收益率

The yield on an asset, subject to subsection (5), shall be

在符合第(5)款的规定下，资产的收益率须为以下所述者

And SV models can profoundly descript the leptokurtic effect in our country Stock market better.

而且随机波动模型能够更好的描述收益率数据自身存在的尖峰厚尾性。

In the part of empirical analysis of Chinese IPO first-day return, the difference between existing study and this study is that we use principal components analysis to extract from five factors to construct investors'sentiment index, add it to controled varibles, on which we examine the influence of offering mechanism on IPO first-day return. Moreover, we gather statistics and compare the IPO holding return for lockup period between fixed-price-class offering method and bookbuilding-class offering method, as well as price range between Chinese A-share market and Hongkong stock market, which prvide comprehensive evidence to appraise Chinese IPO bookbuilding mechanism. 2. Compare to the existing literatures which consider discount or allocation, incentive allocation and discount are considered at the same time in optimal mechanism design in this dissertation, and the offering bottom price is introduced to the price range. We investigate the relationship between price range and allocation quantity, and obtain the optimal price range and allocation strategy so that the advantages of independent allocation are reflected. On the other hand, the disadvantages of independent allocation are reflected in the manipulation in case of no restriction on IPO allocation. To distinguish from the existing literatures, bookbuilding mechanism is introduced to the model. We study the allocation strategy adopted by the underwriter in the pooling equilibrium of manipulation. In addition, we analyze the incentive compatibility conditions to which the existence of pooling equilibrium should satisfy and examine some factors'impact on the existence of manipulation.3. In bookbuilding without independent IPO allocation, Chinese realistic IPO background is considered and the condition of bookbuilding and fixed-price hybrid offering is added. Divide bookbuilding and fixed-price hybrid offering into sequential hybrid and simultaneous hybrid, and point out that the key points of subscription strategy in the two kinds of hybrid are different. Through modeling and simulation we obtain the impact of institutional investors'subscription strategy on bookbuilding without independent IPO allocation, which fill the gap in related research. Moreover, in the part of IPO bookbuilding with over-allotment option, the pricing strategy is divided into hot-IPO strategy and weak-IPO strategy. Take into account the procedure of Chinese IPO with over-allotment option, it presents how the underwriter determines the pricing strategy and what effect it brings to offering price and issue size through modeling and simulation. Therefore, it is instructive as a complement to existing literatures.

此外，对我国A股市场询价发行方式与固定价格发行方式下的IPO锁定期到期时持有收益率、以及我国A股市场与香港市场的询价发行价格区间进行了统计比较，为评价我国IPO市场的询价发行提供了比较全面的依据。2、相比已有文献仅考虑折价和分配中的一种激励措施，本论文在有自主配售权下的机制设计中并用了分配与折价两种激励措施，并且在价格区间的制定中引入发行底价，考察了价格区间与分配量之间的关系，得到最优的价格区间和分配策略，从中体现自主分配权的优点；在有自主分配权下的操纵行为研究中则体现了自主配售权的弊端，与已有文献不同的是，在模型中引入了累计投标询价机制，研究了承销商在混同均衡操纵中采取的分配策略，并对操纵存在的条件进行分析讨论，得出各个因素对混同均衡操纵存在的影响。3、在无自主分配权下的询价发行中，充分考虑了我国实际应用的背景，加入了与固定价格发售混合的条件，并将询价与固定价格混合发行分为序贯与同步两种方式，指出机构投资者在两种情况下申购策略的侧重点各有不同，通过对序贯混合发行方式下的网下累计投标策略以及同步混合发行方式下的资金分配策略的模型建立和数值仿真，考察了机构投资者申购策略对无自主分配权下的询价发行的影响，填补了相关研究文献的空白；在包含超额配售选择权的询价发行中，将发行定价策略分为热销策略和弱销策略，在考虑了我国含超额配售选择权的发行流程下，通过建模以及数值仿真得出承销商会对发行定价策略作出怎样的选取，进而会对新股发行价格、发售数量产生怎样的影响，对目前相关研究的缺乏做出了有益的补充。

Good yield of the pure monomer bis(2-hydroxyethylene terephthalate) was obtained.

良好的收益率的纯单体二（ 2 - hydroxyethylene对苯二甲酸乙二醇酯）获得。

Tradition method of risk tolerance believe that the yield distribution of option obey normal distribution the result always be asperity and the error is relatively great.

传统的风险度量方法假设期权的收益率分布服从正态分布，度量的结果往往显得粗糙，误差较大。

As an example, the time series of China composite stock index is considered Firstly, the distribution of five days return on China composite stock index is studied. Secondly, based on the R/S analysis Hurst exponent is worked out and determination detecting can be done . Lastly, the topological characteristics such as correlation dimension and maximum Lyapunov exponent are extracted from time series.

作为例子，本文对中国股票指数时间序列做了实证分析，首先研究了中国股票指数的五天收益率的分布规律，然后运用重标极差分析方法计算出赫斯特指数，并以此为基础进行确定性检验，最后在相空间重构的基础上提取吸引子的拓扑特征指数。

The reconciliation of this conflict centers around the broad toppy phases of market trends where a positive rate of return may well develop during a sideways trading pattern but the rate of return in such shallow advances is no better than the yield on risk-less Treasury Bills.

和解这一冲突中心的广泛toppy阶段的市场趋势有积极的回报率很可能会制定在边线交易模式，但回报率在这种肤浅的进步是没有更好的收益率比风险小于国债。

Calculates the yield of a treasury bill.

计算短期国库券的收益率。

A flight to safety saw the yield on the two-year US Treasury bill fall 38 basis points.

向安全资产的逃亡导致2年期美国国债的收益率下跌38个基点。

Now, traders, investors, and even bank managers need real knowledge, and better ways of assessing risk, to identify undervalued assets that might just perform better than the 2 per cent return on a Treasury bill.

如今，交易员、投资者乃至银行经理都需要真正的知识和更好的风险评估方法，来辨识被低估的资产--这些资产的表现可能仅略高于美国国债2%的收益率。

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车，和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特，那个是爱朗。