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以下のとおりお答えします。 ＞Asset managers do not directly insert their balance sheets into the flow of funds, but rather act as matchmakers between securities issuers and investors. ⇒「資産運用者・会社は、自分の貸借対照表を資金の流れに直接挿入するのではなく、証券発行者と投資家の間の仲買人として行動する（だけである）。」 ＞insert their balance sheets into the flow of fundsの意味内容が判然としません。 ⇒「自分の貸借対照表（中にあるもの）を資金の流れ・動きに直接挿入／投入する」。 つまり、「資産運用会社は、金融商品などを一旦自分の所有物として投資家に売るのではなく、その金融商品（証券など）の所有者と、それを買う（投資する）購買者の間をとりもつ働きをするだけである」、という趣旨だと思います。
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- 英文の邦訳
As in emerging markets without formal financial systems-where investors often lack principal protection, faith in accounting and confidence in government actions-nvestors make their choices purely on the consistency of payments. 以上の英文中，得に最後の，make their choices purely on the consistency of paymentsの意味内容が判然としません。お訳し頂ければ幸いです。お願い申し上げます。
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- 英文の邦訳を願います。
Index providers generate income from index fund managers and other investors that license their indexes. Index providers compete to attract assets from those investors. As a result, they have a structural incentive to follow the preferences of investors. In this sense they are unique among potential sources of corporate governance constraints, the others of which have incentives to follow the preferences of insiders. For instance, with respect to the dual-class exclusion, the CII has stated that “ index providers’ action responds to a void left by years of inaction from stock exchanges, regulators and global regulatory coordinators.” 上記英文を意訳でも結構ですので，日本語として分かり易く御訳し下さい。宜しくお願い申し上げます。
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- 英文の邦訳（添削をお願いします）。
Fourth, they argue that the mere presence of asset managers as common owners and the awareness of company management of the shares managed by common owners makes companies less likely to compete than if managers were not permitted to hold rival companies within their client portfolios. 以上の英文の以下の試訳の添削をお願い致します。 「第四に，それら（の論文）は，共有者としての単なるアセット・マネジャーとしての存在と共有者によって運用される株式の会社の経営陣のマネジャーの自覚が，マネジャーがその顧客のポートフォリオ構成会社の競争相手となる企業の株式を所有することが許されない状況にあると仮定するなら，それ程まで諸会社を激しい競争に巻き込む可能性は高くはないと主張する。」 以上宜しくお願い致します。
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- 英文の和訳をお願いします。
よろしくお願いします。 The term “business corporation” (excluding financial service institutions) means economic entities whose objective is to make a profit from such activities as the production and sale of goods or services . Business corporations invest funds in real assets (such as facilities and inventories) to carry out production and marketing activities on a continuing basis . Funds raised by business corporations are divided into internal funds (those generated in the ordinary course of the production and sale of goods or services) and external funds (those raised from external sources ) , according to the method employed to raise them . Technically , internal reserves and depreciation charges are included in internal funds. As the company is not required to repay the principal of , or pay interest or dividends on , such funds , they are considered the most stable means of corporate financing . In actuality , however , business corporations cannot meet their funding requirements with internal funds alone , and many of them have to rely on external funds . External funds are divided into the proceeds resulting from loans and the issuance of equity and debt securities , according to the method employed to raise them . Loans are obtained primarily from banking institutions . This method of raising funds with debt securities is termed “indirect financing” In addition to those issued at the time of their incorporation, business corporations issue additional equity shares(an increase of capital) to finance the expansion of their production capacity or for other purposes . As business corporations are not required to repay the principal thus raised, or pay interest thereon , the proceeds from the issuance of equity shares constitute the most stable form of funds among external funds . As is the case with equity shares , corporate debt securities are also an instrument for raising funds from the capital markets, and issuers have to redeem them on or by a predetermined date of redemption and pay a definite rate of interest on them . Corporate debt securities are largely divided into straight (SB), bonds with subscription rights, and structured bonds(see Chapter V). As the securities underlying equity shares or corporate debt are held directly by the providers of funds, this method of raising funds is called “direct financing”. A survey of changes that have occurred in the amount of funds raised from external sources as a percentage of the outstanding balance of financial debts shows that bank borrowings have tended to decrease since 1990. In the 2000s, funds raised through the issue of securities have outpaced those obtained through bank borrowings, suggesting that the weight of corporate financing structure has shifted from indirect to direct financing. This may be explained by the fact (1) that following the liberalization and internationalization of the financial markets, businesses have actively sought to raise funds be selling new shares and bonds on the market and (2) that particularly since 1980, in addition to reductions of inter-company credits that businesses had made under the pressure of recession, banks have curtailed their lending and businesses have repaid their debt banks in an effort to improve their financial positions. And these facts have combined to produce a synergistic effect. Most recently, the proportion of financing by loans has risen because of the decline in the functioning of the capital market caused by the financial crisis. However, with the establishment of emerging markets and the liberalization and abolition of regulations on the issue of debt securities, small-to-medium-sized firms can now obtain financing through the capital market. Consequently, if the capital market rebounds, the proportion of financing through the issue of securities will likely recover.
