收益率

Although stocks' returns are the main concerns for almost all of the academical researches about stock market, returns' random processes are even more important for correct investment decision making, because they provide the basic information about capital ri

在几乎所有的关于市场的学术研究中都会涉及到股票的收益率，而在股票市场，对收益率随机过程的充分认识是作出正确投资决定的基础，因为它提供了有关资产风险的基本信息。

During one-year period following the acquisition, floating stockholders earn excess return of 15.66 percentand 11.46 percent. We also find: different factors have different influence on value creation.

实证研究结果表明：并购重组为流通股小股东创造了价值，被并购公司股票在并购前后 1年内产生了 15.66%的算术平均超额收益率和 11.46%的加权平均超额收益率。

When the following two states appear, the Related Party Transaction will become the one of the main means of earnings management, and be positive relation to earnings management: to provide to drawing on 'ST' or to pick off 'ST' when the yield of net capital of listed firms is between 0 and 1%; or to issue additional new stocks or admeasure stocks when its yield of net capital is more than 10%.

上市公司的净资产收益率为01%时，公司为了扭亏；以及当净资产收益率为大于10%时，公司为了增发新股或者配股的需要，关联交易成为违规盈余管理的主要手段之一，这两种情况下的关联交易与盈余管理正相关。

If the yield curve is positive sloping it will steepen as the longer yields move up more than the shorter ones.

倒挂的收益率曲线则是从左向右下滑，反映短期收益率高于长期收益率的异常情况。

The most senior tranches, rated AAA, received the lowest returns, and then they went down the line to lower ratings and finally to the unrated "equity" tranches at the bottom.

最好的那些"块块"被定级三A，收益率是最低的，评级较低的收益率就略高，一级一级排到底。〔因为评级低的"资产"风险大，所以"价格"就高，收益率就高

Yield gap analysis suggests there can be another 20% upside for the market if earnings yield is to close the gap with the 10-year bond yield.

收益率差距分析表明要使股市收益率接近10年期债券收益率，市场还需上涨20%。

Because we use the two factors,γ1 andγ2, to explain monetary policy and another two factors, m and n, to explain market volatility exogenously, these results can characterize the relationships in government bond market between volatility and monetary policy, liquidity and returns well.

实证结果表明，模型中引入利率调整因子γ1、准备金率调整因子γ2及流动性因子m和n作为外生解释变量，能够较好地刻画我国货币政策对国债市场波动的冲击、市场流动性对国债收益率波动的影响及国债收益率波动与收益率的关系。

At last, for the needs of fully building a welloff society, this chapter posed the feasability of the transfer of peasant workers to the human capital, getting the result that peasant workers is the core in the aim of fully building the welloff society.In chapter 5, we took Qingdao as an example, made an analysis of peasant workers human capital transfer benefit. In the analysis, we found that the male education benefit rate is slightly lower than female; peasant workers working in service is a little bit lower than industry and construction; peasant workers from Qingdao city is higher than that from outsided Qingdao.

最后，该章根据全面建设小康社会的需要，探讨全面建设小康社会中农民工向人力资本转化的可行性，得出农民工人力资本发展是全面建设小康社会目标的核心动力的结论；第五章主要通过实证研究，以青岛市为例，对农民工转化为人力资本进行了成本收益分析，在实证分析中我们发现，男性教育收益率略低于女性，在服务行业工作的农民工教育收益率略低于工业和建筑业农民工，来自青岛大市的农民工教育收益率高于来自青岛以外地区的农民工。

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。

The scatter point plots show the volatility clustering,therefore we fit the volatility of returns series by the modelling methods in Chapter 3,while fitting the conditional mean equations of returns series with ARMA(1,1) models.

日收益率的散点图显示出波动集聚特征，因此论文分别用第三章介绍建模方法拟合收益率序列的波动，同时用ARMA（1，1）模型拟合收益率序列的条件均值方程。

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。