无收益的

According to the model, an asset's or stock's return equals risk-free return plus risk premium.

即资产或股票的收益等于无风险收益加风险溢价。

What's more the relations between different asset are classified to three groups which are the fundamental-derivative relation、the cross sectional relation and the comprehensive relation, on basis of which the asset pricing anomalies are classified individually to different groups.(2)The price model of the capital asset is constructed trailing the path of the asset value's incrementing and transferring. And then a three–factor model is established which can be utilized by the empirical researches. Concretely, under the capital chain, we conclude the relation between the stocks and the corporate assets is a fundamental-derivative one and the research object is the capital asset under the capital chain.

具体而言，本文在资产链的角度下分析股票和公司资产之间的"基础—衍生"关系，明确了本文的研究对象为资产链下的资本资产；建立了公司资产的价值，将公司资产和其基础资产公司的财产联系了起来，构造了资产链上第一个节点——公司资产的价值；将公司资产和资本资产进行了关联，在考虑公司资产变为资本资产的流动性增值后，建立了资本资产的价格模型；在前文资本资产价格模型的基础上进行了收益分解，基于此引入了具有长中短不同决策周期的三类投资者，在存在无风险资产和不存在无风险资产两种情况下分别建立了可用于实证的三因素模型。

Because inflation-indexed Treasurys can be bought cheaply through a no-load fund , a discount broker or even directly from the government through www.treasurydirect.gov, you don't face the steep costs that can drag down the performance of many other investments.

由于通胀指数国债可以直接通过无佣金基金、折扣经纪、甚至是通过 www.treasurydirect.gov 从政府购进，因此你可以省去可能拖累其它许多投资工具收益表现的高额交易成本。

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Credit risk premium is the differences between the yields of corporate bonds with credit risk and Treasury bill relatively with no credit risk.

信用风险溢价是指具有信用风险的企业债券的收益与相对无信用风险的国债的收益之间的差异。

In the third chapter, we assume the expected returns of the risky and risk-free assets as well as the covariance matrix of the risky assets are not exactly known, but defined by some known elements, which form the vertices of this polytope. We consider three problems, the first one is when there exists no risk-free asset in the

第三章假设风险资产和无风险资产的收益以及风险资产的协方差矩阵不是完全确定的，其相关参数属于某个已知的凸多面体，分别在市场不存在和存在无风险资产的情况下定义了稳健最优投资组合问

In this paper we assume the expected returns of the risky and risk-free assets as well as the covariance matrix of the risky assets are not exactly known, but defined by some known elements, which form the vertices of this polytope. Robust optimal portfolio problems are proposed in the market with and without risk-free asset. And the analytical solutions are given out when the covariance matrix of the risky assets are exactly known.

本文假设风险资产和无风险资产的收益以及风险资产的协方差矩阵不是完全确定的，其相关参数属于某个已知的凸多面体，分别在市场不存在和存在无风险资产的情况下定义了稳健最优投资组合问题，并在协方差矩阵确定的情况下给出了问题的解析解。

He says this income is really the return on cost-free capital that belongs to its shareholders; the bank should invest these funds in the capital markets and use the income on projects in the poorest countries, instead of lending it to governments that don't need it.

他说，这种收益实际上是世行股东们的无成本资本的利润；世行应该将这些钱投资到资本市场，并将收益用于最贫困国家的项目上，而不是贷给那些并不需要的国家。

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产（包括风险证券和无风险证券）的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

In chapter3, information is divided into two basic types, the marginal equation of bond price and short-term interest variations is established, thus the security price variations and the price equilibrium of other assets (risk security non-risk security are included) are analyzed by the implement of portfolio Theory. Finally the bond value equation which takes equilibrium return as its yield Parameter is established through the theory of comparative return. In chapter 4, the intra-information and the transferable system of price is emphasized and the market-maker model and expected model under non-perfect information market conditions are established, and the disaccord of the influence of extra-information and intra-information on the security price is discussed.

第三章将债券的价格均衡划分为两大基本类型，建立了债券与短期利率变动的边际方程，运用组合原理分析债券价格变动与其它资产(包括风险证券和无风险证券)的价格均衡关系，通过比较收益原理建立了债券以市场均衡收益为折现参数的价值方程，并通过实证检验了该模型的合理性；第四章，分析了内部信息与价格的传导原理，建立了非完全信息市场条件下价格传递信息的做市商模型和预期模型，并讨论外部信息与内部信息对股票价格影响的非一致性。

For a big chunk of credit-card losses; the number of filings (and thus charge-off rates) would be rising again, whether

年美国个人破产法的一个改动使得破产登记急速下降，而后引起了信用卡大规模的亏损。

Eph. 4:23 And that you be renewed in the spirit of your mind

弗四23 而在你们心思的灵里得以更新