market timing 中文意思是什麼
market timing
解釋
揣測最佳時機-
Fifthly, it discusses that in the dual issues whether the market timing is more important than the target capital structure or not, which can make supplement for the relationship between capital structure and market timing. sixthly, it emphasizes on the aftereffects of china corporate season equity issues, compares the announcement effects and long - term market performances of sei in bull market and bear market, and surveys the reasons and the mechanism of china corporate sei
在融資決策研究之後，本文針對中國上市公司的權益再融資行為進行事後效果評價，在不同的市場態勢（牛市和熊市）下，對比分析配股和增發兩種權益再融資行為的短期公告效應和中長期市場表現，並刨析再融資行為的事後長期績效的決定因素和作用力。 -
The market timing ability of mutual fund managers can be defined as the ability to anticipate whether the general stock market is going to rise or fall and to adjust the composition of their portfolios accordingly. that is, if the managers think they have the ability to anticipate that the market is going to rise, they shift the composition of their portfolios they manage from less to more volatile securities. if they think the market is going to fall, they shift into the opposite direction
證券投資基金（以下簡稱「基金」 ）的擇時能力是指基金經理的市場時機把握能力，即如果基金經理相信自己能夠準確預測市場趨勢，他將根據期望的市場走勢調整其投資組合的風險水平，在預測市場收益上升時增加組合的風險水平，下降時降低組合的風險水平，通過高風險資產和低風險（或無風險）資產之間的不斷轉換來獲取超額收益。 -
The primary message for people who are interested to invest in the stock market is that they should ignore market timing and buy stocks for the long term
有一個基本信息要傳達給有意投資股票的人:不要理會進場的時機，買入股票做長期投資。 -
Third, the author analyzes the method on rate of return, method on risk - adjusted rate of return, multifactor models, market timing model, and point out applicable range and defect on methods of above all
再次，分析歸納了基金評價的收益率法、風險調整收益率法、多因素評價模型、基金的擇時選股模型，並明確了各種方法的適用性及缺陷。 -
An empirical study of selectivity and market timing ability of open - end funds managers in china
我國開放式基金選股能力和擇時能力的實證研究 -
An empirical study of the selectivity and market timing of the chinese securities investment funds
中國證券投資基金選股能力和擇機能力的實證研究 -
Especially during the adjustment period since july 2001, the performance of chinese equity funds is bad and the most managers exhibit reverse market timing ability
2001年7月開始的股市調整中，甚至有部分基金經理表現出顯著的負向的擇時能力。 -
The third discusses the fund managers " various capabilities, such as market timing, industry sector selection, and stock selection. the fourth focuses on the risk - adjusted performance measures of the eight domestic mutual funds and comparison of these performance measures. final section composes of two chapters, one chapter discusses the various investment styles of the eight mutual funds ; another chapter gives some advice to the fund managers and fund investors respectively
首先簡介了現代資產組合理論的主要內容以及在我國的應用情況；參數計算部分計算出了以後分析所需的參數；基金經理能力分析部分涉及到市場選擇能力、行業選擇能力和證券選擇能力；業績分析部分包括經風險調整后的基金總體業績分析和這些業績的置信水平分析；最後一部分包括基金投資風格的探討和筆者對基金管理者和投資者兩方面的一些建議。 -
Market timing theory of capital structure is developed and tested in baker and wurgler ( 2002 ). their research result document that market timing affects capital structure in the short run, but also the effects on capital structure are very persistent, so they suggest that capital structure is the cumulative outcome of past attempts to time the equity market. it ’ s a new capital structure theory different from the tradeoff theory and the pecking order theory
Baker 、 wurgler （ 2002 ）提出了資本結構的市場時機選擇理論，其研究發現市場時機選擇不僅對資本結構存在著短期影響，而且還有很強的持久性影響，因此他們認為資本結構是公司過去進行權益市場時機選擇努力累積的結果，這是有別于權衡理論與優序融資理論的一個新的資本結構理論。 -
First of all, this paper review the research of behavioral corporate finance theory on company ’ s investment and financial policy, summarize the market timing theory of capital structure under the frame of behavioral corporate finance theory, afterwards use the model of baker and wurgler ( 2002 ), design appropriate variable based on our country ’ s fact to test empirically formation of our listed company ’ s capital structure. the research results document that capital structure is not the cumulative outcome of past attempts to time the equity market
本文在回顧了行為公司金融理論關于投融資研究的基礎上，對行為公司金融理論框架下資本結構的市場時機選擇理論進行了總結，然後借鑒baker 、 wurgler （ 2002 ）的模型，結合我國實際構造合適的指標對我國上市公司資本結構的形成進行實證檢驗，研究發現:資本結構不是公司過去進行市場時機選擇努力累積的結果。 -
