收益

But with the change of circumstances, the uncertainness of investment projects increases and these traditional decision approaches are challenged.

在第一章中，本文讨论在风险中性世界中的投资项目决策实物期权的价值评估问题，并假设投资项目的未来收益变化率S t服从如下的几何布朗运动：其中r为无风险利率，此时等于银行利率，σ为投资项目未来收益的波动率，随机过程Wt是上的几何布朗运动。

Nearly half of those firms that reported 2008 results have undershot analysts' consensus forecasts, while only about a quarter have performed better, according to Macquarie Research.

据麦格理的数据显示，公布了2008年收益报告的公司中有近一半不及分析师的普遍预期，只有约四分之一的企业收益高于预期。

An entrepreneur, who has to reach a practical decision as to his scale of production, does not, of course, entertain a single undoubting expectation of what the sale-proceeds of a given output will be, but several hypothetical expectations held with varying degrees of probability and definiteness.

据上所述，在技术，资源和单位就业量的要素成本既定的情形下，每一单个厂商和行业以及整个社会的就业量取决于企业家预期能从相应产出35中获取的收益额，因为企业家会尽力把就业量固定在能使预期收益超过要素成本的部分最大化的水平。

Unliquidated amount received as a result of timely access to earnings per share should not make some real estate company's financial indicators is relatively undervalued, such as the early announcement of its stake in the WTO World Trade Organization submitted to Riverside Park to enter the period of 2500 percent increase in earnings per share.

未清偿的数额，由于及时获得每股收益不应该使一些房地产公司的财务指标相对低估，如早期宣布其股份在世贸组织世界贸易组织提交的河滨公园，进入2500年期间增加百分之每股收益。

In west, there is not a generally accepted opinion, though there are much theoretical and empirical evidence, there are two theories: Dividend policy is relevant, vintner study dividend policy about dividend signaling by positive research, Jensen and Meckling created agency cost theory, they provide and analysis of the affects of agency conflicts among corporate stockholders, corporate managers and creditor; they suggest that management stock ownership can reduce agency cost by aligning their interests with shareholder's interest.

因为一定量的内部留存收益是保证公司长期发展的重要资金来源，而股利则为股东提供当期收入，股东对股利的不同偏好直接影响公司未来的股票价格，从而影响公司的发展，因此，在信息不对称的条件下，如何将公司实现的收益在股东和内部留存之间进行合理分配，以制定一个合理的股利政策，使股利的发放与公司的未来持续发展相适应，并使公司股票价格稳中有升，便成了公司管理层难以处理的实际问题，也使得对影响我国股利分配政策影响因素的研究变的尤为重要。

As Wall Streeter Ray DeVoe says:"Fools rush in where angels fear to trade." We will engage in arbitrage from time to time - sometimes on a large scale - but only when we like the odds. o Leaving aside the three convertible preferreds discussed in the next section, we substantially reduced our holdings in both medium- and long-term fixed-income securities.

除了后面会提到的三项可转换特别股投资之外，我们大幅减少在中长期的固定收益债券部位，尤其是长期部份，大概就只剩下华盛顿公用电力系统债券，去年我们处分了部份当初以相当低折价买进的低收益债券，处分价格与一般信用评等佳的债券差不多，是 www.buffettism.com 巴菲特研究中心

Keep Necessary Receipts Receipts which come from the purchase of necessary items for the individual with xeroderma pigmentosum should be saved for tax reasons.

保持必要的收益，收益则来自购买必要的物品，让个人与着色性干皮病，应节省税收原因。

By regressive analyses of yield spread to interest rate and credit rank, building the stepwise linear regressive monitoring model of compound factors. With influence of product deadline, market risk and credit condition, yield spread shows non-linear changes. The main reason is the influence of credit condition and product deadline and market interest rate.

通过收益利差对产品期限、市场利率和信用等级等进行逐步线性回归，建立了OTC金融衍生品复合因子的监控模型；受产品期限、市场利率和信用状况的影响，收益利差呈非线性变化，主要原因是信用状况与产品期限、市场利率三者存在相互影响。

Maturity, Yield to The total return on a bond investment realized if held to maturity.

到期收益如果持有债券至到期日取得的总收益。

The most important issue of securlty markets is the return---risk relation and the retum---risk relation of bonds is reflected by the yield curve that describes the relation between yield to maturity and years to maturity, so yield curve is an important analytical tool which serves as the basis of analysis of the trend of the interest rate and bond pricing.

证券市场最重要的问题是收益一风险的关系，而国债的收益一风险关系就体现在描述到期收益率一到期期限的国债收益率曲线上，该曲线所表示的关系就称做利率的期限结构。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。