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- 英文の邦訳の添削
Indeed, the trend is towards a zero-fee model of index funds and ETFs as cross-subsidized multi-sided markets—with the first zero-fee funds recently launched by Fidelity—wherein fund investors cease to be paying customers, and rather become a resource enabling the accumulation of liquid securities that can be profitably lent to investment banks and short-sellers. 以上英文の下記の試訳の添削をお願い致します。 「実際，傾向は，――最近Fidelityによって着手された初めての手数料ゼロのファンドを伴う――相互補助的な多面的市場のようなインデックス・ファンドと上場投資信託に関する手数料ゼロのモデルに向かっており，そこでは，ファンドの投資家は，支払う顧客であることを止め，むしろ，利益が出るように投資銀行や空売り主体に貸出可能な流動的な証券を溜め込むことのできる源泉となる。」 以上よろしくお願いします。
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Figure 4 shows the result of the analysis and includes the voting behavior of 117 distinct asset managers in our database, all with at least two funds voting in the same AGM at the same time. 以上の英文中，all withの訳で手間取っています。試訳は以下の通りである。添削をお願いします。 「図4は，分析結果および，同じ時期の同じ年次総会で少なくとも2つのファンドの投票を伴う，われわれのデータベース内の117の区別されたアセット・マネジャー全ての投票行動を含んでいる。」 以上，宜しくお願いします。
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- 英文の邦訳
Specifically, ever-larger fund managers are increasingly trapped in a paradox between the need to play an active corporate governance role commensurate with their size and the potential abyss of antitrust action. In this respect, managers, such as BlackRock and Vanguard, are at risk of following in the footsteps of JP Morgan’s Money Trust. This conflict may not come to a head given the paradoxical dependence of passive funds on a surrounding ecosystem of market fluidity and speculation (although Morgan, notably, had a similar ecological dependence; see De Long 1992). 以上の英文の後半の，This conflict may not 以降の邦訳をお願い致します。 原典は，ISSN: 0013-0095 (Print) 1944-8287 (Online) Journal homepage: https://www.tandfonline.com/loi/recg20 Earth Incorporated: Centralization and Variegation in the Global Company Network Daniel Haberly & Dariusz Wójcik To cite this article: Daniel Haberly & Dariusz Wójcik (2017) Earth Incorporated: Centralization and Variegation in the Global Company Network, Economic Geography, 93:3, 241-266, DOI: 10.1080/00130095.2016.1267561 To link to this article: https://doi.org/10.1080/00130095.2016.1267561 です。 以上どうぞ宜しくお願い申し上げます。
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- 英文の邦訳をお願いします（経済関係）。
Manne’s article preceded the 1960s merger wave, and that wave dominated by managers seeking to diversify their firms into what were often unrelated industries, was, if anything, a Jensen and Meckling nightmare, a management power play to increase the CEOs' reach over broad swaths of the business world. 以上の英文の適訳をお願い致します。
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Manne’s article preceded the 1960s merger wave, and that wave dominated by managers seeking to diversify their firms into what were often unrelated industries, was, if anything, a Jensen and Meckling nightmare, a management power play to increase the CEOs' reach over broad swaths of the business world. It was not until the 1980s that the movement that paid homage to Jensen and Meckling―even if inadvertently―developed, as agency logic replaced managerial logic as a rationale for firm actions. 以上の適訳をお願い致します。
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- 英文邦訳の添削
しかしながら，持分の分散における中心的変化は，年金基金やミューチュアル・ファンドの仲介機関で集中している持分所有について生じており，それはそれらの受益者，ミューチュアル・ファンド株主，もしくは年金退職者を代表する持分の記録上の保有者である(however, the central change in equity distribution has been for equity ownership to concentrate in intermediary institutions, like pension funds and mutual funds, that are the record holders of equity on behalf of their beneficiaries, mutual fund shareholders, or pension retirees.)＜44：ブローカーが通常受益権所有者によって保有される株式に共通して投票した環境においてさえ，記録上の所有が「仲買人名義」ないしは「ノミニー名義」（証券が受益権所有者の信託を受けて登録・保有される名称）においてなされるとき生じる名義上の集中から乖離したこの集中をわれわれは区別する。（We distinguish this concentration from the nominal concentration that occurs when record ownership is in “street name” or “nominee name,” even in the circumstances in which brokers have commonly voted the shares held by beneficial owners.）仲買人名義の手順において，一般的な所有者は常に，議決権行使を求め，また，ブローカーによる投票に関する最近の制限以前においてさえ，多様な通知システムが，こうした議決権行使の企業の問題への提供を容易にした委任状ルールによって命じた。（In the street name setup, the retail owner can always claim voting rights, and even before the recent limits on broker voting, various notification systems mandated by the proxy rules facilitated such voting pass-throughs.）一般投資家はポートフォリオの構成証券の処分に対する支配をも主張することもありうるであろう。(The retail investor could also assert control over the disposition of portfolio securities.)対照的に，投資仲介業を通じた再集中においては，一般投資家は，実質的に，何らかのポートフォリオ構成会社の議決権の何らかの部分を再請求する方途のない証券のプールにおける集中した利権を持つ。一般投資家は，ポートフォリオの構成に影響を与えることもない。(By contrast, in reconcentration through investment intermediaries, the retail investor has, in effect, an undivided interest in the pool of securities with no way of reclaiming any share of voting rights for any portfolio company. Nor can a retail investor affect the composition of the portfolio.) ＞。 上記邦訳（括弧内は対応の英文）の添削を宜しくお願いします。
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