Since then, the effect has become less pronounced, presumably as more mutual funds caught on.

此后，税收效应的影响变得不再那么明显，这或许是因为有更多共同基金参与了进来。

But Prof. Gibson says it is strong enough that investors looking to pick up shares on the cheap would be well-served to wait. Companies that have more than 5% of their shares held by funds and have seen recent losses are candidates for continued drops in September and October, he says.

但吉布森教授表示，税收效应的影响还是很大的，希望抄底的投资者应当耐心等待。他说，基金持股比例超过5%且近期有浮亏的上市公司，其股价最可能在九月和十月继续下跌。

That would disqualify computer-seller Dell, which has dropped 10.8% in the last three months and is about 32% owned by mutual funds.

电脑销售公司戴尔(Dell)似乎很符合这个标准，该股过去三个月下跌了10.8%，其共同基金的持股比例高达32%左右。

Other companies with poor recent performance and high fund ownership include Delta, Ford, Hewlett-Packard,Netflix, and Research In Motion.

其他近期股价走弱且基金持股比例较高的上市公司包括达美航空(Delta)、福特汽车(Ford)、惠普(Hewlett-Packard)、Netflix和Research In Motion等。

But with rational explanations hard to come by, investors should stop short of making big moves out of equities, Mr. Stovall says.

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