英语翻译poor disclosure of placings.22 Excluding the depression

英语翻译
poor disclosure of placings.22 Excluding the depression years 1930 to 1933,an
average of 32 IPOs took place each year between 1919 and 1939.This figure
compares favorably with the annual rate of activity up to 1979,other than in
the 1960s.By peacetime standards,the seven years immediately following the
1973 to 1974 oil shock had a particularly low number of offerings (see Panel B
of Table III).The Dimson,Marsh,and Staunton (2002,2008) data set shows
that the London equity market’s collapse during 1973 and 1974,and its 1975
recovery,constituted a quite exceptional period.The inflation-adjusted U.K.
equity index (at mid-year) was lower in 1974 to 1976 than in any other year
since 1959.
In Panel D of the table,it can be seen that from 8.96% (1917–1929) and
5.43% (in the 1930s) in the interwar decades,the equally weighted mean level
of underpricing subsequently rose to 11.86% (in the 1950s) and then 14.01% (in
the 1960s).After a narrowing to 8.65% in the 1970s,the equally weighted mean
level of underpricing averaged 15.80% in the 1980s.Reflecting the growth of
London’s Alternative Investment Market,which facilitated numerous IPOs by
very small companies,there were even higher average levels of underpricing
in the 1990s and 2000s.The median underpricing reveals the same contrast
22We estimate that during the interwar years,ordinary share IPOs accounted for close to half
of all offerings,preference share IPOs around a third,and the rest were combined ordinary and
preference IPOs.As for placings,we exclude 308 interwar IPOs because the placing price was not
disclosed in the prospectus.

将英语译成中文:
可怜的placings.22披露不包括大萧条时期1930至1933年,一
32新股平均发生1919年和1939年之间每年.这个数字
媲美的活动多达1979年率以外
20世纪60年代.通过平时的标准,七年后立即
1973年至74年石油危机提供了一个特别低的数量（见B组
表三）.该迪姆森,马什和斯汤顿（2002年,2008年）的数据集显示
,伦敦股市的崩溃在1973年和1974年,1975年
复苏,构成一个相当特殊的时期.通货膨胀调整后的英国
股票指数（按年中）于1974年降低到1976年比任何一年
自1959年以来.
在面板的表D,它可以看出,从8.96％（17年至1929年）和
5.43％（在20世纪30年代）在两次世界大战之间的几十年中,同样的加权平均水平
随后抑价上升至11.86％（在20世纪50年代）,然后14.01％（以
20世纪60年代）.经过缩小,在20世纪70年代8.65％,加权平均的同样
抑价水平平均为20世纪80年代15.80％.反映增长
伦敦的另类投资市场,这有利于上市的众多
非常小的公司,有更高的抑价平均水平
20世纪90年代和2000年代.抑价的中位数相同的对比揭示了
22We估计,在两次世界大战期间,普通股新股,占了近一半
所有产品,约三分之一优先股新股,其余为一般及合并
偏好首次公开招股.至于名次,我们排除308,因为两次世界大战配售新股的价格并没有
招股说明书中披露.