英语翻译An aggregate P–E model might be expected to be of intere

英语翻译
An aggregate P–E model might be expected to be of interest to investment practitioners,
especially given that an increasingly common equities strategy is to adopt a
position reflected by a broad market index rather than an attempt to manage performance
via evaluation of individual stocks.The findings should cast light on P–Es as bases for
portfolio design,in particular for broad asset allocation decisions in the Australian context.
Furthermore,there appears to be a dearth of work on the local equity markets with the sort
of emphasis adopted in this paper.
For fund managers and other investors following an index-based strategy,the essential
decision is asset allocation,which has two dimensions.The first decision is allocation of
investment funds across countries.The second decision is the allocation of funds across
asset classes—equities,cash,money market securities,bonds,real estate,etc.Managers
taking the view that equities are rationally priced would follow a passive approach,
eschewing any attempts at market timing or market rotation.Alternatively,if misalignment
of P–E with fundamentals is regarded as possible,a P–E model might provide the basis
for an active approach to asset allocation.

客以预见,一个集合P - E模型能够引起投资从业人员的兴趣,
特别通过一个广阔的市场指数来确立投资立场,非通过评估个别股票来管理业绩,正成为是一个愈加通用的股票策略.研究结果将助于以P - E作为证券
组合设计的基础,特别是澳大利亚范围内的资产配置.
此外,本文还强调了关于当地股票市场的工作的缺乏.
对于基金经理和其他执行指数策略的投资者,其基本
决定在于两个层面的资产配置.第一个是在不同国家间分配
资金.第二项是在不同资产类别间分配,股票,现金,货币市场证券,债券,房地产等.认为股票具有理性定价的经理们
都将遵循一个被动策略,避免主动控制市场时机或市场轮换.然而,如果
考虑基本面和P - E有可能错位,那么基于P - E的模型将可能提供
一个积极的资产配置方式.