We show that this link is also present in other markets ant asset classes,and that value returns are significantly negetively related to liquidity risk globally,mplying that part of the negative correlation between value and momentum is driven by opposite signed exposure to liquidity risk.Separatig market from funding liquidity,we further find that the primary link between value and momentum returns comes form funding risk,whose importance has increased over time.
We investigate the source of tthis common global factor structure.We find only modest links to macroeconomic variables such as the business cycle,consumption,and default risk.
另外，我觉得我老是这样不可以的，想请教一下我要能看懂这类文献论文的有什么好办法？我要做什么？有没有这些这篇论文（value and momentum everywhere）中文版？我想学习一下，写一下毕业论文的。但是英语论文，看得好痛苦。好多翻译地很烂，自己也不知道是什么意思。对此，有经验的大神有什么好的建议或者提醒？
我们发现这种联系也存在于其他市场和资产类别，同时全球范围看价值回报与流动性风险呈显著负相关，这意味着部分价值和动力之间的负相关性是由对流动性风险的反向敞口（opposite signed exposure完全不知道怎么翻译）驱动的。将市场和资金流动性分离开，我们进一步发现价值和动量回报之间的主要联系来自融资风险，且其重要性日渐增加。
我们研究了这个常见全球因素结构的根源。我们只发现同宏观经济变量之间一定程度的联系，例如经济周期，消费和违约风险。
We show that this link is also present in other markets and asset classes,and that value returns are significantly negatively related to liquidity risk globally,implying that part of the negative correlation between value and momentum is driven by opposite signed exposure to liquidity risk.Separating market from funding liquidity,we further find that the primary link between value and momentum returns comes form funding risk,whose importance has increased over time.
We investigate the source of this common global factor structure.We find only modest links to macroeconomic variables such as the business cycle,consumption,and default risk.
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