收益率

If you plan right, you can make very high yielding chips with only a little extra die area.

如果你计划的权利，你可以非常高的收益率只有一点额外的芯片面积芯片。

This dissertation presents the following innovations:(1)Used some rational methods to calculate the value of expectant returns, provided with the basic to calculate the value of BHAR and research the M﹠A performance.(2)Used quantitative and qualitative analysis to explain affection of factors to M﹠A performance.

本文主要的创新点在于：(1)使用较为合理的方法计算了预期收益率，为进一步计算BHAR值，从而研究并购长期绩效提供了研究基础；(2)运用定量和定性分析相结合的方法比较全面的解释了各因素对并购长期绩效的影响。

Carsten Stendevad of Citi, an investment bank, notes that between 2002 and 2007 the returns of firms that used a balanced mix of acquisitions and disposals outperformed cquisition-focused companies by almost 5% a year.

来自一家投资银行-花旗银行的 Carsten Stendevad 观察到，在2002-2007年期间，那些既有收购又有出售行为的公司的年收益率要比那些以收购为重点的公司高出5%。

The study shows that power curve is the best model based on present government bonds, the profit rate curve is complanate and rather low.

债券收益率水平已近底线，这代表社会资金成本处于相对低位的水平。

However, we don"t find neither the economies of scale nor the diseconomies of scale in the investment banking industry. What"s more, the scope of Chinese investment banks is too narrow and the income relies on the traditional deals too much, which makes the industry far from the economies of scope.The dissertation starts from restrict-pricing model of Spence and Bain-Sylos and analyzes the mechanism of the strategy of excessive production capacity. And based on the extended dynamic game theory of Dixit the dissertation establishes the dynamic game theory model of capital promise and entry deterrence. The dissertationillustrates the essence of scale strategy of Chinese investment banking industry: Firstly domestic investment banks should optimize the capital structure and the scale expansion by proper financing arrangement.

本文对我国投资银行业的产业绩效进行了实证检验：市场结构、行业规模以及市场总体收益率对行业的利润率具有很强的解释能力，从影响的相对水平来看，集中度的影响要大于市场收益的影响，同时，规模的影响与集中度、市场收益的影响相反；同时，基于规模经济的横截面分析表明，我国投资银行业的经济规模与其绩效之间还不存在明显的关系；而且，我国投资银行业总体上经营范围狭窄，业务内涵单一，在收入构成上过分依赖于传统的三大业务，也远远没有发挥出行业的范围经济优势。

The second part demonstration uses three methods to test the herding and analyses the herding in Chinese stork market by the proper data from June the first, 2005 to June the first 2007, and then uses the investment aggregation intensity model to analyze the fund managers" herding based on the board effect. The conclusion is that the elucidative ability of Shanghai Stork average PE is strong to Herding effect, but the whole equation"s R~2 is small.

它们分别是基于分散度的羊群行为检验，基于CAPM的羊群行为分析和基于ARCH模型的羊群行为分析，得出的结论是：在基于分散度方法进行分析时，排除剧烈羊群行为的可能，但是不排除轻微的羊群行为存在的可能性；基于CAPM和ARCH模型的羊群行为分析中，得出的结论是市场收益率的二次项系数均显著为负，说明中国股票市场存在羊群行为。

For the data of nine stock profit rate in Shang Hai stock market, the evolutionally programming is adopted to waged the optimization and to verify the effectiveness of the model.

依据上海股票市场9只股票收益率数据，采用进化规划进行优化计算，并验证模型的有效性。

At first, this article gives the definition of EMH according to Fama s explanation, at the same time, it shows the shortcuts and is confronted with some challenges.

然后，对中国股票市场的弱式有效性进行了游程检验、股票收益率随机性的自相关检验和单位根检验，同时对检验的方法进行了介绍。

Under market economy circumstance, the diversification demand of capital, which is from the infirmness of rural economy, the lag of investment environment, the diversification of capital demand from farmers, the finitude of credit, the difference of resource gift and development in different area and so on, results in high cost in fetching information and dealing, and low yield.

市场经济条件下，由于农村经济的弱质性，投资环境的滞后，农户资金需求的分散性和单位信贷的有限性，资源禀赋和发展水平的区域差异等所导致的资金需求的多层次和多元化，决定了信息获取成本和交易成本高而投资收益率低。

The same spread now implies, implausibly, deflation of 2.5% this year, and zero inflation until 2014, before reaching 2-3.5% thereafter.

两者的收益率价差则表明，尽管难以想象，今年的通胀率是-2.5%，明年至2014年通胀率为零，之后重新上升到2%-3.5%的水平。

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。