英语翻译Political risk is highly correlated with most of the examined variables.For example,the possibility of arbitrary expropriation of the legal title to property is a political risk factor.However,political risk encompasses more than this alo

英语翻译Political risk is highly correlated with most of the examined variables.For example,the possibility of arbitrary expropriation of the legal title to property is a political risk factor.However,political risk encompasses more than this alo
英语翻译
Political risk is highly correlated with most of the examined variables.For example,the possibility of arbitrary expropriation of the legal title to property is a political risk factor.However,political risk encompasses more than this alone,e.g.,a low level of security and high levels of bribery and corruption.One notes that political risk is also highly correlated with sociocultural aspects,such as a low life expectancy at birth,a high level of illiteracy and a low level of quality of living.Clearly,in countries that promise high political risk for institutional investors,local inhabitants inevitably suffer.Arguably,there is a direct relation between political risk and these sociocultural factors:when the level of political risk is high,the level of investment will be low,given the required risk premium.Therefore,the economic situation for inhabitants of that country will be weak and will presumably remain weak,until the institutional environment is more hospitable to economic development and investment.
Another interesting finding is that homeownership is too complex to function as a single index for the investment climate.The rate of homeownership appears to be highly related to the lack of an expropriation threat.While this is the case,one should be cautious in applying this result to all regions of the world.For example,one is less likely to expect expropriation in highly developed countries than in less developed countries,where the legal system is often more volatile.Of the high income countries,homeownership is highest in the English-speaking countries,where the common law tradition raises the social cost of expropriation over time.The preliminary evidence presented in this paper suggests that homeownership rates may indeed be related to the type of legal system employed.
These results provide encouragement that legal institutions may be an important factor of consideration,despite being disregarded or deemed exogenous to asset pricing models for many years.Institutional risk is an integral part of the economic activity in the markets of the world.Using a number of variables,it becomes possible to apply formal international asset pricing models,in order to determine the magnitude in which legal institutions exert price effects.For example,it would be interesting to analyze the impact of political risk on the returns of institutional investors.Other variables that seem to be promising for usage in these models are security,entrepreneurship and innovation,foreign control,foreign treatment and homeownership.With further empirical testing,we may be able to understand more about the nature and impact of these institutional effects.If these findings can be generalized,this has important implications for international investors,national governments,and individual citizens.Further research is under way along these lines.

英语翻译Political risk is highly correlated with most of the examined variables.For example,the possibility of arbitrary expropriation of the legal title to property is a political risk factor.However,political risk encompasses more than this alo
政治风险与大部分被测试的变量高度相关,例如财产的合法所有权的任意没收的可能性是政治风险的因素.然而政治风险包含更多的单一的这些.例如安全度低,行贿和受贿的程度高.一个记录是政治风险也许与社会文化方面高度相关,例如低出生率,高文盲水平,低的生活质量水平.值得清楚的是,在一些国家对于公共机构的投资者允许高政治风险,而当地居民不可避免地受到损害.有争议的是,在政治风险和社会文化因素有一个直接的关系.如果考虑到要求的风险津贴,当政治风险越高,投资水平将会越低.因此.那个国家居民的经济情况将会很糟糕,可能继续糟糕直到公共机构环境更适合经济的发展和投资.另一有趣的方面是房屋所有权对于作为为了投资环境这一指数的功能来讲太复杂了.房屋所有权的比率好象与没收财产威胁的减少有高度的关联.对于这个案例,人们应用这一结果到世界所有地域时应该小心,谨慎.例如,个人在高度发达的国家比在非高度发达的国家更少担心财产没收.在非高度发达的国家里法律系统常常是更易变的.在高收入国家里,和在说英语的国家里拥有房屋所有权是最高的,因为在那样的国家里很长一段时间里普遍的法律传统提高了没收财产的社会代价.报纸上展示的最初的证据表明房屋所有权比率确实与雇佣法律系统的类型有关.这些结果对于合法的公共机构可能是考虑的一个重要因素提供了鼓励,尽管被漠视或相信外因对于多年的财产标价模型有影响.公共机构风险在世界市场里是经济活动的一个整体部分.利用大量的可变因素,使应用正式的国际财产标价模型变的有可能,从而决定量值.在这些量值里法律公共机构发挥了价格作用.例如,在公共机构投资者的回报上分析政治风险方面可能非常有趣.为了这些模型使用的其他可变因素好象正在被允许,它们是安全,企业关系,创新,国外控制,国外待遇和房屋所有权.伴随着进一步的经验主义的测试,我们可能对这些公共机构影响的本质和作用有更多地理解.如果这些能够被总结,它可能提供重要的暗示对于国际投资者,国家官员,和个体居民.进一步的研究正沿着这些路线进行着.

政治风险是高度相关的大部分检查变数。例如，有可能任意征用财产所有权的法律是一个政治风险因素。然而，政治风险包括超过仅此，例如，一个低级别的安全性和高层次的贿赂和腐败。其中指出，政治风险也是高度相关的社会文化方面，如低出生时预期寿命，高文盲率和低水平的生活质量。显然，在国家的政治承诺，高风险的机构投资者，当地居民无可避免地受到影响。可以说，有直接关系的政治风险，而这些社会文化因素：当程度的政治风险高...

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政治风险是高度相关的大部分检查变数。例如，有可能任意征用财产所有权的法律是一个政治风险因素。然而，政治风险包括超过仅此，例如，一个低级别的安全性和高层次的贿赂和腐败。其中指出，政治风险也是高度相关的社会文化方面，如低出生时预期寿命，高文盲率和低水平的生活质量。显然，在国家的政治承诺，高风险的机构投资者，当地居民无可避免地受到影响。可以说，有直接关系的政治风险，而这些社会文化因素：当程度的政治风险高，投资水平就低，给予必要的风险溢价。因此，经济形势的居民将是该国弱，并将大概仍然薄弱，直到体制环境是更适宜的经济发展和投资。
另一个有趣的发现是，住房是太复杂，功能单一的指数为投资环境。住房拥有率似乎是高度相关的缺乏征用威胁。虽然这种情况下，应谨慎运用这一结果世界所有地区。例如，一个不太可能期待征用在高度发达的国家相比，较不发达国家，那里的法律制度往往比较不稳定。高收入国家，住房最高的是讲英语的国家，那里的普通法传统引起的社会代价征用随着时间的推移。初步证据本文介绍表明，住房拥有率可能确实是有关类型的法律制度工作。
这些结果提供鼓励，法律机构可能是一个重要的考虑因素，尽管受到忽视或当作外生资产定价模式多年。体制风险是不可分割的一部分经济活动的世界市场。使用了一些变数，就可以申请正式的国际资产定价模型，以确定它的规模在价格法律机构施加影响。例如，将是很有意思的，分析的影响，政治风险的回报的机构投资者。其他变数，似乎很有希望使用这些模型的安全性，企业经营和创新，外国控制，治疗和住房外国。进一步的实证检验，我们也许能够了解的性质和影响这些机构的影响。如果这些调查结果可以概括，这具有重要影响的国际投资者，各国政府和公民个人。进一步的研究正在进行之中沿着这些路线。

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