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The main contribution of this paper is to investigate the problems of IPO underpricing, overpricing and long-term underperformance systematically, with the consideration of development of issue system, short sales constraints, investor sentiment and heterogeneous belief, etc. We find, the main reason of high initial return in Chinese A-Share market is overpricing in secondary market, rather than underpricing in primary market, which is obviously different from mature capital market.

本文主要贡献在于结合A股市场&发行制度变迁&、&卖空限制&、&狂热投资者情绪&以及&异质信念&等因素,对A股IPO的一级市场抑价、二级市场溢价以及长期表现弱势进行系统研究,发现了造成中国新股高初始收益现象的根本原因在于二级市场中的&价格高估&,而不是一级市场的&价格低估&,这与成熟市场的IPO价值低估现象具有本质区别。

There have few statesmen can acquire the achievement that Churchill have, who parlayed his oratory and his symbolized image to conduct common people's passion, while at the meantime he did not violence Britain's political and social regime.

尤其是在总体战的出现和现代大众政治兴起的条件下,暴力的自我实现的倾向和大众的情感狂热使战争的烈度和规模越来越大。

A who's who of UK media organisations have lined up to take a pop at the AR movement – Dispatches, Panorama and all the main papers have parroted the police line that AR is full of dangerous violent fanatics with an irrational belief system.

阿谁是谁的英国媒体组织排队采取弹出在阿肯色州运动-急件,全景和所有的主要文件已p arroted警察线,阿肯色州充满了危险的暴力狂热的非理性信仰体系。

Some may scoff at the thought of DDR maniacs immediately partaking in MGS, but that's not the point.

有些人或许会对的狂热者嗤之以鼻,转而去玩他的MGS,但这不是重点。

However, those same completists will likely be bothered by the unfortunate peppering of short-but-noticeable in-game load times found in all of the games.

然而,粉丝们的狂热劲将会被游戏中经常的读盘不幸的烦扰着。

The film stars Michael Douglas as a philandering husband and Glenn Close as the crazed woman who stalks him.

电影明星迈克尔道格拉斯,扮演一位风流的丈夫。Glenn Close扮演一名跟踪他的狂热女子。

Frantic rescue workers removed debris with shovels , pickaxes and their bare hands in search of any survivors .

在搜救生还者时,狂热的营救人员用铁锹,镐,甚至他们的双手移除碎石。

Bouts of hysteria, sometimes presaged by apparently magical occurrences, can lead to hundreds of deaths.

看起来奇异的事件,有时使人变得躁动狂热,这可以造成数百人死亡。

They filled with distrust to the radicalized liberalism, and their once enthusiastically liberalistic-idealism vanished.

他们对激进化的自由主义变得充满疑惑,一度狂热的自由主义理想也消淡了下去。

FOR the past few years the wild men of private equity have rampaged through the public markets.

过去的几年里,私募股权的狂热分子在公开市场中无所忌惮。

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Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时,他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了

The enrich the peopling of Deng Xiaoping of century great person thought, it is the main component in system of theory of Deng Xiaoping economy, it is a when our country economy builds basic task important facet.

世纪伟人邓小平的富民思想,是邓小平经济理论体系中的重要组成部分,是我国经济建设根本任务的一个重要方面。