查询词典 down market

The results are consistent with the interpretation that positive intangible information tends to trigger institutional herding on the buy side.3. The securities Investment Funds act as momentum traders in bear market while as contrariant traders in bull market. Further analysis reveals that momentum trading by investment funds intensifies stock return momentum but stock price experiences a long-term reversal. It indicates return momentum results from mispricing instead of risk. The securities Investment Funds hamper market efficiency when they act as momentum traders.4 Both momentum trading and herding behavior intensify market anomalies and hamper market efficiency. However, momentum trading or herding behavior is the only one of the many aspects of the institutional investor.

第三，机构投资者的动量交易行为会加重了股票收益惯性，这一结论在分别控制股票规模、账面市值比因素后仍成立，并且机构投资者对股票的动量交易行为越强烈，股票收益的惯性也越明显，说明机构投资者具有影响股票价格的能力；进一步的分析表明，惯性利润在长期均实现反转，但反转的周期和程度受动量交易指标值的影响，股票动量交易程度越高，动量收益反转越强烈，反转周期越短，这表明机构投资者的动量交易行为使股价严重偏离其基础价值，在长期，股票价格不断调整逐渐靠近其基础价值，因此可以说，机构投资者对股票的动量交易行为会加重股票收益惯性和阻碍市场效率。

This dissertation is based on the historical development and the current situation in Pingyao's tourism market, through tourists' poll on the spot and internet, analyzes the overall constitution of the tourists generating market of Pingyao by means of combination of economic and geographic measures through the view of spatial scale and demography, including the total amount of the tourists in Pingyao, the constitution of realistic tourist generating market and potential tourist generating market, the nature of the tourist generating market in Pingyao. The thesis establishes an ACD matrix with the occupation of tourist as a main factor to analyze the relationship between tourist flows and their occupations, with the combination of quantitative and qualitative method to take an insight into the tourist segments selected, in the hope of advising a scientific measure and practicable basis for future development of Pingyao's tourism industry in order to convert the present dilemmatic situation to an optimization.

数据发布平台，依据淡季和春节对平遥旅游者抽样调查问卷资料、网络电子邮件问卷和其他有关历史和现状资料，采用地理分析与市场分析相结合的手段，从空间尺度、人口学特征等方面综合分析了平遥旅游客源市场的总体特征：平遥旅游市场总量状况、现实客源地和潜在客源地构成现状、平遥旅游客源市场的基本特征；对以客源地作为平遥细分市场的分析方法进行了研究，构建出ACD矩阵指导目的地对客源地的选择和细分，进而描述性说明每一类客源地细分市场进入细分选择的依据；将职业特征作为人群细分的标准，通过说明职业特征的高度相关性，以职业细分了平遥的客源市场，定量和定性相结合，分析每一类入选的细分人群，为平遥旅游客源细分市场提供科学的方法，作为平遥下一步开发旅游产品、设计旅游项目的依据，以实现平遥旅游资源的优势转化。

And thus I provide the evidence to undermine the commonly held opinion that China's public companies improved their performance by increasing financial leverage ratio. Seventhly, the international comparison reveals that the development of capital market has direct influence on the industry performance and the capital markets of developed countries are more effective than those of developing ones. Whether the finance system is bank-dominated or capital-market-dominated means little to the effectiveness of capital market and also the industry productivity. Eighthly, capital market, bank and FDI differ markedly in the mechanism of financing selection, supervisory effectiveness and industry characteristics. Averagely, capital market is the most appropriate mechanism among the three out-sourcing financing, considering the supervisory cost and effectiveness comprehensively. Certainly, some flaws remain in this study.

因此，我们认为，中国各产业上市公司产业绩效的提高不是通过提高财务杠杆比例来实现的；第七，基于资本市场自身的国际比较研究表明，资本市场发展程度直接影响其对产业绩效的改善和促进程度，成熟市场的资本配置效率显著高于新兴市场，而金融体系以银行为主导还是以资本市场为主导，并不影响资本市场功能的有效发挥，也不对产业绩效的影响产生效率上的差异，仅仅表现为在多大规模或范围内对产业绩效产生影响；第八，基于资本市场、银行贷款及外商投资3种外源融资方式对产业绩效影响的比较研究，三种方式在融资选择机制、监督力以及所影响的产业特征方面均存在显著差异，三者对不同产业绩效的影响呈现互补作用，而资本市场是监督成本与效力结合较好的融资方式。

Crown penannular jade ring entrusts lawyer Li Changqing to think, at present Baidu has exceeded 50% far in market share of home, the capacity that its market controls a position already establish, to a few websites ban, it is the behavior that abuses the market to control a position, suggest to execute the law the search technology regulation that the orgnaization uses to Baidu and search process undertake investigating; Establish search technology standard and standard of search market service, aggrandizement leaves the government that props up a service to the search; Instruct Baidu to stop its to abuse the market to control a position to ban the illegal behavior of other website, be in in order to fine.

王冠珏委托律师李长青认为，目前百度在国内的市场份额已经远远超过50%，其市场支配地位的身份已经确立，对一些网站的封杀，是滥用市场支配地位的行为，并建议执法机构对百度使用的搜索技术规则和搜索过程进行调查；制定搜索技术规范和搜索市场服务规范，强化对搜索引擎服务的管理；责令百度停止其滥用市场支配地位封杀其他网站的违法行为，并处以罚款。

The research results show that the organization mode for provincially decoupled regional electricity market is favorable to decrease the complexity of market frame and the market fairness can be well incarnated, therefore the presented market frame is advantageous to the smooth transition from the present situation in China to regional uniform electricity market.

