这将会导致更加类似的信用评级理念，最终将使投资者失去对待信用风险可贵的异质化思维。
This could lead to more homogenized rating opinions and, ultimately, deprive investors of valuable, differentiated opinions on credit risk.
本文讨论了各种均衡状态下，信号的具体实现值对投资者异质信念与资产定价关系的影响。
But based on the realized value of signal, the under-valuation of asset may positive correlated with agents' heterogeneous beliefs.
研究结果发现，投资者异质作为一种风险性因素在权证上市前后显著影响标的证券的收益。
The results show that investors heterogeneity as a risk factor carries explanatory power for cumulative abnormal returns of underlying stock before and after warrant listing.
然而，在现实的金融市场上，由于未来收益的不确定性、私有信息以及先验异质等原因，投资者的收益预测存在分歧。
However, in the real financial world, investors differ in valuations as a result of the uncertainty of future returns, private information and heterogeneous priors etc.
然而，在现实的金融市场上，由于未来收益的不确定性、私有信息以及先验异质等原因，投资者的收益预测存在分歧。
However, in the real financial world, investors differ in valuations as a result of the uncertainty of future returns, private information and heterogeneous priors etc.
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