Empirical study shows that only the listed companies without their ownership transferred in recombination will obtain stable gain ; otherwise the listed companies will gains the least after recombination 研究表明，所有发生了资产重组但控制权没有发生转移的上市公司样本只有采取了其它资产重组方式的上市公司有好的超额收益且较稳定，而采取股权转让方式的上市公司获得的超额收益最小。
Ipo underpricng is referred to an average excess return , statistically significantly positive , of a new issue immediately aftermarket relative to its offering price . a common perception is that underpricing is a challenge to market efficiency at least apparently 所谓新股发行抑价，是指首次公开发行的新股上市后，其二级市场价格相对一级市场发行价格，在统计上所存在的显著为正的平均超额收益。
There is positive abnormal return on tuesday and friday , but negative abnormal return on monday and thursday 6 . there is weak monthly effect . there is weak january effect in both market and the joint significance test has reached the 10 % level ( 6 )沪深两个市场都存在月历效应，虽然不显著，但在所得到的回归结果中，两个市场在一月份都有负的超额收益率，表现出了一月效应，而且联合检验的显著性水平达到了10
The study also investigates the stock price effects of prepare - to - offers and offerings of convertible bonds , the empirical test shows that the stock price effects of prepare - to - offers are associated with significant negative abnormal returns , the abnormal returns of offerings are negative but insignificant 对股价效应的实证研究发现，董事会、股东大会拟发行公告日当天的平均超额收益显著为负，而获准发行及正式发行公告日后一天存在显著为正的超额收益。
Finally , the author make an attempt to improve existing asset pricing models . the author adopt several update financial econometrical methods to carry out above - mentioned research proposals , please see the details in the following . hi chapter two , firstly , the author find significant size effect 作者接着以fama ( 1998 )所支持的组合月均收益率为标准重新考察了上述价值反转投资策略的效果，得出了基本相同的结论，但与前者相比，后者的超额收益率显著性有所提高。
In the years of errors and corrections respectively , through the empirical analysis on stockjobbing amount and price , it researches there ' s no difference on studied sample and control sample in appointed areas , and the investors of our securities business have no specially attention on these information . on the other word , we validate the corrections of accounting errors have no market conductibility . later , it analysis the reasons 分别在会计差错的发生年度和差错的更正年度中，通过测试和控制样本的股票交易量、平均超额收益率和累计超额收益率在报表公布日前后各30天的时窗内的检验，说明我国证券市场的投资者对这类信息未予以特别关注，即我国上市公司的会计差错及其更正行为不具有市场传导效应，并进一步从理论上分析了这种现象产生的原因。
It was found that the abnormal return rate was an increasing function of the turn - over rate of the group . it seemed to be ridiculous , but it was right because the turn - over rate was highly correlated with the fluctuation of turn - over rate beneath which was often the manipulation risk . even no manipulation existed , high fluctuation mean high risk that should be compensated with high return rate 为了验证这一猜想，于是引入了换手率、换手率波动、流通股比例和规模因子，然后进行多因素联合回归分析，发现流动性风险对超额收益率的贡献最大，由换手率或者换手率波动性衡量的流动性风险可以解释超额收益的60 ，而规模因子的作用大大下降，甚至消失。
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 证券投资基金(以下简称“基金” )的择时能力是指基金经理的市场时机把握能力,即如果基金经理相信自己能够准确预测市场趋势,他将根据期望的市场走势调整其投资组合的风险水平,在预测市场收益上升时增加组合的风险水平,下降时降低组合的风险水平,通过高风险资产和低风险(或无风险)资产之间的不断转换来获取超额收益。
The early - developing countries can get monopolistic profits in international trade by technology advantage ahead of others . the later - developing countries cannot get these profits , but they can get gains from trade by backward advantage . the later - developing countries " competitive advantage ( or backward advantage ) come from the lower cost of labor , and combined with flowing - in of foreign capital , technological learning and institutional learning 先发国家凭借经济发展和技术领先所形成的竞争优势，在贸易中可以获得大量的超额收益；后发国家由于经济发展和技术落后则不可能获得这种超额收益，但他们可以利用劳动成本低，通过引进资本、技术学习和制度学习所形成的竞争优势即后发优势，在贸易中获得后发利益。
In essence , the indexing investment is a passive investment strategy , and corresponding to the positive investment which is through active research and analysis ( including technical analysis and fundamental analysis ) to achieve excess return of stock market 从本质上讲,指数化投资是一种被动投资( passiveinvestment )策略,而与之相对应的积极投资( activeinvestment ) ,则是通过积极的研究和分析(包括技术分析和基本分析)来选股和择时以获得市场超额收益的一种投资模式。
