market-size variance 中文意思是什麼
market-size variance
解釋
市場規模差異-
Firstly, we find that both the quoted bid - ask spreads and depths decline dramatically in all twenty - five closed - end funds following the reduction in minimum tick size. we also find trade frequency increase. secondly, our analysis shows the reduction in minimum tick size cause an decrease in the variance of rice. finaly, we find that the minimum tick size influence the market efficency and the reduction in minimum tick size increase the market information efficency
研究結果表明：一，最小報價單位「分改厘」使上海證券交易所交易的25支封閉基金的買賣價差和報價深度明顯減小，而交易頻數增加：二，最小報價單位的減小降低了封閉式基金的價格波動性；三，最小報價單位的大小會影響市場效率， 「分改厘」提高了封閉式基金市場的信息效率。 -
The paper accounts the importance and the necessity of the forecasting research to the stock return volatility of our country, and the use in practice of the forecasting about the stock return volatility, firstly, stock market of our country is divided into large scale stock 、 middle scale stock and small scale stock on the basis of stock size. secondly, according to the basic method of the mathematical statistics ， the behavior of the return volatility about single stock is described by using the model of the rolling variance estimates 。 through the relation of daily returns volatility and weekly returns volatility and the forecasting accuracy of the volatility forecasting model to various stock scale ， we do practical analysis with the forecasting research to return volatility of single stock market
在個股收益波動性的可預測性研究方面，首先按市值規模大小將我國股票分為大盤股、中盤股和小盤股，然後利用數理統計的基本方法，用滾動樣本方差估計模型描述個股市場收益波動性的行為，並對三種股票日收益率序列及周收益率序列波動之間的關系以及波動預測模型對各種股盤的預測準確性進行了實證分析和結果檢驗。 -
In addition, super - short term strategies also earn significantly positive returns. nevertheless the contrarian strategies under long formation horizons and holding horizons ( beyond 36 weeks ) may yield significantly positive returns. we also find, considering markert factor ( market return, cross - sectional variance of equity returns ) and characteristic of individual stock ( trading volume, firm size, price, price / earnings, be / me ), there exist clearer and more significant patterns of profitability in momentum or contrarian strategies
具體而言，大體上以中短持有期的慣性策略（持有期4 ? 24周）有較顯著之利潤，超短期形成期的慣性策略在1 ? 12周的獲利性亦很顯著，而較長形成期（ 36周以上）與較長持有期搭配的反向策略則可能獲得顯著的正收益。
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