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In view of the peaked and fat-tailed characteristics of financial return data distribution and its effect of clustering fluctuation and especially the "leverage effect" of fluctuation on VaR estimates and some efficiencies when estimating VaR with various assumptions of return data distribution,a semi-parameter approach based on EGARCH-VaR model is developed.

在综合考虑了金融收益数据分布的尖峰厚尾特征及其波动集群性,尤其是其波动的&杠杆效应&对VaR估计的影响以及各种假定收益率分布在计算风险价值时存在不足的基础上,提出了基于EGARCH-VaR的半参数方法,并且与正态分布和t分布假设下的GARCH模型的VaR计量方法进行比较,通过实证分析,并利用后验测试,表明基于EGARCH-VaR的半参数方法对风险价值的测度优于正态分布和t分布假设下GARCH模型的VaR计量方法。

As we have abolished planned economic system, we should put its cause system, analysis frame, the theoretical prerequisite and so on into historical museum. we should take more scientific market economic system with its cause system, analysis frame and the theoretical prerequisite as our system. Around these goals, We must establish a Macroscopic Service Law system whose head is getting job fully, wings are the income law of rising and financial basic law, eliminate three fissions making market apart with various financial tools, create equal employment opportunity, make country and the masses rich..

我们废除了计划经济体制,应该将计划经济体制的理论前提、分析框架和目标体系放进历史博物馆,采用更加科学的市场经济体制的理论前提、分析框架和目标体系,并围绕这些目标建立一个以充分就业与收入提高法为龙头,以财政基本法、金融基本法为两翼,运用各种财政工具消除现实市场存在的三种分割(地域分割、信息分割、制度分割),创造平等就业机会,使国家和民众走上富裕之路的完整的&宏观服务法&体系。

"21St Century": With the market the final nail in May, although the Shanghai Composite Index on a five-line even-yang, but the market in June for the future of red seems to be cautiously optimistic, if index 2600 points to extend the line of shock organize, finance, real estate is to guide the market will truly become a force at the core of the red then?

21世纪》:随着五月行情的盖棺定论,尽管上证指数月线出现了五连阳,但市场对于红六月的前景似乎持谨慎的乐观,股指是否会延续2600点一线的震荡整理,金融、地产是否又会真正成为引导大盘上冲的核心力量呢?

But in a twist of fate among the practitioners of tooth-and-claw capitalism, it is the private equity buy-out groups which loaded with debt the companies they acquired and squeezed those assets to improve their returns that are now about to be bested by other masters of the fleet-footed financial arts.

然而,在弱肉强食资本主义的实践者中,命运发生了转折:如今,败在其他擅长快速金融艺术的大师手上的将是私人股本收购集团,它们让它们所收购的公司背上债务负担,同时为提高收益而拼命榨取那些资产。

DBM Fonds Invest seized on a demand for "experience" investments: tangible high-yield financial products that have a "story" to tell and to sell.

DBM Fonds Invest成立Global View基金时,希望搭上投资者对&经验型&投资需求大涨的顺风车。这类金融投资品种通常基于实体、收益率高、并且有诱人的&盈利故事&可以讲给投资者听。

They have many common characters such as strength and development trend. Going on the premise of supporting the market economy, exploring for financial reforms and controlling risks effectively, they have all made rapid progress and found footholds in the market.

它们之间的规模、实力和发展态势都比较接近,在坚持服务市场经济发展、探索金融体制改革、有效防范风险的前提下,基本上都获得了快速发展,在市场上初步站稳了脚跟。

It had been a long journey from the gold standard of the 19th century, via the restored gold-exchange standard of the 1920s, the monetary chaos of the 1930s, the Bretton Woods system of adjustable exchange rates of the 1950s and 1960s, the termination of dollar convertibility into gold in 1971, and the monetary targeting of the 1970s and 1980s.

这是一段漫长的旅途,从19世纪的金本位开始,历经上世纪20年代的金汇兑本位制、30年代的金融混乱、50年代和60年代实行浮动汇率制的布雷顿森林体系、1971年结束美元与黄金的兑换,以及70年代和80年代的货币目标制。

But the crisis has revealed the extent to which taxpayers are the guarantors of the financial system.

但是,这场危机已显示出,在很大程度上纳税人成为了金融体系的担保人。

Since the 1960s, heavy-tailed distributions have been widely used in branching processes, queueing theory, risk theory including insurance and finance and other fields.

自从上世纪60年代以来,重尾分布已经在分支过程,排队论,风险理论包括金融保险等领域中有了广泛的应用。

Thirdly,this article make a further analysis of the impact of the short-term capital inflows on China's economic and financial systems and come to the conclusion that the inflowing of the

在此基础上进一步从这几类影响因素出发,分析了国际短期资本对我国经济金融系统的影响,并得出了短期资本的流入会打破原有经济的稳定,在国家为了恢复经济稳定的过程中,国际和国内目标实现发生了矛盾,而这一矛盾的根源就在于我国经济的外向依赖性的结论。

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I didn't watch TV last night, because it .

昨晚我没有看电视,因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来,在北京的很多小区里,电梯液晶电视被撤了下来。

I'm running my simile to an extreme.

我比喻得过头了。