So far, researches on fund managers have mainly focused on their abilities of market timing and stock picking and trade behavior
目前國內學者對基金經理的研究主要集中在其擇時、擇股能力以及交易行為上。 -
The market timing ability, which origins in the breakdowns of performance, has become a main index for evaluating investment performance of mutual funds
基金的擇時能力來源於對基金業績構成的分解，而後成為基金業績評價中一個主要的衡量指標。 -
We suggest that appears this kind of result mainly is because our country stock market is not very mature, securities supervising has limited the company market timing ability greatly
本文認為出現這種結果主要是由於我國證券市場還很不成熟，證券監管大大限制了公司市場時機選擇的能力。 -
All about market timing arms investors with simple, easy - to - use timing techniques that they can use to enter rising markets, exit ( or go short ) falling markets, and make consistent profits in both market environments while protecting against catastrophic losses
所有關於市場時機武器投資者簡單，易於使用的定時技術，他們可以利用進入市場蓬勃，出口（或短）屬於市場，並作出一致的利潤，在這兩個市場環境的同時，保護兒童不受災難性損失。 -
In this paper, we measure the performance of chinese equity funds, using treynor - mazuy model, henriksson - merton model and chang - lewellen model which are based on capm and fama - french three factors model respectively in measuring the manager ' s market timing ability and security selection ability. the empirical evidence indicates that the managers do n ' t exhibit superior market timing ability but exhibit certain security selection ability
本文主要從中國市場的實際出發，對國內外的證券基金業績評價體系進行全面的理論研究，著重對證券基金業績的分解研究進行了探討，並運用分別基於capm和fama ? french三因素模型的treynor ? mazuy模型、 henriksson ? merton模型和chang ? lewellen模型等基金經理擇時能力和擇股能力評價模型對我國的證券基金業績進行全面的實證分析。 -
The basic framework of performance evaluation includes two parts : the evaluation of risk - adjusted returns and factor analysis. we find no apparent evidence to show funds both in china and in usa have stock selectivity ability or market timing ability
業績評估基本的分析框架包括兩部分：一部分是對（風險調整后的）基金投資收益率的研究；一部分是對基金業績的歸因研究。 -
( 1 ) the empirical analysis of the performance, the security selection ability and the market timing ability on 30 investment funds which are set before dec. 31, 1999. the time window is from dec. 29, 2000 to dec. 27, 2002. ( 2 ) the research on the relationship between scale and performance, and the performance of the index funds. ( 3 ) the comparison of the performance of close - end funds with that of open - end funds by selecting 9 close - end funds and 3 open - end funds in the period from dec. 28 2001 to dec. 27, 2002
主要工作包括以下三個方面： （ 1 ）以1999年12月31日以前設立的30隻基金為樣本，選取2000年12月29日至2002年12月27為評價期間，對基金的總體績效、市場時機選擇能力和證券選擇能力進行了實證分析； （ 2 ）對基金規模是否影響基金業績以及指數化基金的業績表現進行了考察； （ 3 ）比較了開放式基金與封閉式基金的業績表現。 -
( 2 ) there is no evident that they have market - timing ability, but have certain security selection ability. ( 3 ) there is no significant effect of the fund scale on fund performance. ( 4 ) on average, the performance of the open - end funds is better than that of the close - end funds and index funds can overwin market benchmark
上述研究的主要結論為： （ 1 ）在大盤處於弱勢背景的情況下，我國證券投資基金的下跌幅度小於市場基準的下跌幅度，其業績表現優於市場基準； （ 2 ）我國證券投資基金不具備市場時機選擇能力，但具有一定的證券選擇能力； （ 3 ）總體而言，基金規模對基金的業績表現沒有顯著性影響； （ 4 ）開放式基金業績表現從整體上優于封閉式基金，指數化基金的業績能超越市場基準。 -
The results show that, if the risk is taken into consideration, most funds did n ' t gain extra - return rate above the market and investment managers did n ' t have the market timing and security selection ability. in addition, most funds " dea are inefficient. the management of investment funds must be improved
實證結果表明：經過風險調整，大多數基金未能獲得超越市場平均水平的超額收益率，即基金沒能戰勝市場；沒有證據支持基金經理具有市場時機選擇能力和選股能力；多數基金處于dea技術無效狀態，投入過量，產出不足；大多數基金投資雷同，沒有明顯的風格區分，基金管理人的管理能力還有待提高。 -
The measurement of the investment funds " profit and risk is discussed intensively. the evaluation system of the investment funds " performance, its security selection ability and market timing ability, especially the evaluation system of morningstar. inc., is introduced
通過對國內外證券投資基金業績評價的文獻成果進行簡要回顧，同時在深入、細致地研究基金收益和風險的衡量方法的基礎上，從總體績效、市場時機選擇能力和證券選擇能力三方面對基金業績評價體系進行了系統的介紹，並單獨介紹了美國晨星公司基金業績評價體系。
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