收益

Properties of efficient portfolios and the efficient frontier to the model are systematically analyzed. Our main results concerning the properties are: every efficient portfolio can be solved by minimizing portfolio risk under a given level of portfolio return or by maximizing portfolio return under a given level of portfolio risk; on the efficient frontier, the risk is a convex and strictly increasing function of the return and the return is a concave and strictly increasing function of the risk; the utility function on the efficient frontier can be expressed as a quasi-concave function of the risk or the return if the investor's utility function is quasi-concave.

从理论上系统地对该模型下的有效投资组合和有效前沿的性质进行了分析，结果表明：每一个有效投资组合可通过在给定期望收益水平的条件下最小化投资组合风险来获得，或者在给定风险水平的条件下最大化期望投资组合收益来获得；在有效前沿上，风险是收益的严格单调递增凸函数，收益是风险的严格单调递增凹函数；当投资者的效用函数是拟凹函数时，则有效前沿上的效用可表达成风险或收益的拟凹函数。

Using GARCH（ 1,1 ） model with dummy variables in return equation and modified GARCH（ 1,1 ） model with dummy variables in conditional variance equation, the writer of this paper conducts an empirical investigation into the day-of-the-week effect on returns and volatility in open-end fund during the period of June 1,2003 and August 18, 2005 in China respectively.

运用均值方程含有虚拟变量的GARCH（1，1）模型和条件方差方程含有虚拟变量的修正的GARCH（1，1）模型，我们分别对2003年6月1日至2005年8月18日期间中国开放式基金收益的周内效应和收益波动性的周内效应进行实证研究，结果显示，在研究期间内样本基金收益及收益的波动性在周三这一天显著不同于其他交易日，即存在"周三效应"。

The Interpretation also lists seven circumstances under which the defendants may be deemed to "cover up or conceal the source and nature of Illegal Gains through other means", which include:(1) aiding and abetting in the Transfer of Illegal Gains through pledge, rent, sale/purchase and investment;(2) aiding and abetting in the Transfer of Illegal Gains by way of commingling with the income of cash-intensive businesses including shops, hotels and entertainment venues;(3) aiding and abetting in converting Illegal Gains into "lawful" assets through fictitious transactions, debts and credits, guarantee and incomes;(4) aiding and abetting in converting Illegal Gains by way of purchasing sweepstake and lottery tickets;(5) aiding and abetting in converting Illegal Gains into gambling proceeds through gambling;(6) aiding and abetting in carrying, transporting or mailing Illegal Gains overseas; and (7) aiding and abetting in the Transfer of Illegal Gains through means other than those set out above.

解释》还列举了将被认定为〝以其他方法掩饰、隐瞒犯罪所得及其收益的来源和性质〞的七种洗钱情形，包括：（1）通过典当、租赁、买卖、投资等方式，协助转移、转换犯罪所得及其收益的；（2）通过与商场、饭店、娱乐场所等现金密集型场所的经营收入相混合的方式，协助转移、转换犯罪所得及其收益的；（3）通过虚构交易、虚设债权债务、虚假担保、虚报收入等方式，协助将犯罪所得及其收益转换为〝合法〞财物的；（4）通过买卖彩票、奖券等方式，协助转换犯罪所得及其收益的；（5）通过赌博方式，协助将犯罪所得及其收益转换为赌博收益的；（6）协助将犯罪所得及其收益携带、运输或者邮寄出入境的；（7）通过前述规定以外的方式协助转移、转换犯罪所得及其收益的。

The extra income by engaging moral hazard, the income of nonparticipating attestation, the future income discount, the income of standard production, the fine to disobey the standard and the monitor of government can effect the degree of moral hazard.

农户从事道德风险活动时所能得到的额外收益、不参加认证所能得到的收益、未来收益的贴现率、按照标准进行生产所能得到的收益、被发现违反标准进行生产的罚金和政府对农户的道德风险行为的监督程度都会影响农户的道德风险程度。

To solve such a problem, this paper provide a method combined with the appraisal of commercial opportunity and producer's income. The commercial opportunity appraising is carried upon the analyst of the improvement of the product's function and the renewal of the consumer's demand. Meanwhile, the multimedia products are divided into two kinds, one is call star-network multimedia product, and the other is called mash-network multimedia product. For each type of product, the paper analyses the producer's equilibrium in monopoly market and monopolistic competition market, which provides a method to forecast the producer's income in the future market.

针对这两种现象，本课题在研究过程中提出了商业机会评价结合厂商收益评价的投资机会研究方法，首先通过分析产品功能更新与消费者需求更新的内在关系，识别具有良好商业机会的产品；而后通过将多媒体产品划分为星型网络型多媒体产品和交叉网络型多媒体产品，分别研究在垄断的市场以及垄断竞争的市场条件下厂商的收益水平，识别真正具有良好收益前景的厂商类型，以及影响厂商未来收益的因素。

Benchmark yield curves in the major financial centers had been pushed to quite low levels, setting the stage for a snapback in mature government bond yields when signs of stronger economic growth emerged (Table 1.1). The March 2003 GFSR highlighted the risk that such an increase in yields would trigger an unwinding of carry trades; indeed, the rebound in yields evident in all major markets since mid-June appears to have been accentuated by an unwinding of such trades.

主要金融中心的各种基准收益曲线曾被下降到相当低的水平，为在经济出现更强劲增长时迅速恢复到期的政府债券收益创造了条件（表1--1）。2003年3月份的《全球金融稳定报告》突出了这种收益增长会触发扩大结转交易的风险；确实，现在看来，自6月中旬以来，在所有主要市场上，扩大这种交易加强了明显的收益反弹。

This paper puts forward a univariate AR(1) model that relates stock price,stock returns and dividends to study stock returns autocorrelation function, and adoptsa variance decomposition to analyze variation between expected steek returns and unexpeetedstock returns.

提出一种联系股票价格、股票收益及股息的单变量回归模型来研究股票收益的自校正，并采用变量分解法探讨股票预期收益与非预期收益两者之间的变动关系。

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。

The economic incomes per cruise of two specimen boats owners were permitted to be traced during two periods, May-June and September-December in 2003. The average income of fishing cruise which did not encounter dolphins was $NT 7327 dollars (SD=643 n=29 trips). The average income of fishing cruise which have encountered dolphins but no interruptions was $NT 7901 dollars (SD=1581 n=13 trips). The average income of fishing cruise which depredated by dolphins was NT 3137 dollars (SD=419 n=6 trips). The daily average income was $NT 6959 (SD=4211 n=48) per day. The cetacean interference result in a significant economic decrease.

另外，鲸豚干扰渔获的损益评估依据2003两艘样本船在5-6月，及9-10月每日作业及盈收状况的追踪发现，没有碰到海豚的每日作业平均收益为NT 7327元(SD=643 n=29)，碰到海豚但无干扰的每日作业平均收益为NT 7901元(SD=1581 n=13)，有海豚干扰的每日作业平均收益为NT 3137元(SD=419 n=6)，全部作业收益每日平均为NT 6959元(SD=4211 n=48)，被鲸豚干扰后之渔获收益较未遇见鲸豚或遇见鲸豚却未被干扰情况下减少。

At the end of this paper, we will give seller's optimal buy-price The first chapter of this paper is the traditional auction, including the common values model, private valuable model, and the revenue equivalence theorem.

第四章我们在前面的模型基础上分析投标者的收益和卖者的收益，证明了投标者风险规避程度越高，其阀值会越小，并且指出当一口价满足一定条件时，风险中性的投标者不能从一口价拍卖中获得额外的收益，同时、卖者可以获得不低于普通英式拍卖的收益。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失