returns and risk 中文意思是什麼
returns and risk
解釋
報酬率與風險-
In chapter three, the author adopt conventional risk indices including p, bp and full range, and such portfolios management evaluation ratios as jenson ' s alpha, treynor ratio and sharpe ratio to evaluate risk - adjusted investment performance and relevant risk indices of value stock portfolio and of glamour stock portfolio in buy - hold average returns ( bhars ) and average monthly returns ( amrs ) term
在文章的第三章，作者利用傳統的風險指標。 ， ?刀，和全距以及夏普指數、特雷諾指數和詹森指數對上述持有期為一年的一維、二維等權和權重價值反轉投資策略的價值投資組合和魅力投資組合的風險和投資業績進行了計算，同樣從買入並持有收益率和組合月均收益率兩個角度入手。 -
And we come to the following conclusions : ( 1 ) looked from the returns ratio target that, all funds achievement are better than the market datum combination ’ s in the sample time, but the funds overall achievement is inferior to interest rate ; ( 2 ) after the modification of the risk factor, our mutual funds outguess the market ; ( 3 ) there is not enough evidence that indicate that chinese security investment funds have choosing ability in the market opportunity and choosing ability in the security. ( 4 ) the achievement in the past of the fund can not represent market manifestation in the future of the fund. this article innovation mainly has following several aspects : ( 1 ) have established the overall target of a appraisal fund achievement and gone on the real example to analyze with the mathematics model, having solved the inconsistency problem of appraising the result of many kinds of
在此背景下，本文希望通過借鑒國外對基金業績評價方面的經驗，結合我國的國情嘗試盡可能真實的、多角度分析我國證券投資基金在不同市場時期的業績特點，如投資基金的回報及其承擔的風險，基金經理的擇時能力和選股能力究竟怎樣，基金業績是否具有持續性等等，為基金投資者、監管者、基金管理公司以及基金的發展提供一些參考，以引導社會資源更多地流向擁有理性投資理念、資產管理能力出色的基金管理公司，實現資源的優化配置，進而推動市場投資理念走向成熟。 -
As for the commercial banks, credit derivatives are the appropriate new products to meet this need, which are new tools for managing credit risk, mainly including credit default swap, total returns swap, credit linked notes and credit default option etc. this paper is written to introduce this new instrument to china, discuss the environment and conditions in china for the development of credit derivatives, and provide suggestions for it
對商業銀行來說，信用衍生產品正是為了滿足商業銀行的這種需要應運而生的，是一種新的管理信用風險的工具。目前，我國商業銀行面臨的最大的風險莫過于信用風險。並且，根據我國加入世貿的承諾，我國金融業將於2006年12月11日向外資金融機構全面放開，屆時，外資銀行將和中資銀行站在同一個起跑線上展開競爭。 -
Colony achieves attractive risk - adjusted returns by investing in real estate, non - performing loans, distressed assets, real estate - dependent operating companies, and select commercial and residential development opportunities throughout the world
我們通過全世界的房地產、不良貸款、遇險資產、房地產獨立運作公司、精選商業和住宅發展機遇，從而獲得引人注目的風險調控回報。 -
The result shows that the returns and risk of investment fund are both proportional to the overconfidence degree and the successful trading times of investment fund manager
研究結果表明，基金的收益和風險與基金經理過度自信程度以及交易成功的次數均成正比例變動。 -
Risk - adjusted returns are attractive, and can be accessed by investors in a variety of ways
可調節風險回報非常具有吸引力，投資者可通過各種渠道獲得收益。 -
( 3 ) for time - varying risk premium and industrial momentum, serial autocorrelation of factor returns including size, be / me, and industry contributes mostly to momentum profits, especially industry momentum
（ 3 ）時變風險溢價與行業慣性方面：公司規模、凈值市值比以及行業等因子的序列自相關性是慣性策略獲利性之主要驅動因素，尤以行業慣性顯著。 -
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。 -
System of medical treatment of new - style country collaboration is organize by the government, guide, support, the farmer attends of one ' s own accord, individual, collective and government raise fund with all possible means, the farmer medical treatment that gives priority to as a whole with a serious illness helps each other in all aid system, reflected the consideration with party and healthy to the farmer government and care, it is the party central committee, the state council helps a farmer resist major disease risk, alleviate the farmer causes the deficient, major move that returns deficient problem due to illness due to illness
新型農村合作醫療制度是由政府組織、引導、支持，農民自願參加，個人、集體和政府多方籌資，以大病統籌為主的農民醫療互助共濟制度，體現了黨和政府對農民身體健康的關懷與愛護，是黨中心、國務院幫助農民抵禦重大疾病風險，緩解農民因病致貧、因病返貧問題的重大舉措。 -
From behavioral finance point, the trading model of investment fund manager under the condition of overconfidence is advanced, and the variety of the returns and risk of investment fund is discussed
摘要從行為金融學角度，建立基金經理過度自信時的交易模型，分析基金收益和風險的動態變化。 -
It indicates that the investment fund manager will become rational if he has enough working experience, and the effect of overconfidence on the returns and risk of investment fund does not always exist
這說明在一定條件下，逐漸豐富的工作經驗會使基金經理變得理性，而過度自信對基金收益和風險的影響也並非長期存在。 -
In general, master trust schemes provide a variety of constituent funds with different investment objectives, risk level and expected returns for you to choose from
通常集成信託計劃都提供多個有不同投資目標，風險程度及預期回報的成份基金，供計劃成員選擇。 -
