超额回报

具体表现为：在盈余宣告前，机构投资者的持股比例与市场的累计超额回报正相关，而在盈余宣告后机构投资者持股公司的市场累计超额回报出现反转。

And the institutional ownership variable is positively correlated with the observed abnormal returns before earnings announcements , but abnormal returns have a reversion after earnings announcements .

基于紧指数复制模型的ALPHA套利和加强型指数化投资基金可以为投资者带来超额回报。

The alpha arbitrage strategy and the enhanced fund management strategy based on the compact index tracking model can make excess return for investors .

摩根士丹利（morganstanley）表示，投资级债券的超额回报率为0.6%优于美国股市的表现，也依然高于历史趋势。

Excess returns for investment grade bonds were 0.6 per cent more than US stocks and still better than historical trends , according to Morgan Stanley .

咨询公司麦肯锡（mckinsey）预测，在监管压力之下，全球投资银行业的超额回报可能会减半。

McKinsey , the management consultancy , predicts that the very high returns in global investment banking could halve under regulatory pressure .

德意志银行的FXSelect数据库或许是随意型货币经理表现最全面的指南。它显示，自2004年以来，各大基金所产生的总累计超额回报率约为5%。

Deutsche 's FX Select database , perhaps the most comprehensive guide to the performance of unconstrained currency managers , found funds have delivered total accumulated excess returns of around 5 per cent since 2004 .

文章的研究发现，GDP水平、社会固定资产投资总额、上市首日超额回报率以及股票月份日均交易量与IPO数量波动正相关；

The empirical research finds that IPOs positively relate with GDP , total society fixed asset investment , stock exchange volumes and first day abnormal return rate , and negatively relate with stock exchange amount without significance in statistics .

通过将其与内含报酬率、市场价值增量和超额回报指标进行比较，指出EVA是切合价值管理要求的评价体系。

By comparing the EVA with those indexes , such as the IRR ( Internal Rate Return ), MVA and Excess Return , it draws the conclusion that the EVA system is accordant to the requirements of the value-based management system .

如果凸度偏移调整是完全的，套期保值组合将产生零超额回报。

Once the convexity bias adjustment is completed , the hedged portfolio generates zero excess return .

在高度发达和效率较高的市场上，主动投资型资产管理人能获得的超额回报较少。

There is less alpha that active managers can capture in highly developed and efficient markets .

更重要的是，这起事件清楚地揭示出，风险是银行为获得如今期望的超额回报而必须付出的代价。

More fundamentally , the episode brings home that risk is the price for the outsize returns banks now expect .

然而，仅仅度过了一个令人难忘的秋季，风险资产相对于政府债券长达8年的超额回报便元气大伤。

In a single , memorable autumn , however , eight years of excess returns by risk assets over government bonds were eviscerated .

目前尚无证据表明，西方资本真的在中国获得了大幅超额回报，而中国正在大规模补贴其国内资金成本。

There is no evidence that western capital actually earns a significant excess return in China and China massively subsidizes its domestic cost of capital .

他辩称，全球竞争加剧已侵蚀了经济“租金”，即美国制造业工人赚取的超额回报。

Increased global competition has eaten away the economic " rents " , or excess returns , earned by US manufacturing workers , he argues .

它向参与基金的投资者提供在高于平均市场风险条件下获得超额回报的机会。

It provides the investors of participants fund an opportunity of obtaining above quota repay under the condition which is higher than average market risk .

我们的战略在设计上是在一个完整的信用市场周期内执行并从国家选择以及在允许的情况下从货币选择中获取超额回报。

Our strategy is designed to outperform over the full credit market cycle and to derive alpha from country selection and , where permitted , currency selection .

在信用周期的积极阶段，超额回报首先产生于对信用升级的正确预测，以及在消极阶段首先产生于对信用降级的正确预测。

In positive phases of the credit cycle , alpha is generated primarily from the correct forecasting of upgrades , and in negative phases primarily from correctly forecasting downgrades .

