金融季節 的英文怎麼說
中文拼音 [jīnróngjìjié]
金融季節
英文
monetary season-
First, we examine whether the momentum strategies and contrarian strategies can create significant profits under different formulation horizons and holding horizons, whether past factors ( market return, characteristic of individual stock ) can provide an important implication about the profits of momentum and contrarian strategies. second, we discuss the reasons for the significant profits of momentum or contrarian strategies, including seasonality, cross - sectional risk factors, time - varying risk premium, industry momentum, and stock underreaction, overreaction, and random walk. third, we discuss the link of time series predictability of stock returns and momentum profits, including stock underreation, overreaction, delayed reaction, and time - varying risk premium
研究目的有四：其一，探討中國股市執行慣性策略或反向策略的顯著獲利模式及與各狀態因子（市場及個股狀態）的關系；其二，全面分析中國股市慣性與反向效應之潛在成因，包括截面風險因素、季節因素、時變的風險溢價、行業慣性效應以及行為金融模型與conradandkaul （ 1998 ）的隨機遊走觀點之爭論；其三，構建非效率市場之股票價格運動方程，並基於此，規范地演進慣性效應之時序生成途徑，包括反應不足、過度反應、滯后反應以及風險溢價的時變性；其四，探討中國股市中投資者的特殊信息反應模式，並以此來解讀中國股市的中短期過度反應與反應不足的現象，以及個股間的超前一滯后關系的表現模式及形成機理。Seasonality effect is the abnormal returns connected with the calendar. the existence of the seasonality is a strong challenge to the efficient market hypothesis ( emh ). for that reason, among others, seasonality effect has been drawing enough attentions from both policy makers and market investors
季節效應是指與季節相聯系的股市非正常收益，由於它在很大程度上違背了市場有效性的假說，因此對季節效應的研究一直備受國內外金融市場的投資者和管理者的關注。" reference rate for laf rates ", hkma quarterly bulletin, november 1996 pdf, 1115k
釐定流動資金調節機制利率的參考利率，金融管理局季報， 1996年11月號pdf格式， 955k
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