1、中文 2450 字 单词 1422 个 毕业论文（设计） 外文翻译 外文题目： Taking Stock Seriously: Equity-Market Performance, Government Policy, and Financial Globalization 出 处： International Studies Quarterly 作 者： Mosley, Layna Singer, David Andrew Are equity markets just another facet of global finance, or are they unique in their
2、responses toand influences ongovernment policies and institutions? Recent work has explored the impact of political factors on bond market behavior and foreign direct investment, but little attention has been paid to stock markets. On the basis of the particular concerns of equity investors, we hypo
3、thesize a positive association between stock-market valuations and levels of democracy, shareholder rights, legal traditions, and capital-account liberalization, a negative association with real interest rates, and no association with fiscal deficits or surpluses. We assess our expectations by analy
4、zing the political and institutional determinants of aggregate price-to-earnings ratios for a sample of up to 37 countries from 1985 to 2004, using both cross-sectional and time-series cross-sectional analyses. We find support for most, but not all, of our hypotheses. Our findings suggest that we mu
5、st disaggregate the effects of different asset markets to understand the impact of economic globalization on government policies. How do government policies and institutions affect equity-market performance a cross countries? As stock markets grow broader and deeper in both the developed and develop
6、ing worlds, this question becomes more critical. In 2004, global stock-market capitalization stood at $37.2 trillion, compared to global GDP of $41.3 trillion. While this figure was slightly less than global commercial bank assets, it markedly exceeded the total size of outstanding public debt secur
7、ities, which were $23.1 trillion.1 The bulk of global stock-market capitalization represents developed-country equity markets, but less developed country marketswhich accounted for 14 percent of total capitalization in 2004are quickly gaining ground. Some emerging market countries, such as Malaysia,
8、 Singapore, and South Africa, have total stock-market capitalizations that exceed their respective gross domestic products .Equity markets enhance corporate efficiency, spur innovation, and provide a valuable source of capital for long-term economic development. They also provide a useful mechanism
9、for governments to raise capital through the sale of state-owned enterprises. Moreover, equity-market investments constitute an important element of individuals assets, particularly as governments shift their pension systems toward the private sector. In short, it is clear that equities constitute a
10、n increasingly important capital market in the world economy. However, we currently know very little about how government policy choices and political institutions influence equity investors decisions. The few extant analyses of stock markets and politics tend to focus on one or two developed countr
11、ies, or on sectoral variation within a particular market, rather than on the determinants of national-level market outcomes in a broader cross-country context. For instance, David Leblang and Bumba Mukherjee consider the impact of government partisanship and elections on stock market outcomes in the
12、 United States and Great Britain. In a wider study, Fiona McGillivray (2003) considers the impact of partisan changes and electoral institutions on stock-market outcomes in fourteen advanced democracies. Her analyses, however, focus largely on industry-level variation, arguing that shifts in politic
13、al constellations change investors expectations regarding which sectors will benefit from public policies. Indeed, McGillivray is interested less in equity-market outcomes per se than in using such outcomes as a proxy measure of the expectations of economic actors regarding political decisions. Simi
14、larly, William Bernhard and David Leblang consider the impact of politics and political uncertainty on daily market behavior in several advanced democracies. Unlike most analyses, theirs considers outcomes in multiple asset markets, including currencies, equities, and government bonds. Bernhard and
15、Leblangs aim, however, is to explore the consequences of discrete political eventssuch as elections and cabinet formationson capital markets, rather than to assess the broader impact of public policy and institutions on capital market outcomes. This article seeks to round out the literature on finan
16、cial globalization by exploring the linkages between equity-market outcomes and national government policies and institutions. Its contribution is both theoretical and empirical. Theoretically, we elaborate on the politics of equity-market performance, focusing in particular on the effects of govern
17、ment policies and institutions on stockmarket valuations. We rely on the relatively developed literature on foreign direct investment and sovereign bond markets to underscore the distinctiveness of equity-market reactions to government policies. Empirically, we conduct a novel evaluation of the corr
18、elates of total-market, price-to-earnings ratios (P E) for a sample of up to 37 developed and emerging market countries during the 19852004 period. Cross-sectional and time-series cross-sectional (TSCS) analyses reveal that levels of democracy, market liquidity, shareholder rights, and capital-accou
19、nt liberalization are positively associated with equity-market valuations, while real interest rates are negatively associated. We also find that investors are positively disposed toward equity markets in emerging-market countries, and negatively disposed toward markets with high dividend payout rat
20、ios. Interestingly, many of the political and economic factorsincluding inflation, and fiscal policydeemed highly salient to investors in other financial markets are not statistically associated with stock-market valuations. These results are robust to the inclusion of a number of control variables,
21、 including capital-asset pricing model (CAPM) factors and alternative pricing model considerations. Note that the responses of investors to policies and institutions also have implications for future government policy choices. For instance, if a nations economy relies more heavily on FDI than on sov
22、ereign lending or bank financing, its government may face few pressures to reduce public spending. On the other hand, if a government relies heavily on the bond market to finance its expenditures, but has a relatively low level of stock-market capitalization, it may face greater pressures for fiscal
23、 and monetary tightening. And if a country relies on a varied menu of financial inflows, as most do, asset holders will express diverse preferences over public policy. Untangling the various financial-market influences on government policy making is clearly a long term research project. This article, which focuses on the political determinants of equity investors behavior, complements similar analyses of
