凭我的知识，把问题的关键词，猜猜看，抛砖引玉。

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1。 When stocks from targe portfolios are sold, no negative information is expected to be revealed. It shuld only be positive or neutral.

The context for this argument is that trades are directed determined by hired and terminated fund managers.

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中，我不知道你有什么问题，但，hired and terminated fund managers 意思是，取代和被取代的基金经理，或者说，新来的，和要离职的基金经理 的意思。

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2 If asset owners delegate their funds to particular managers, then to the best of their knowledge the selected managers are the most talented among thousands of others available in the marekt. This implies taht managers' portfokos are most likely the portfokos of informed agents.

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这里的 informed agents 我认为是等于，MarketTraders/UpstairsTraders/Value-motivated Traders/Informed Traders(investors) 等等的分类中的 Informed Traders.

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3 the methods of ececution for trading include internal crossing, external crossing, and open market trading

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抄个 transition management service 中常用的方法，以及说明，你看看有没有帮助。

internalcrossing/externalcrossing ，都主要是想不在 open market 上交易，以减少对市场impact而有的。

Types of Trading Used by Mellon Transition Management Services

In-Kind Transfers
Rather than liquidating a portfolio wholesale and then beginning the process of constructing a new one, managers first examine the legacy portfolio and the target portfolio to determine which assets can be transferred in kind. This service is provided free of charge to the plan sponsor.

Internal Crossing
Both the buy and sell lists are crossed against assets in Mellon's internal crossing program. Our crossing algorithm identifies potential crossing opportunities across all portfolios. This service is provided free of charge to the plan sponsor.

External Crossing
Electronic crossing networks such as ITG's POSIT® are utilized to further increase crossing opportunities.

Agency Trading
Certain trades will be executed through a broker, acting as an intermediary, in order to take advantage of existing liquidity in the market. Principal Trading: Some trades will be executed directly with a market maker who commits capital in order to complete the trade.

Hedging
Various hedging instruments such as futures, options and swaps are used to limit undesirable or unnecessary exposure to market risk.

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4 For various leads and lags, table shows sevralcharacteristics of order imbalances.

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leads 和 lags ，应该是在legacy portfolio 到target portfolio 的transition 过程中，各个部分在时间上的领先与滞后的意思。

以上回答，不知道是否正确，也不知道是否帮上忙。

[此贴子已经被作者于2006-12-7 17:25:49编辑过]

Thank you very much for your valueable comments. One yet unknown question 1 which I asked the logic of the sentence is not the target of your answer which refer to context.