动量效应允许投资者慢慢变富。
动量效应提出了一个更深层的重要问题。
虽然动量效应大量存在，却从未有过合理的解释。
Although the momentum effect has been amply documented it has never been properly explained.
动量效应是另一种避免对卖空者加以限制的理由。
Momentum effects are yet another reason to refrain from imposing restrictions on short-sellers.
但动量效应很大。
就市场总体来说，动量效应有助于解释泡沫的形成。
At the overall market level, momentum effects help to explain why bubbles develop.
一点不奇怪，动量效应已经被一些职业投资人利用了几十年。
It is hardly a surprise that the momentum effect has been exploited by some professionals for decades.
不管是基于什么原理，动量效应告诉我们市场的一些显著特性。
Whatever the rationale, the momentum effect tells us something significant about markets.
现有的证据显示，几乎所有的股票市场都存在动量效应。
The evidence demonstrated that, there are momentum effects in most stock markets.
这种“动量效应”已经存在了100多年，并在许多国家都发生过。
This "momentum effect" has been in existence for over a century and has been observed across many countries (see article).
许多经验检验的研究结果显示，中国股票市场不存在动量效应。
Many results of experienced test show that momentum effect does not exist in Chinese stock market.
动量效应一直是传统金融理论与行为金融理论争论的一个焦点。
Momentum effect is a hot debate between Classical Finance Theory and Behavioral Finance Theory.
因此我们有必要研究股票收益具有长期依赖性及动量效应时的期权定价问题。
Therefore it is necessary for us to study the option pricing problem when the stock returns have long-range dependence and momentum effect.
这种动量效应对另一条金融理论――”有效市场假设”――产生了强烈的冲击。
The momentum effect drives a juggernaut through one of the tenets of finance theory, the efficient-market hypothesis.
说明：股票动量效应和反转效应的函数。输出利用这两种策略的持有期累计收益。
Stocks Momentum and Contrarian Effects of the function. Output use of these two strategies cumulative gain holding period.
实证分析显示，混合分数布朗运动可以很好的拟合股票收益的长期依赖性及动量效应。
Empirical analysis shows Brownian-fractional Brownian model can fit the long-term dependence and the momentum effects of stock returns well.
他发现动量效应即便在公司的规模和价值(定义为价格与账面)标准受数据限制的情况下依然会持续。
He finds that the momentum effect persisted even when the data were controlled for company size and value (defined as price-to-book) criteria.
但动量效应暗示却是有一种非理性在市场中运作；投资者买进股票或大宗商品仅仅因为它们的价格涨了。
But the momentum effect suggests that an irrationality might be at work; investors could be buying shares (and commodities) just because they have risen in price.
作为有效市场理论的重要异象，动量效应是基于风险的传统资产定价理论的最严重挑战之一。
As an important anomaly of the effective market theory, the momentum effect is one of the most serious challenges to the classical models of rational price formation.
另外，实证分析支持了传统的CAPM和APT定价模型中的带越小，动量效应越显著的结论。
In addition, the deduction of this model is supported by empirical test which in classical CAPM and APT models, stocks with less will present more significant momentum effect.
通过我们的经验检验得出，中国股票市场存在与国外成熟股票市场不完全相同的动量效应的表现特征。
Throughout our experienced test, we can get that the performance characteristics of momentum effect of Chinese stock market and that of foreign mature stock markets are not exactly the same.
基于资产定价模型和股票市场动量效应的研究成果，对比分析了中、美股票市场动量效应的存在及形成机理。
Based on asset pricing model and empirical results on momentum effect, this study comparatively analyzes the momentum effect existence and formation mechanism.
本论文的研究目的在于通过对中国股票市场动量效应的实证分析，探索中国股票市场动量效应现象的特点及原因。
Purpose of this dissertation is to identify features of momentum effect and to discover reasons why it takes effect in China's stock market through empirical analysis.
近年来，国外财务学界的研究文献大量地关注证券市场的各种异常，如一月效应、处置效应、动量效应、羊群行为等等。
All kinds of abnormalities are concerned on stock market in the foreign financial documents these years, such as January effect, disposition effect, momentum effect, herd behavior.
动量效应对于过去12个月中表现最好的股票是起作用的，但较长期的绩优股，比如3-5年中表现好的股票，则不在此规律之内。
The effect tends to work for the best performers over the past 12 months, but not for those that have shone for longer periods, say three or five years.
动量效应提出了一个更深层次的重要问题，如果市场是理性的，如有效市场假说假设的那样，那么市场将把资金分配给收益最大的用途。
The momentum effect raises a further important issue. If markets are rational, as the efficient-market hypothesis assumed, then they will allocate capital to its most productive USES.
然而，我国对动量交易策略的交易成本方面的研究目前还处于空白阶段，还没有学者考察过考虑交易成本之后动量效应的盈利性。
However, the transaction cost research in our country blank at present, and no scholar has inspected the momentum strategy's profitability after transaction cost.
然而，我国对动量交易策略的交易成本方面的研究目前还处于空白阶段，还没有学者考察过考虑交易成本之后动量效应的盈利性。
However, the transaction cost research in our country blank at present, and no scholar has inspected the momentum strategy's profitability after transaction cost.
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