have remained fairly constant, the traditional business of taking deposits and making loans is a declining component of banking activity. Amongst other things, these authors attribute this phenomenon to advances in risk management techniques, innovation, and entry into a number of other retrocession fee-based services.
Studies in this area of financial economics tend to focus on the benefits and costs of
diversification at the firm and at the financial system level. For example, Rose (1989) finds evidence showing that cash flows from non-bank product lines, particularly in insurance and data processing, are less sensitive to exogenous and financial market factors, and therefore, diversification into these fields reduces firm-level risk. However, Demsetz and Strahan (1997) find that the potential risk reduction benefits of diversification are offset by lower capital ratios and may provide an incentive for financial conglomerates to use greater leverage to pursue riskier lending than they would do otherwise. Stiroh (2004) also suggests that the benefits of diversification are quite limited, because, on aggregate, non-interest income is volatile and correlated with interest income. This finding is supported by Stiroh and Rumble (2006), whose results corroborate those of Demsetz and Strahan (1997). Stiroh and Rumble show that any benefits of non-interest diversification are offset by the costs of increased risk exposure and volatility in the returns of such activities.

Answer 1

本文在三个层面上作出了贡献。 首先，它扩展了Felgren（1985年）和托德和默里（1988年）的调查结果，这相对于传统的保险销售和交货，银行分行的使用减少了销售和提供保险产品的成本。 其次，它有助于对产品和服务的综合分销联盟，通过金融文学，例如，Benoist（2002）和Claessens（2003年）。 第三，它有助于稀疏文学对金融服务的捆绑产品的影响。 本文的结构如下。 “第2节”总结了对银行的多样化，银行保险，以及相关方面的产品捆绑文献。 “第3节”提供了数据描述。 “第4节”指定并测试模式，“第5条”提出了该模型的结果，“第6条”验证这些结果。 “第7”的结论。 2。 文学评论是文学多样化的银行历史悠久，主要研究，利用美国的数据集中，见一个审查关Laderman（1999年）。 艾伦和圣多马罗（2001）解释说，虽然在总金融资产的比重，银行的资产一直保持相当稳定，接受存款和发放贷款的传统业务是银行业务下降的组成部分。 除其他事项外，这些作家属性光复成其他收费服务的多少，在风险管理技术，不断创新，而进入的进步现象。 在这方面的研究金融经济学往往把重点放在成本效益和多样化在公司和金融体系的水平。 例如，玫瑰（1989）发现证据显示，来自非银行的产品线，特别是在保险和数据处理，现金流量，是不敏感的外源性和金融市场因素，因此，在这些领域的多样化，减少企业级的风险。 然而，德姆塞茨和斯特拉汉（1997）发现，多样化的潜在风险降低的好处，抵消了较低的资本充足率，并可能提供激励金融集团使用更大的影响力去追求高风险贷款比他们不这样做。 Stiroh（2004）也表明，多样化的好处是相当有限的，因为对总非利息收入的波动，并与相关的利息收入。 这个发现支持Stiroh和朗布尔（2006），其结果证实了德姆塞茨和斯特拉汉（1997）人。 Stiroh和朗布尔表明，非利息收入的多元化的任何福利都抵消了这些活动的收益的增加风险和波动的成本。

追问

这样不通顺呀

Answer 2

我给你发过去了