套利交易

Their participation enables otherwise impossible take atteempts to become successful; The involvement of the arbitrager explains very well the widely observed stock market movement during the process of the takeover, including the dramatic rise in share price and in transaction volume. It predicts that in most case, a high transaction volume is associated with a high success rate, as well as with a high post-announcement trading price. Also, the higher the bidding price, the higher the success rate and the bigger the jump in share price; The existence of the arbitrager implies that in the tender offer, the shareholder can always expect to get a fixed portion of the total value improvement by the raider. This surprisingly simple division rule of the takeover surplus may have great implications for related empirical research and indicates that the market for corporate control may be efficient.

其次，我们构建了一个股权收购模型，研究套利者在接管过程中的重要作用，并论证了：套利者在公司接管过程中能发挥重要作用，他们的参与能设法使其他方面不可能的接管变得成功；套利者的卷入很好地解释了在接管过程中广泛观察到的股市活动，包括股价和交易量的暴涨，并指出了在大多数情况下，更高的交易量导致更高的接管成功率和接管宣告后更高的交易价，同样，更高的竞价必然导致更高的接管成功率和更大的股价涨幅；套利者的存在指出了在发盘收购中，股东总是期望从袭击者带来的价值增加总量中获得一个固定部分，接管盈余的划分规则对相关经验研究有很大的关系，指出公司控制权市场是有效的。

Currencies with the highest domestic interest rates are faring the best, namely Australian and New Zealand dollar and also the Norwegian Krone.

货币市场依然推动套利交易，具有最高利率的澳元，新西兰元以及挪威克朗最为坚挺。

Sports arbitrage trading is one of the hottest things out there today in the money-making scene in the Internet.

体育套利交易是其中一个最热门的事情，今天在赚钱现场，在互联网上。

Individual traders are playing a key role in the current carry-trade shakeout.

在当前的融资套利交易平仓热潮中，散户投资者扮演着重要的角色。

That practice, known as the 'carry trade,' contributes to dollar weakness but helps offshore investments.

这种所谓的"融资套利交易"虽然加剧了美元的疲软，但却推动了对美国以外市场的投资。

So there were lots of carry trades and that has resulted in very skewed financial flows.

所以出现了很多套利交易，造成了极不均衡的资金流动。

Japan's government faces a major challenge: The unwinding of one of the most popular trades is sending tremors through the global financial system and supercharging the yen, which harms Japanese exports.

日本政府面临着一个重大挑战：融资套利交易的持续平仓已经给全球金融体系带来了冲击，加重了日圆的上涨压力，进而损害到了日本出口。

In a very low interest rate environment, the appeal of carry trades reasserts itself.

在低利率背景下，套利交易的吸引力再次显现出来。

Arbitrageurs followed suit, after the bureau's purchases helped pushed copper prices inside China well above those outside.

在国储局的购买推动中国国内的铜价升至远高于国际市场水平之后，从事套利交易的人也开始跟风买进。

But as logical as this may sound, ditching the carry trade in favour of a more freewheeling approach reintroduces the problem of the underlying asset class containing no beta, so any gains by one participant must be balanced by losses for another.

尽管这听上去似乎很符合逻辑，但放弃套利交易，转而采取一种更随意的投资方式，会重新引发无风险基本资产类别的问题，因此一方的收益必然意味着另一方的损失。

If you are unfortunate enough to the lovelorn, please tell me, I will help you out, really, please contact me!

如果你不幸失恋了，请告诉我，我会帮助你摆脱困境，真的，请联系我啦！

China's plan to cut energy intensity by 20 percent and pollutant discharges by 10 percent between 2006 and 2010 is a case in point.

中国计划在2006年到2010间降低20%的能源强度和减少10%的主要污染物排放，就是一个这样的例子。