资本定价是一门科学，也是一门艺术，具有相对性、时效性、模糊性和主观性等特征，并受到反馈效应和制度性缺陷的影响。
Capital pricing is both scientific and artistic, with the characteristics of relativity, timeliness, opaque and subjective, and is influenced by feedback effect and institutional defect.
在中国股票市场，账面市场效应并不存在，但与规模相关的某种系统风险因素在股票定价中起到了重要作用。
In China's stock market, there is no book market effect, but a certain system risk factor relevant to the scale plays an important role in the stock pricing.
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.
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.
首先，作者简述了现代商业银行贷款定价的理论依据：信贷配给理论、利率的逆向选择、利率的激励效应和贷款担保理论。
Firstly, the author discusses the loan pricing theory, this means credit rationing, converse selection and inspirit effect, etc.
而当正网络效应与盗版并存时，垄断公司可以制定阻止盗版的定价策略。
However, when there are in the presence of both network effects and piracy, the monopolist can deter the piracy by specific pricing strategy.
因此在本文的最后，对预约定价的效应、决策过程中可能遇到的风险以及如何来规避这些风险都进行了说明，从而使得整个研究过程变得更加完整和严谨。
So in the end of this text, it explains the domino effect of the APA, the venture in decision-making and how to avoid venture in order to make the study become integrity and preciseness.
研究同时发现，数字8和4在中国所具有的特殊的吉利效应在网上定价中存在，因此以8结尾的价格出现的频数最高，而以4结尾的价格出现频数最少。
The findings show the special lucky effects on 8- and 4-endings do exist, so 8-ending prices are the most frequently represented and 4-ending ones are the least.
对于中国现有的数据，如果不考虑引力效应会导致年金产品的过低定价，低估未来老龄人口的抚养比。
For China's existing data, the neglect of gravitational effects would lead to the underpricing of annuity products and underestimating the future dependency ratio of the aging population.
基于资本资产定价模型构建了负利率与房地产价格关系模型，实证结果支持了负利率对房地产价格所产生的扩张效应。
Based on the CAPM, a model is build to reflect the expansion effect of negative interest rates to prices of the real estate industry, which is proved to be true in the theoretical analysis.
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.
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.
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.
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