研究表明，省间解耦的区域市场组织模式有利于降低市场组织的复杂程度，更能体现公平性，有利于从我国目前的现状向区域统一市场的平稳过渡。

Under the industrialization and market of water supply enterprise, it uses the tool of SFOT strategy analysis by the development of theory and policy of water supply. It puts up with market competition strategy of Shangrao water supply enterprise by strategetic analysis and matching. That is to say, by market penetration, market development and product development to make water supply enterprise grow densely. it will improve the assistance of the development of water supply by analysis of resources of strategy and combination of market.

在推进水业产业化和市场化的背景下，根据供水发展战略的理论与政策，运用SWOT战略分析工具，通过细致的战略分析与战略匹配，提出了上饶市自来水公司的市场竞争战略：即通过市场渗透、市场开发和产品开发策略使供水主业实现密集性成长；通过对企业战略资源的分析，结合市场情况，将大力推进供水辅业的快速、健康发展。

In market aspect,MNEs have rigidity of market crowding out,can possess market rapidly and potentially,build the bulwark of market entering,while it also has absolute advantage of brands. At the same time,they also develop a pattern of value chain of vertical specialization,by which,Chinas enterprises may have a chance to get into MNEs global value chain and acquire market room. In industry aspect,while MNEs control the industry by stock property and the advantage of brands,they provide a chance of industrial transfer and industrial linkages. Chinas enterprises could strengthen industrial linkages and achieve industrial drive by technology innovation and agglomeration effect. In technology aspect,because of the nature of MNEs technology monopoly,Chinas enterprises must face the dilemma of technology dependence,technology unadaptability and technology trap. But MNEs may also transfer technology to Chinas enterprises by competition effect,demonstration effect and cooperation effect. Moreover,Chinas enterprises could make use of MNEs investment of "oligopolistic reaction"in China to accelerate technology transfer.

在市场层面，跨国公司对中国企业具有市场挤出的刚性，市场占有速度快、潜力大，构筑市场进入壁垒，具有绝对品牌优势，但也在中国形成垂直专业化分工的价值链模式，中国企业获得链入跨国公司全球价值链，获取自身市场空间的机会；在产业层面，跨国公司借助股权安排和品牌优势实施产业控制，但也提供了产业梯度转移和产业关联的契机，中国企业可以通过技术创新和聚集效应，增强产业关联，实现产业带动；在技术层面，跨国公司出于技术垄断本性，使中国企业面临技术依赖、技术非适应性甚至技术陷阱的困境，但也通过竞争效应、示范效应、合作效应对中国企业进行技术转移，中国企业还可以利用跨国公司在华&寡占反应&投资，加速技术转移。

For the security market with restricted borrowing and short sale unallowed, Options pricing formula are advanced, and the relation between them and Black-Scholes Options pricing formula is discussed. The essence of Black-Scholes Options pricing formula is set forth. To the security market with restricted borrowing and short sale unallowed, stock returns risk pricing formula is advanced and the demonstration analysis of China security market is provided. From the demonstration analysis, arbitrage exists in China security market, which can be applied to explain the riddle of a great deal of China bank money and hot money swarming into China security market.

本文在B-S期权定价的基础上，直接利用股票本身的参数推导出股票收益率风险的定价公式；对不允许融资和卖空的证券市场，给出了看涨期权和看跌期权的定价公式，并讨论了他们和相应B-S期权定价公式之间的关系；对B-S期权定价公式的本质做出了阐述；对不允许融资和卖空的证券市场，给出了股票收益率风险的定义；利用股票收益率风险的新定义，对中国证券市场进行实证分析，得出中国证券市场存在套利，解释了2006年和2007年中国大量银行资金和国外热钱流向中国股市之谜。

Furniture and home appliance market, building material and decoration market, agricultural and food market, chinaware, plant and bird market, hi-tech market etc., these professional and specialty markets of different kinds and scales are located all over the city to embrace all walks of life in Hangzhou.

家私家电市场、建材装饰市场、农贸粮油市场、瓷器花鸟市场、高新科技市场……在杭州，这些不同种类、不等规模的专业市场比比皆是，囊括了城市生活的各个方面，共同架构出一张宠大而精细的商业网络。

The Analysis of the Size of the Bond Market: According to the experience of foreign bond market development, bond market is a critical source of capital for economic development, and globalization is the inevitable tendency for bond market development, and debt risk must be taken care of when the size of the bond market is expanding.

关于债券市场总量问题。从国外债券市场发展经验来看，债券市场是经济发展中的重要资金来源渠道，国际化是债券市场发展的必然趋势，在发展债券市场的同时应该谨防债务风险。

These rules reflect some inherent feature of self and nonself, and they are the basic detection criterion of GECISM.

这些规则反映了"自我"和"非我"的内在特征，是GECISM进行"非我"检测的判据。

Until today, the media from China and the outside world still uses the term "Post 89". Regardless to whether it is for commercial gimmick or convenience, everybody still remember "Post 89", a term which carries a strong Cantonese accent.

时至今日，国内外艺术媒体还是在沿用&后八九&这个称谓，不管当初是为了商业噱头还是容易上口好记，反正大家现在是记住了&后八九&这个广东口音很重的词。