一年之后的今天，这些“超额回报”相对于将资金投入政府债券而多挣的那些钱实际上大多数又都赚回来了。

Now , a year later , most of those " excess returns " the amount of money made relative to sticking money in government bonds have actually been gained back .

这类股票一旦市场条件得到改善并被投资者认同，价格将会大涨，那么超额回报也就由此而来。

Once the market condition is changing , and these type of stock have been looked good by investors , their value will upward quickly , and extra return will been gained .

其所能起到的积极意义已经得到学界的承认。但这此类协议除了固有的消极因素，还有使销售商获得超额回报，剥夺消费者选择权等隐性负面影响。

But these kinds of agreements not only have common passive factor , but also have the negative effect that make vendor get the excess return and deprive the elective choice of the consumer .

当控制企业风险、成长性等相关因素后，投资者无法通过收益平滑变量构造投资组合进行套利以获得超额回报，在一定程度上说明市场对收益平滑的反应是适度的。

After controlling the related factors , such as risks , growth , it can be found that investors can not acquire the abnormal return through hedging the portfolios formed by income smoothing variable .

他早在1924年就意识到，相对于债券，股票风险溢价使得投资股票应会获得长期的超额回报。

As early as 1924 , he had realised that the risk premium on equities should provide a long-term excess return on equities relative to bonds , when the conventional wisdom was the opposite .

而作为虚拟资本的股票最终会寻求与公司内在价值的一致，因此投资者可以用股票超额回报率来衡量投资价值的变化。

As a virtual capital , shares ' price will eventually become consistent with the intrinsic value of the company , so we can use the stock return to measure the value of these investments .

甚高频模拟检验结果和真实样本检验结果与传统有效市场假说中市场有效价格随机行走就没有获得超额回报可能性的推论相矛盾。

Simulated and empirical data test results are contrary to the conclusion in efficiency market hypotheses and random walk theory that if a market is efficient , prices walk randomly , there is no chance to get excessive return .

而且其超额回报能力和投资风险，也明显优于依据市盈率、每股收益等常见指标建立的投资组合。

At the same time , it is superior also both on the over expected return and investment risk than those portfolios constructed via familiar finance indicators such as P / E , Net Asset Value per Share and so on .

他表示，想要通过股价上涨获得超额回报将变得困难，很大一部分投资回报将来自于股票分红。

' It 's going to be difficult to get returns through an excess of profit growth , 'he says . Instead , 'a big part of the return you are going to get is going to be from dividends . '

结果表明，定向增发的长期累计超额回报为正，并且大股东的参与和认购比例的提高对定向增发公司的长期市场表现具有正面影响。

The results show that the long-term cumulative abnormal return ( CAR ) of private placement is positive , and the participation and the increasing subscription proportion of large shareholders has a positive impact on the long-term market performance of the companies .

连续涨跌超过这个范围，个股收益呈现反转效应，建立在股票连续涨跌天数基础上的短期价格趋势投资策略可获超额回报。

When the continuous ups or downs time goes up to , 4 days , the excess earning ratio of stock appears contrariant effect . Then this paper proposes that the short-term price 's tendency strategy in Chinese stock market can obtain excess earning .

监控假说在一定程度上能够解释定向增发长期累计超额回报为正的现象，而防御假说和利益输送假说则不能有效解释我国上市公司大股东参与定向增发的动机。

The monitor hypothesis could explain the positive long-term CAR of the private placement to some extent , while the defense hypothesis and the tunneling hypothesis could not effectively explain the motivation of Chinese listed companies ' large shareholders participating in the private placement .

市场权力集中在少数几家大型机构手中，不仅会在其中一家倒闭时带来危险，还会让人们担忧，他们牺牲其它经济部门的利益而获得超额回报的做法，能达到什么地步。

The concentration of power in the market in a few big players does not just risk dangers if one of them fails ; it raises concerns about the extent to which they can make excess returns at the expense of the rest of the economy .

研究发现，中国股市过度超额初始回报率的本质是对二级市场的高估，它与国外的IPO价值低估有着本质区别。

It turns out that the overpricing of secondary market is strongly associated with the excess initial return , which is different from the Western countries essentially .