匿名使用者
匿名使用者 發問時間: 社會與文化語言 · 1 0 年前

翻譯 全球資產管理摘要!!

Currency risk is low in the long term, as exchange rates tend to revert to fundamentals over the very long run. Yet the contribution of currencies to the long-term performance of a global portfolio never gets to be nil. Currency risk premiums, indicated in the difference between currency-hedged and unhedged returns, exist in the long run and are consistent with world market equilibrium and finance theory.

If the plan sponsor sets a benchmark for a very long-term horizon (say, fifty years), then it should probably be unhedged, as these currency returns provide only a small, positive or negative, contribution to total return, while systematic currency hedging is a cumbersome process. If the plan sponsor has in mind a shorter strategic horizon (say, five to ten years), the ideal currency allocation in the strategic benchmark is, and will remain, a question open to debate. Applying some simple hedging rule, similar for every single asset, is questionable in the presence of a complex, though realistic, correlation structure among stock prices, interest rates, and exchange rates.

Finally, if the plan sponsor believes in active management, currencies should be an integral part of the tactical asset allocation and security valuation process.

In any case, one cannot afford to ignore the currency dimension in global money management.

某篇期刊的摘要,請翻譯高手幫忙翻譯,thx!!

>>謝絕翻譯軟體!! 

已更新項目:

TO:~笨櫻~ 謝謝你的回答!但你使用的是翻譯軟體翻的!翻譯軟體翻出來的感覺一看就知道,句意會差很多~PS你是用"譯言堂"翻出來的.謝謝你,但不是我要的答覆!

2 個解答

評分
  • f
    Lv 4
    1 0 年前
    最佳解答

    Currency risk is low in the long term, as exchange rates tend to revert to fundamentals over the very long run.

    長期來說貨幣風險是小的,因為匯率變動就長期而言還是會回歸到基本面

    Yet the contribution of currencies to the long-term performance of a global portfolio never gets to be nil.

    然而來自全球組合長期績效的貨幣貢獻就不是這樣了

    Currency risk premiums, indicated in the difference between currency-hedged and unhedged returns, exist in the long run and are consistent with world market equilibrium and finance theory.

    貨幣風險溢價是指避險貨幣與未避險貨幣獲利之間的差價,不僅長期存在並且與全球市場均衡及財務理論相符合

    If the plan sponsor sets a benchmark for a very long-term horizon (say, fifty years), then it should probably be unhedged, as these currency returns provide only a small, positive or negative, contribution to total return, while systematic currency hedging is a cumbersome process.

    假設計畫主持人訂定長期(假設是50年)指標,應該不必進行避險,因為就整體獲利而言,貨幣獲利僅提供小額正數或負數貢獻,然而系統性貨幣避險卻是繁複的程序

    If the plan sponsor has in mind a shorter strategic horizon (say, five to ten years), the ideal currency allocation in the strategic benchmark is, and will remain, a question open to debate.

    假設計畫主持人訂定較短期的策略(假設是5年),如何選擇貨幣標的分配以符合策略指標,則仍尚有爭論空間

    Applying some simple hedging rule, similar for every single asset, is questionable in the presence of a complex, though realistic, correlation structure among stock prices, interest rates, and exchange rates.

    運用一些簡單的避險規則到每一個單一資產,在面臨與股價、利率、匯率具相關性的多重組合下,雖然具真實性,但仍然是個疑問

    Finally, if the plan sponsor believes in active management, currencies should be an integral part of the tactical asset allocation and security valuation process.

    最後,如果計畫主持人相信積極管理,就應該將貨幣納入策略性資產分配及證券評價流程中的一部份

    In any case, one cannot afford to ignore the currency dimension in global money management.

    在任何狀況下,沒有人能忽略貨幣在全球財務管理中的重要性

  • 匿名使用者
    6 年前

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