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1、Economist之于考研英語可用作英語二的翻譯文章：SomeshoppersqueueallnighttobuygoodsintheJanuarysales.Whenitcomestostockmarkets,however,investorstaketheoppositeapproach:theyflocktobuysharesthathaveriseninprice.This“momentumeffect”hasbeeninexistenceforoveracenturyandhasbeenobservedacr
2、ossmanycountries.Investorswhobuythebest-performingsharesoverthepreviousyearearnmuchhigherreturnsthanthosewhobuythebadones.Thisoddityfliesinthefaceofacademictheory,intheformoftheefficient-markethypothesis.Itcannotbeexplainedawaybysayingthathigh-performingstocksar
3、emorerisky,orsomethinglikethat.Althoughthemomentumeffecthasbeenamplydocumentedithasneverbeenproperlyexplained.Perhapsinvestorsareslowtoreactwhenthefortunesofcompanieschange;onegoodsetofresultscanbedismissedasanunexpectedluck,butaftertwoorthreebumperperiodsthesha
4、returnsintoawonderstock.Anotherpossibilityisthatfundmanagerscreatethemomentumeffectby“window-dressing”theirportfolioswiththemarket’srecentfavourites.圖表題寫作學(xué)習(xí)資料：Thepast30yearshavebeendismalonesforthelabourmovement.IntheAmericanprivatesectortrade-uniondensity(ie,th
5、eproportionofworkerswhobelongtounions)hasfallenfromathirdin1979tojust7%today.InBritainithasdroppedfrom44%to15%.NoristhisjustanAnglo-Saxonoddity:lessthanafifthofworkersintheOECDbelongtounions.Thereisonebigexceptiontothisstoryofdecline,however:thepublicsector.Inth
6、eCanadianpublicsectoruniondensityhasincreasedfrom12%in1960tomorethan70%today.InAmericaithasincreasedoverthesameperiodfrom11%to36%(seechart).TherearenowmoreAmericanworkersinunionsinthepublicsector(7.6m)thanintheprivatesector(7.1m),althoughtheprivatesectoremploysf
7、ivetimesasmanypeople.Uniondensityisnowhigherinthepublicsectorthanitwasintheprivatesectorinitsglorydays,inthe1950s.Evencountriesthathaveseenadilutionofuniondensityinthepublicsectorhaveseenitstabiliseatamuchhigherlevelthanintheprivatesector.InBritaindensityhasfall
8、endramaticallyfrom82%in1979,buthasstabilisedatabout56%.Reliableglobalstatisticsarehardtocomeby;butevidencefrommanycountries(includingGermanyandJapan)suggeststhatthega
