风险溢价

We use the model to examine the effect of preference heterogeneity on asset pricing. We find that in generally, internal habit increase the equity premium while external habit effect on equity premium dependent on the correlation between habits level and risk assets.

我们用这种模型来分析异质偏好对资产定价的影响，发现在通常情形下，内在消费习惯增加股权溢价水平，而外在性消费习惯对股权溢价的影响取决于习惯水平与风险资产的相关性。

Once the market is in backwardation, refiners have limited ability to offload risk without locking in losses.

一旦石油市场出现现货溢价，炼厂就很难毫无损失的摆脱风险。

IPO overvaluation is positively related to the IPO overvaluation, investor sentiment and positive feedback risk.

二级市场溢价与投资者的意见分歧程度、狂热情绪以及正向反馈交易风险显著正相关。

There is liquidity premium in the stock market that is to say, for compensate liquidity risk of illiquidity stock, the stock would sell at lower price and it would have higher return than higher liquidity stock.

理论上认为，在股票市场中，为了补偿持有流动性差的股票所面临的流动性风险，其预期收益率也比流动性好的股票高，即存在"流动性溢价"。

This paper is based on previous studies of value premium. The sample is from Shanghai and Shenzhen Stock Market, all the A stocks issued before 1999 are included. The paper tries to answer three questions:(1) whether there is value premium in Chinas stock market;(2) whether the value premium is caused by risk premium;(3) whether the value premium is caused by investor sentiment.

在这种背景下，本文在借鉴前人已有研究成果的基础上，选取上海证券交易所和深圳证券交易所1999年1月1日以前上市的全部A股为研究对象，试图研究三个问题：第一，中国股票市场是否存在价值溢价现象；第二，价值溢价是否是由风险补偿引起的；第三，价值溢价是否是由投资者情绪引起的。

It further shows that any rational investors will ask for compensation for this thinness.

同时，这一事件风险使得选择进入市场的投资者要求更高的流动性溢价。

Step 2: Estimate the Risk Premium for Each Factor Here we need to rely on history.

步骤2：估算每一因素的风险溢价这里我们需要依赖历史。

For example, the fourth column of numbers shows that the expected risk premium on computer stocks is percent.

例如，第四栏的数字显示了计算机股票的期望风险溢价是%。

This reflected the rising risk premium now demanded by investors in the face of political crisis in Pakistan.

这反映出在面临巴基斯坦政治危机的情况下，投资者目前要求的风险溢价正在上升。

Variant term risk premium with time is very important influence factor in term structure.

投资者所要求的随时间变化的期限风险溢价才是影响期限结构的重要因素。

They weren't aggressive, but I yelled and threw a rock in their direction to get them off the trail and away from me, just in case.

他们没有侵略性，但我大喊，并在他们的方向扔石头让他们过的线索，远离我，以防万一。

In slot 2 in your bag put wrapping paper, quantity does not matter in this case.

在你的书包里槽2把包装纸、数量无关紧要。