收益

Yield gap is the difference between the return on government-issued securities and that on ordinary shares.

例5。收益差额是制政府债券的收益和普通股票收益间的差额。

This paper systematically analyzes the temporary differences from two aspects of initial recognition and further recognition,and then summarizes the similarities and differences between temporary difference based on asset-liability view and timing difference and permanent difference b.

按照资产负债观的收益理念，会计收益与应税收益之间的差异表现为资产、负债的账面价值与其计税基础之间的差异——暂时性差异。

This has raised the champagne houses' return on capital to well above the norm in the wine world: Laurent Perrier's return on capital was 13% last year, for example.

这就使香槟酒坊的收益远远高于酒业的普遍收益：去年，罗兰百悦的收益为13％。

Second, the distributions of the two series are both non-normal, and one series from auction mechanism has peaker mountaintop and fatter tail than the other series from continuous order-driven mechanism. Third, the auction will bring more noise in terms of stock yield, and demonstrate more deviation in the random walk in the market efficiency model.

第二，通过两种交易制度得到的两个股票收益序列的分布都是偏正态的，并且从集合竞价得到的序列比从连续竞价得到的序列尖峰厚尾；第三，集合竞价产生的股票收益比连续竞价产生的股票收益有更大的噪音，对市场有效假说的随机游走形式更大的偏离。

The Non-profit organization namely take does not seek to make a profit as the goal each kind of organizations and agencies abbreviation, may divide into according to its rentability take the Medical establishment, the institutions of higher learning and so on as the typical representative's rentability Non-profit organization, as well as take each kind of welfare activity as representative's non-rentability Non-profit organization.

非营利组织即不以营利为目的的各种组织机构的简称，按其收益性可以分为以医疗机构、高等院校等为典型代表的收益性非营利组织，以及以各种福利机构为代表的非收益性非营利组织。

In the empirical analysis part, statistical descriptions on the sample funds are made firstly, which show that the actual distribution of each sample fund"s daily net value return possesses the characteristic of leptokurtosis. So it is necessary to add student T distribution and GED to capture such leptokurtosis characteristic other than normal distribution. Secondly, ARCH test shows that there exists volatility clustering in each sample fund"s daily net value return, so GARCH related models should be used to describe such volatility clustering characteristic.

实证分析部分首先对样本基金进行统计描述，得出其收益序列均存在尖峰厚尾特征，不服从正态分布，因此有必要在下面的VaR计算中加入T分布和GED分布来捕捉这种尖峰厚尾特征；并且经ARCH检验后得出收益序列存在明显的波动聚集性的特征，因此可以选择GARCH类模型来描述这种特性，经过模型筛选，得出最适合我国开放式股票型基金的收益波动性模型为GARCH(1，1)模型。

If you divide the 20th century into quartiles, the period when the initial yield gap was highest (ie, bonds yielded more than cash) saw a subsequent ten-year real return from gilts of just 0.3%.

如果你把二十世纪分成四个时期，初始收益差最高的时期（例如，债券比现金收益大）之后会遇到十年金边债券净收益只有0.3%的情况。

When the supplier is a risk averter and the manufacturer is a risk neutral, after contrasting both supplier and manufacturer will make more effort, the income of supplier and the whole supply chain will increase and the effort of supplier realizes the Pareto improvement.

当供应商为风险规避者、制造商为风险中性者时，考虑双边委托代理问题后，供应商的收益增加，制造商的收益变化不定，供应链整体收益增加。

The paper obtains some conclusions after many theories analysis and empirical tests: Firstly, Volume-price relativity is extensive: total volume or it's change, disassembled volume promoting price movement or it's change all has plus relativity to equilibria price. Secondly, there is unilateralisms Granger casuality in bullmarket, while there is bidirectional Granger casuality in bearmarket. There is not nonlinear Granger casuality in both markets. Third, Behavior finance has remarkable effects after contrasting to different investment conditions. Moreover, causality research by moving tendency can reflect the stable relation while usual causality research can't do. Fourth, it can be ture forecasing key period of tendency reversion by building volume-price elasticity coefficient containing composite information of volume-price and analysis methods of moving tendency.

本文大量的理论分析和实证研究得到以下结果：第一，量价之间的相关性具有广泛性，总成交量及变化、分解的促进股价变化的成交量及变化都与均衡价格收益有正相关关系；第二，在牛市中，收益和成交量之间存在单向的Granger因果关系，而在熊市中，收益和成交量之间存在双向的Granger因果关系，不论熊市和牛市，上证和深证量价间均没有非线性因果关系；第三，不同市场环境的比较中还发现行为金融在股市中的作用明显，通过比较发现依据运行趋势的因果关系分析能反映量价间的稳定关系，而常规因果分析方法却反映不出来；第四，通过建立包含量价信息的量价弹性系数指标和依据运行趋势的关键区域研究法，可以实现对趋势转变关键区域的预测。

Applying contrarian strategy of Lo,Mavkinlay(1990), the decomposition of Jegadeesh,Titman(1995) and introducing turnover shock into the contrarian strategy, we find there are statistically significant profits for short-term contrarian strategy in the China stock market.

运用了Lo，Mavkinlay(1990)反转策略设计、Jegadeesh，Titman(1995)反转收益分解框架并引入成交量冲击对中国股市短期反转策略进行了实证研究。结果表明，中国股市存在显著的短期收益反转，反转强度与公司规模相关。反转收益主要来源于对公司特有信息的过度反应，而并非由&领先-滞后&结构驱动。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。