This paper puts forward the reason of developing the non - steel industry in multi - directionally. the aim of this policy is pursuing the high investment returns and dispersing the operation risk ; relating to the economic state of china it is needed by the older iron & steel enterprise to solve the employment
本文從多角度提出了鋼鐵企業發展非鋼產業的原因，從理論方面說明了發展非鋼產業是追求高投資回報率和分散經營風險；從中國實際經濟運行狀況出發說明了發展非鋼產業世界解決老鋼鐵企業職工就業問題的需要。 -
High nominal returns, low real returns, little risk, great oversubscription and high turnover of initial public offerings ( ipos ) are long - standing distinguishing features of chinese capital markets, which damage the market efficiency and the resource allocation efficiency
首次發行新股（ ipos ）的「高名義回報、低實際收益、低風險約束、巨額凍結資金、高換手率」一直是我國資本市場的一個顯著特點，大大降低了市場運行效率和資源配置效率。 -
Then, this paper empirically tested the validation and predictive accuracy of different var risk management model in the domestic financial market. finally, with the analysis of modem financial risk management development trend and the current domestic financial risk management situation, this paper made a prospect for the application of this model in the construction of domestic financial risk management system. through the analysis, the main conclusions are as follows : ( l ) the traditional mean - variance model is the special example of the portfolio selection based on the var risk management model for the case that the returns of the portfolio are assumed to be normally distributed ; compared with the mean - variance model, the var risk management model is more comprehensive and accurate in the measurement of the portfolio risk, so based on the var model, the investors can allocate the asset more effectively. ( 2 ) the var risk management model can provide the timely and comprehensive risk information for the top risk manager, so it is very helpful to the improvement of total risk management efficiency. ( 3 ) based on the var model, the raroc performance valuation approach can reflect the real performance of the portfolio manager and provide the coherent standard for the allocation of risk limitation and the construction of the incentive compatibility constraint mechanism in the financial instiutions
通過研究分析，本文主要得出如下結論： （ 1 ）傳統的markowitz均值? ?方差模型僅僅是在資產組合收益率正態分佈假設條件下基於var風險管理模型進行資產組合選擇的特例，與均值? ?方差模型中的方差風險度量方法相比， var風險管理模型能夠更全面、更貼切地衡量資產組合的風險，且基於此模型能夠更有效地進行資產配置決策； （ 2 ） var風險管理模型能夠滿足更高層次風險管理者對風險信息的需求，有助於整體風險管理效率的提高； （ 3 ）基於var風險管理模型的raroc績效評價能夠反映資產組合管理人的真實業績，從而為金融機構風險限額的分配和激勵約束機制的制定提供統一的標準； （ 4 ）國內證券市場資產組合收益率服從正態分佈的假設明顯不成立，實證檢驗表明基於資產組合收益率正態分佈假設條件下的方差? ?協方差模型對國內資產組合風險的預測存在較大的偏差，由於文中證明在收益率正態分佈假設條件下基於方差? ?協方差模型進行資產組合選擇的結果等價于markowitz的均值? ?方差模型，因此，均值? ?方差模型對國內資產組合風險的預測同樣會存在著較大的偏差，而半參數var風險管理模型則能夠取得較好的預測衡量效果； （ 5 ） var風險管理模型符合未來金融風險管理的發展趨勢，基於var風險管理模型建立內容提要風險限額內控體系、風險信息披露體系和業績評價體系，並進行金融監管，將有助於國內金融機構內部風險管理方法和外部監管技術跟上國際金融風險管理的發展潮流。 -
Some properties of the generalized pareto distribution are discussed. then gp model is used to analyze the returns to shanghai stock index, shenzhen stock index and the stock prices of two specific companies. a quantitative indicator of extreme changes in stock index and stock price is mentioned. the estimation of value - at - risk is also discussed
討論了gp分佈模型的某些性質，利用此模型對上證指數深證指數和2家公司股票價格的收益率進行分析，給出股票指數和價格極值波動程度的量化指標和風險值var的估計值。 。 -
Substantial empirical studies show that the reaction of the stock market to the information of outside world is asymmetric, this stylized fact is of great significance, if the variance of market returns can measure market risk, the market asymmetric response may result asymmetric risk premium in the stock market, asymmetric risk premiums on the stock market would be have impact on asset pricing, portfolio construction and risk position, so asymmetric reaction of the stock market has been the focus of attention of academics and investors, learning from the latest researching approach in domestic and foreign, on the basis of the actual situation in china ' s securities market, a more detailed study of china ' s shanghai and shenzhen stock a, b four markets have been done
股票市場對信息反應具有不對稱性，長期以來股票市場非對稱性反應特徵成為大量經濟學家和投資者關注和研究的焦點。本文在吸收和借鑒國內外最新研究成果的基礎上，以我國股票市場的實際情況為背景，較為系統地研究了我國滬深兩市a 、 b股四個市場的市場波動反應非對稱性特徵。我們得到的實證結果表明，我國股票市場對外界信息的反應模式不僅存在非對稱性，而且這種非對稱反應特徵還具有階段性。 -
With the appearance of nash " s equilibrium, it will more effectively consider the relationships of returns and risk simultaneously and make. it become an more effective analyt ics
博弈中的納什均衡的實現，將能更有效地同時兼顧收益與風險的關系，從而使之成為一種更為有效的分析方法。 -
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。 -
We find that fitness of returns on stocks to non - normal stable distributions in china stock market is very good by fitness test ; study measurements of return and risk of a portfolio conditional on non - normal stable distributions and put forward mean - scale parameter model ; find that mean - scale parameter model can explain asset allocation puzzle by empirical analysis
通過擬合優度檢驗發現我國的股票收益率與非正態穩定分佈的擬合效果非常好；研究了非正態穩定分佈條件下投資組合收益和風險的度量，建立了均值尺度參數投資組合模型；通過實證分析發現均值尺度參數模型能夠解釋資產配置之謎。
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