收益率

Since Jegadeesh and Titman (1993)and DeBondt and Thaler (1985) respectively documented the short-run cross-sectional momentum and the long-run cross-sectional reversal in stock returns, more and more anomalies had been found gradually.

自Jegadeesh和Titman(1993)与DeBondt和Thaler(1985)分别发现，股票收益率序列存在着明显的&惯性&与&长期反转(long-run reversal)&等截面市场现象后，越来越多的收益率&异象&被逐步证明。

The innovations of this essay are following:Ⅰ, Completely investigating the theoretic introduction, practical application, and effects on investment administrant, and putting forward that China should transit gradually from dracon quantity regulation rules to prudent man rules;Ⅱ, Lucubrating the rational, negative effects, and experience tests of portfolio allocation regulation, performance regulation, and industry structure regulation of pension funds over OECD countries;Ⅲ, Analyzing the rational and sensibility of relative rate of return guarantees of pension plan, and advancing the scheme of rate of return guarantees of China;Ⅳ, First investigating the investment policy of pension plans globally using "contents analysis" over the world pension plans;Ⅴ, Lodging that portfolio diversification should be the most important risk management instrument, and presenting efficiency measure model of evaluating portfolio diversification of pension funds;Ⅵ, Lucubrating the optimal portfolio allocation model during accumulation phase and decumulation phase of pension funds; taking for that risky assets should decrease with time reducing during accumulation phase, but during decumulation risky assets should increase.

指出了本文研究的主要结论，以及研究的不足和未来研究的方向。本文研究的创新点在于：（1）从法和经济学的原理角度，全面研究了&审慎人&原则的理论解释、实践应用、对投资管理人行为影响的实证分析以及成功实施&审慎人&原则的因素分析，提出我国养老基金的投资管制应该逐步从严格的数量管制原则过渡到&审慎人&管制原则；（2）深入研究了养老基金的资产配置管制、业绩管制和产业结构管制的基本原理、负面效应、实证检验等，以及对OECD国家的国际比较；（3）研究了养老金计划的相对收益率担保的基本原理，并对其作用机制进行了敏感性分析，提出了我国收益率担保机制设计的方案；（4）首次采用&内容分析法&对国际范围内的养老金计划的投资政策进行了研究，找出了投资政策应该包含的关键要素；（5）提出组合多样化是最重要的风险控制手段，并给出了衡量养老基金组合多样化程度的效率评价模型；（6）深入研究了养老基金积累阶段和缩减阶段的最优资产配置的数量模型，认为在积累阶段对风险资产的投资应该随着时间减少，而在缩减阶段，风险资产应随着时间增加。

The main work of the paper is shown as follows.1 The optimal model of the single and combinatorial hedging based on the constraints of total loss is established.The paper takes the positive profit skenewss as constraint of serious loss\' probability, which the tail of curved shape on density function of the hedging yield elongates right,and the left tail become short.

论文的主要工作如下：(1)建立了基于整体风险控制的单品种和多品种的套期保值优化模型通过套期保值收益率的偏度大于等于零，使得套期保值收益率密度函数的尾部向右拉长，而左端的尾部较短。

The discount rate which equalizes the present value of incremental costs with the incremental benefits of the project.

增量收益率，新增收益率使项目新增成本的现值与新增收益相等的贴现率。

The rates of returns to both human and physical capital should be the same when the economy equilibrates.

均衡时经济中人力资本投资收益率等于物质资本投资收益率。

The markets are just as kind to other euro-zone spendthrifts. Government bonds from Greece (deficit last year, 5.2% of GDP; debt, 108%; but GDP growth, healthy) yield about the same as Italy's. Those from Portugal (deficit, 6%; debt, 63%; growth, perkier this year after a feeble run) yield ten basis points less.

希腊（去年的赤字占到该国GDP的5.2%，债务占到GDP的108%，但是该国GDP的增长健康）公债收益率和意大利同种公债的收益率相同，而比葡萄牙（赤字占到该国GDP的6%，债务占到GDP的63%，在经历了缓慢的增长后，今年该国的经济增长会更有强劲）低10个基点。

Recent cuts in short-term interest rates should help banks, by steepening the yield curve (the difference between long and short rates) and thus boosting the spread they can earn.

近期的短期利率下调本应助银行一臂之力，因为利率下调会使收益率曲线变得更陡峭（收益率即长期和短期利率的差额），并增加银行的息差。

Adaptability Analysis of Western Relevant Theories to Chinese A Share Markets 1. Theories on IPO's underpricing The empirical results in the dissertation indicate that, among western IPO underpricing theories, Winner's Curse Hypothesis, Investment Bank Monopoly Hypothesis, Band Wagon Hypothesis, Market Climate Hypothesis, Seasoned Equity Offering Hypothesis ect.

五、影响中国A股IPO抑价率及长期收益率的因素本文用分类分组统计及回归模型分析等实证研究方法，对影响中国A股IPO抑价率及长期收益率的各种因素进行了分析，相关因素的影响情况如下表：〓六、西方IPO相关理论对中国A股市场的适应性分析 1。

Usually, getting the profit need some time after investing. So we improve the rate of return-amount of circulating fund equation and build up a new discrete equation with delay.

由于从投资到获利需要一定的时间，针对这种现象，我们对收益率-流通量方程进行了改进，建立了离散的具有时滞的收益率-流通量方程。

This has propped up the dollar and reduced American bond yields－by up to 1.5 percentage points according to some estimates.

这对美元构成了强劲支撑，造成美国债券收益率下降。据一些分析人士估计，收益率跌幅为1.5%。

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。