求把英文论文的一段3000字翻译成中文 或可以帮我找一篇有关股价和经济相关性的英文论文翻译成中文

求把英文论文的一段3000字翻译成中文 或可以帮我找一篇有关股价和经济相关性的英文论文翻译成中文

This paper examined the relation between macroeconomic variables and the Sector Stock Indices represented by the SES All-S Equities Finance Index,SES All-S Equities Property Index and SES All-S Equities Hotel Index,as well as the Singapore’s composite stock index,using Johansen’s (1990) VECM,a full information maximum likelihood estimation model.Our conclusions were that the Singapore stock market and the SESAll-S Equities Property Index formed signicant relationships with all macroeconomic variables identied,while the SES All-S Equities Finance Index and SES All-S Equities Hotel Index form signicant relationships only with selected variables.
Specically,for the SES All-S Equities Finance Index,real economic activity and money supply were not signicant,and in the case of SES All-S Equities Hotel Index,money supply,and short- and long-term interest rates were insignicant.
The conclusions drawn from the study will be benecial in two ways:(1)whether there exists opportunities for prot from the inefciencies of stock market mechanisms in the transfer of information between stock markets,and (2) more specically,whether “stock picking” could lead to a superior earning capability.
The presence of a cointegrating relationship between macroeconomic variables and stock prices brings the conclusions of the efcient market hypothesis in doubt.Principally,the behavior of stock market may indeed be predicted,contrary to the EMH conclusions and policy-makers may need to reevaluate their economic policy if affecting the stock market is not something they desire.
The fact that specic sectors represented in the SGX are individually affected by to different extent by various macroeconomic variables points to the possibility of superior returns based on selecting stocks from specic sectors of the economy as information becomes available on specic macroeconomic variables.Additionally,the benets of diversication as suggested by Grubel(1968) and Lessard (1973) through selecting stocks from different sectors of Relationship between Macroeconomic Variables and Stock Market Indices
Singapore economy become evident.
Policy-makers need to be careful too when trying to inuence the economy through changes in macroeconomic variables such as the money supply,interest rates,or the exchange rate.While aiming to correct macroeconomic ills such as ination or unemployment,they may inadvertently depress the stock market,and curtail capital formation which itself would lead to further slowdown of the economy.
Extending the conclusions of this study to other sectors and to other markets is a matter of empirical study and one which is worth pursuing.Ahlgren,Sjoo,and Zhang,for example,have examined market segmentation,information asymmetry and diffusion of the Chinese stock exchanges and found evidence of cointegration between A and B share prices for most rms,but not for all.They then used a probit model to identify the rm characteristics that determine whether A and B share prices cointegrate or not.Their results showed cointegration was more likely among newly-listed rms and those in the service and manufacturing sectors.
At the same time,the relationship between macroeconomic variables and stock markets,though widely documented,is not universally shown or accepted.For example,to the contrary,Cauchie,et al.(2003) examination of the determinants of stock returns in the Swiss stock market and showed that the statistically determined factors yield a better representation of the determinants of stock returns than the macroeconomic variables and that stock returns were inuenced by both global and local economic conditions,suggesting that the Swiss stock market is an internationally imperfectly integrated market.