The paper verified the relation between stock market illiquidity and stock excess return in time series by new liquidity measure (LDX).

在时间序列上，论文采用新流动性比率指标(LDX)衡量流动性，检验了股票市场非流动性与股票超额收益率之间的关系。

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National research shows that excess return is common of initial shares. China as an emerging market, its excess return is amazing.

各国的研究表明，新股超额收益是普遍存在的，中国作为新兴市场，超额收益更是惊人。

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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。

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This amplification then creates a race where investors rush in to snap up properties before the market stabilization they themselves are creating leads to increasing prices which destroys their excess return.

FORBES: Short Note on Multi-Family Home Building