外文翻译--在交易型开放式基金中的卖空.docVIP

毕业论文外文翻译 外文题目：SHORT INTEREST IN EXCHANGE-TRADED FUNDS 出 处 SWISS SOCIETY FOR FINANCIAL MARKET RESEARCH 作 者：Jeff Madura · Thanh Ngo 原 文： SHORT INTEREST IN EXCHANGE-TRADED FUNDS Abstract Short selling exchange-traded funds (ETFs) has become a common means of speculating or hedging in response to pessimistic expectations about a specific market or sector, as the short interest of ETFs is more than 10 times that of individual stocks, on average. We determine that sector-based ETFs have an abnormally large short interest level, whereas international ETFs have an unusually small short interest level. The level of short interest is larger for ETFs that have a higher trading volume and a lower market capitalization, regardless of the type of ETF assessed. The level of short interest is lower for ETFs representing indexes that have tradable derivatives, but higher for international ETFs representing indexes that have tradable derivatives. We also determine that the level of short interest in an ETF serves as an effective signal of bearish sentiment when considering all ETFs, but is not an effective signal when isolating any particular type of ETF. Keywords :Exchange-traded funds · Short sales · Short selling I. INTRODUCTION An ETF is a specialized investment trust that is created to mirror a specificed portfolio of securities. Most ETFs represent portfolios of stocks and can be classified as broad-based, sector-based, or international, depending on the type of index they mimic. They differ from open-end index mutual funds in that they are traded continuously on an exchange and can be purchased or sold any time the market is open. These ETFs are created when an authorized participant (such as a specialist) obtains the portfolio of stocks and stores the stocks at a custodial bank. In return, the custodial bank provides shares of ETFs to the authorized participant. This process is refe