这篇文章怎么翻译啊？？？？不要翻译器的

We examine the basis for overoptimism in investors’ expectations aroundprivate placements of equity. The behavioral argument of Loughran and Ritter(1997) is more appropriate for established firms raising capital in the public marketthan for young firms that are more common among firms making private placements.Young firms have little history to be used to predict their future performance,and past-year earnings cannot be expected to be a good predictor of futureearnings for developing firms with highly uncertain growth opportunities. Hertzelet al. (2002) find that private equity issuers have, on average, negative earningsand significant stock price run-ups before their placements. They also find thatplacing firms exhibit high market-to-book ratios and have high capital and R&Dexpenditures. These findings describe characteristics that are typical of firms thatare in the developmental stage of their life cycle.

我们审查为overoptimism的依据在investors’期望产权的aroundprivate安置。 loughran的关于行为的论据和Ritter (1997)为提高在公众的建立的企业是适当资金marketthan为在做私下认募的企业之中是共同的年轻企业。年轻企业有将使用的一点历史预言他们的未来表现，并且通过年收入不可能期望是futureearnings的一个好预报因子开发的企业的以高度不定的成长机会。 私有产权发行人，平均，有消极earningsand重大股票价格迅猛增长在他们的安置之前的Hertzelet Al (2002)发现。 他们也发现thatplacing的企业展览高市场对书比率并且有高资本和R&Dexpenditures。 这些研究结果描述是特点企业thatare进入他们的生命周期发展阶段的特征。