We can also do this with excess returns.
我们也可以它来表示超额收益。
IPO on the first day the stock market excess returns is a common anomaly.
IPO首日超额收益是证券市场上普遍存在的一种异常现象。
They claim that the excess returns theygenerate are the result of alpha, or skill.
尽管他们声称他们创造的大量回报来源于阿尔法，或者他们的技巧。
Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?
还是积极管理每项资产，力求获得市场水平以上的回报率，以及风险调整后的超额收益。
On efficient market conditions, stock price reflect all information, short-term stock price random walk, and technical analysis can help investors achieve excess returns.
有效市场条件下，股票价格的变动反映了所有的信息，短期股价随机游走，技术分析不能帮助投资者获得超额收益。
In the aspect of excess revenue, the in-sample has great excess returns, the out-sample has negative excess returns, which have shown no market efficiency in China's futures market.
而且从超额收益性方面，样本内有很大的超额收益，样本外，有负的超额收益，这一些都表明中国期货市场是没有市场效率的。
On the market reaction, the holdings of major shareholders make significant effect on stock prices, and the excess returns reach maximum in the announcement the day before the announcement date.
在市场反应上，大股东增持对股价影响显著，且超额收益率在公告日和公告日前一天达到最大。
Through further analysis of the causes of long-term weakness, found to be determined by multiple factors, of which the greatest impact on long-term weakness is a listed high initial excess returns.
通过进一步分析长期弱势的成因，发现是由多个因素共同决定的，而其中对长期弱势影响最大的是上市初期极高的超额收益。
So once confidence returns, the Fed must act to withdraw excess liquidity and raise interest rates.
因此，一旦市场信心恢复，联储局就应该马上抽走过剩的流动性并调高利率。
In the long term, when choosing positive feedback strategy, we can obtain about 5% returns in excess of market average return.
而在长期采用动量策略，其年化超额收益率虽然较低，但也显著为正，并维持在5%左右。
According to Efficient Markets Hypothesis, investors of closed-end funds can't earn excess risk-adjusted returns which accord with CAPM.
在有效市场的前提下，封闭式基金的收益应满足资本资产定价模型(CAPM)的假设，无法获得超额收益。
But the markets never rest. As more money flowed into risky assets, the excess yields on offer were reduced. Investors were tempted to use more and more borrowed money to enhance the returns.
但市场运动永不停歇，当更多的货币资金流进风险资产，提供的额外收益就会减少，引诱投资者使用越来越多的借贷资金以增加获利。
Hence, the oil refining business has long suffered low returns on capital, particularly when there is excess capacity.
因此，炼油业的资本回报率一直很低，炼油产能过剩时尤其如此。
A malign external outcome of an unsustainable growth model is that returns in many industries have been depressed because of the Chinese contribution to global excess capacity.
一种不可持续的增长模式的恶性外部结果是，近年许多产业的回报率低迷，因为中国加剧了全球产能过剩。
A malign external outcome of an unsustainable growth model is that returns in many industries have been depressed because of the Chinese contribution to global excess capacity.
一种不可持续的增长模式的恶性外部结果是，近年许多产业的回报率低迷，因为中国加剧了全球产能过剩。
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