资产收益

Residents' Consumption ; Habit Preference ; Asset Return ; GMM

居民消费；习惯偏好；资产收益； GMM

In the 2008 financial crisis, Grantham big U.S. and European economies singing empty, with the deepening financial crisis, and his assets, income is also rising.

在2008年的金融危机中，格兰瑟姆大肆唱空美欧经济体，随着金融危机的不断深化，他的资产收益也在不断攀升。

Given the specific marginal distribution, t-Copula is an easy way to get the joint distribution of return of assets in portfolio.

我们发现采用Poon（2003）提出的利用尾部相关性方法能够很好估算出极端情况下的尾部相关性系数并准确地判断出t-Copula函数适合作为资产收益的联合分布函数。

In fact, negative skewness means that the risk for a substantial loss is bigger than the chance of a substantial gain. A high level of kurtosis means that the asset has a high probability of extreme events.

负偏度的存在使得资产收益下降的可能性大于上升的可能性；超出峰度的存在使得极值事件比在正态条件下更容易发生，从而增加风险，将其统称为高阶矩风险。

Some significative conclusions are founded out in the dissertation. The evolution of securities investor behaviors bears multi-equilibrium characteristics, namely, possibly converging to the equilibrium of complete value investment, or full noise trade, or coexistence of former two behaviors. And its evolution path and equilibrium are affected not only investor's payoff function and initial state of securities market, but expect error of noise traders, noise trade risk and so on.

通过研究发现，证券投资者行为的进化呈现出多重均衡的结构特征，既可能收敛于完全价值投资、也可能收敛于完全噪声交易、还可能收敛于价值投资和噪声交易共存的均衡点，而具体的路径选择和均衡不仅受到投资者的支付函数、证券市场初始状态的影响，而且与噪声交易者对风险资产收益的预测偏差、噪声交易者风险等因素有关。

Article 40 For commissioned investment management business, the Company shall disclose by category (such as social security fund, enterprise annuity and other items) the assets scale and proceeds of such business as well as the Company's income from such business and risks involved in such business for the reporting period.

第四十条对于受托投资管理业务，应分类别（如社保基金、企业年金，其他专项）披露报告期该受托投资管理业务的资产规模、资产收益情况、公司来源于此项业务的收入及承担的相应风险。

Article 40 For commissioned investment management business, the Company shall disclose by category (such as social security fund, enterprise annuity and other items) the assets scale and proceeds of such business as well as the Companys income from such business and risks involved in such business for the reporting period.

第四十条对于受托投资管理业务，应分类别（如社保基金、企业年金，其他专项）披露报告期该受托投资管理业务的资产规模、资产收益情况、公司来源于此项业务的收入及承担的相应风险。

Article 40 As regards commissioned investment management business, the Company shall make a disclosure by category (like social security fund, enterprise annuity and other special items) of the assets scale and proceeds of such business as well as the Company's income from such business and related risks took in such business during the reporting period.

第四十条对于受托投资管理业务，应分类别（如社保基金、企业年金，其他专项）披露报告期该受托投资管理业务的资产规模、资产收益情况、公司来源于此项业务的收入及承担的相应风险。

Double surplus have played an important part in economy of China, but on the other hand, it means export of our resources, which will restrict sustainable development of our country, besides, it result in the RMB revaluation pressure and loss of capital revue, will weaken control power of the central bank of China in money supply and effectiveness of monetary policy.

双顺差对我国经济有着一定的积极意义，但另一方面却意味着大量实际资源的输出，会制约我国长期的可持续发展，造成人民币升值压力，会削弱央行对货币供应量的主导权和货币政策的有效性，带来资产收益损失等这些对我国经济的不良影响，因此，要慎重对待双顺差问题。

Double surplus have played an important part in economy of China, but on the other hand, it means export of our resources, which will restrict sustainable development of our country, besides, it result in the RMB revaluation pressure and loss of capital revue, will weaken control power of the central bank of China in money supply and effectiveness of monetary policy. Therefore we must pay more attention to it and deal with it cautiously.

双顺差对我国经济有着一定的积极意义，但另一方面却意味着大量实际资源的输出，会制约我国长期的可持续发展，造成人民币升值压力，会削弱央行对货币供应量的主导权和货币政策的有效性，带来资产收益损失等这些对我国经济的不良影响，因此，要慎重对待双顺差问题。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失