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英语翻译Dividends and Price MomentumABSTRACT:Stock market eviden

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英语翻译
Dividends and Price Momentum
ABSTRACT:Stock market evidence shows that momentum profits are lower among dividend-paying firms than their non-paying counterparts due to differences in losers’ returns.Additionally,dividend maintenance is associated with higher returns for losers but not for winners.Finally,buying winners that increased their dividends and shorting losers that decreased their dividends enhances momentum profits.Consistent with the evidence,the behavioral models suggest that investors underreact to the losers’ positive dividend-maintaining news,reducing their return momentum and shrinking the payers’ momentum profit.Also,underreaction to positive news from winners’ dividend-increasing announcements as well as to negative news from losers’ dividend-decreasing announcements explains the higher momentum profits for strategies based on these stocks.The results do not appear consistent with risk-based explanations.
希望能有较为准确的翻译,请不要完全用翻译软件
英语翻译Dividends and Price MomentumABSTRACT:Stock market eviden
只是我的个人翻译,绝对不是机器翻译:
股利和价格惯性
摘要:股票市场有证据显示,在支付股利的企业中之所以比那些不必支付红利的企业获取的趋势报酬减少,是因为它们对损失者回报的不同.此外,在损失者身上维持红利花费的代价要高于获利者.最后,那些增加了他们的股利的购买赢家和那些股息减少的损失者增强了趋势报酬.符合证据的是,行为模型表明投资者对于损失者积极维护红利的消息反应不足,减少了他们的股票收益势头并且缩小了纳税人的趋势报酬.同样的,(投资者)对于那些关于获利者股息增加的消息反应的不足,以及忽视那些损失者股利增加的消息,解释了为何基于这些股票的战略性趋势报酬增加了.这个结果并没有显示出和风险导向的解释有关.
水平有限,看起来翻译味道很重,见谅见谅.