Question

求各位英语大神翻译

Using an accruals-based measure of earnings quality (Francis, LaFond, Olsson, and Schipper 2005) (FLOS) and a market microstructure based measure of information asymmetry (the price impact of trade), we test for the association between earnings quality and information asymmetry for a large sample of NYSE and NASDAQ firms over the period 1998–2007. We find that poor earnings quality is significantly and incrementally (i.e., over and above a well-established benchmark model of trading costs) associated with higher information asymmetry. We further investigate whether the negative effects on information asymmetry are more pronounced for certain types of firms than others. We find that poor earnings quality has a more pronounced impact on firms operating in a poor information environment, such as small firms and those with low institutional ownership and low analyst following. Specifically, the magnitude of the association between earnings quality and information asymmetry is estimated to be more than twice as large for small firms as compared to large firms.
The extent to which a firm’s earnings (accruals) map into cash flows is affected by its operating environment and the business model (innate factors) as well as by discretionary reporting choices made by the managers (discretionary factors).

Answer 1

采用权责发生制为基础的衡量收益质量（弗朗西斯，LAFOND，奥尔森和2005年施舟）（FLOS）和信息不对称（交易价格的影响）的市场微观基础的措施，我们测试的盈余质量与信息之间的关联不对称性的纽约证券交易所和纳斯达克公司在1998-2007年期间的大样本。我们发现，可怜的收益质量是显著和增量（即超出交易成本的行之有效的标杆车型）具有较高的信息不对称有关。我们进一步探讨信息不对称带来的负面影响是否更明显对于某些类型的企业比其他人。我们发现，可怜的盈余质量对在恶劣环境下的信息经营的企业，如小企业和那些低机构持股，低分析师以下较明显的影响。具体来说，盈利质量和信息不对称之间的关联程度，估计比大企业要多两倍大的小公司。
在何种程度上一家公司的收益（应计项目）的地图为受它的经营环境和经营模式（先天因素）的现金流，以及通过自由裁量报告选择由管理者（自由裁量的因素）进行。

Answer 2

翻译：简单地说，上海世博会是一个千载难逢的经历。也许是因为，参观展览后，你可能会告诉自己，你不想再这么做。但是一旦你想起这罕见的上海世博会的经验，在未来的某个时候，你会很高兴，你有机会参与这样一个世界级的事件和一个如此不同寻常的经历。

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