Question

急 跪求大神帮忙翻译一下毕业论文外文翻译 不要用机器翻 非常感谢 全部家当22财富值

5. Conclusions
Insiders trade for various reasons. One of the reasons is to exploit the inside information that may yet fully reflect on the price. In most countries, such activity is strictly prohibited and illegal. However, most
insider trading law allow an insider to legally trade for a liquidity reason. This study proposes a simple framework to identify an opportunistic insider trade from all insider trades based on the measures of information asymmetry and speed of adjustment to market efficiency. An insider trade with an increase in both information asymmetry and price efficiency is labeled an opportunistic insider trade. In particular, we use an absolute order imbalance to proxy for information asymmetry and measure the speed of adjustment to market efficiency based on the R2 from the regression between midpoint return, lagged midpoint return and lagged order imbalance. We show the effectiveness of this simple methodology by measuring the out-of-sample performance of an opportunistic insider portfolio.
Using the insider filing report form 59‐2 from the SEC Thailand from 2002 to 2008 report, we find that insiders on average trade large and growth stocks with high liquidity. However, there is no evidence that stock characteristics such as size, book to market ratio, volatility, trading value or quoted spread significantly influence trading decisions of either the opportunistic or liquidity motivated insiders. At the end of month t−1, each insider trades are categorized either opportunistic insider trades or liquidity insider trade. We then compute the monthly return of a value weighted of opportunistic insider portfolio in month t. While both insider and liquidity motivated insider portfolios yield a monthly return that are below the average market return, an opportunistic insider portfolio significantly outperforms the market. The opportunistic buy portfolio earns an average monthly return of 2.03% and the opportunistic sell portfolio achieves 2.08% monthly return from February 2002 to January 2009. The superior performance of opportunistic insider portfolio suggests that an opportunistic insider trades identification using information asymmetry and price efficiency is effective.
This opportunistic insider framework allows us to address several insider trading research topics. For instance, a regulator may be interested to investigate the role of corporate governance in controlling the opportunistic insider occurrences. One could examine the role of opportunistic insider trade in various corporate events such as earning announcement or takeover. We leave such topics for future research.

Answer 1

内部贸易的各种原因。原因之一是利用内幕信息，还可能完全重新fl等价格。在大多数国家，这样的活动是严格禁止的，非法的。然而，最
内幕交易的法律允许内部合法贸易流动性的原因。本研究提出了一个简单的框架来确定从所有的内幕交易的信息不对称和市场效率的EFfi调整速度的措施机会主义的内幕交易。在信息不对称和价格EFfi效率增加，内幕交易作为标记的机会主义的内幕交易。特别是，我们使用一个绝对的秩序失衡的代理的信息不对称和市场效率的措施的EFfi基于中点返回回归R2的调整速度，滞后和滞后阶不平衡中点的回报。我们表明，这个简单的方法的有效性通过测量出的机会主义的内幕组合样品的性能。
利用内幕fi岭报告形式59‐从2秒泰国从2002到2008的报告，我们fi发现高流动性对一般贸易大成长股的人士。然而，没有证据表明，股票的特征，如大小，书市场的比例，波动性，交易价值或报价价差明显fi正常交易决策的影响fl机会主义或流动性动机的内部人士。在T−月1年底，每个内幕交易分机会内幕交易内幕交易或流动性。然后我们计算一个值月度收益加权机会主义内部组合在月T.而内幕和流动性动机的内部组合产量月度回报低于市场平均回报的投资组合中，机会主义的内幕fi明显优于市场。投机性购买组合赚取平均2.03%月收益和机会出售组合达到2.08%，从二月2002到一月2009月收益。机会主义内部组合的优越性能表明，机会主义的内幕交易识别fi阳离子运用信息不对称和价格EFfi效率是有效的。
这种机会主义的内幕的框架允许我们解决一些内幕交易的研究课题。例如，一个监管机构可能会有兴趣了解公司治理控制机会主义内部发生的作用。一个可以检查的机会中的内幕交易公司的各种事件，如盈余公告或收购的作用。我们把这样的未来研究的主题

Answer 2

有多少词？

追问

请问这是自己翻译的吗

追答

是的