老生常谈是，由于后续成本存在，普通投资者无法击败市场。研究机构由此得出观点，明显的击败市场的机会将很快会被套利耗尽。
From the truism that the average investor could not beat the market after costs, academics developed the insight that obvious market-beating opportunities would quickly be arbitraged away.
多伦多的研究机构BCA Research的赵晨(音)上周五下午在给客户的一份研究报告中指出，投资者还不能掉以轻心。
'Investors should not let their guard down just yet,' Chen Zhao of BCA Research, a Toronto-based firm, wrote in a note to clients Friday afternoon.
其次，回顾了本文研究机构投资者持股影响因素所依托的相关理论，介绍了委托代理理论和机构投资者“审慎人”假说。
Secondly, this chapter reviews the related theory of stock-holding of institutional investors, and introduces the principal-agent theory and institutional investors "prudent person" hypothesis.
其次，回顾了本文研究机构投资者持股影响因素所依托的相关理论，介绍了委托代理理论和机构投资者“审慎人”假说。
Secondly, this chapter reviews the related theory of stock-holding of institutional investors, and introduces the principal-agent theory and institutional investors "prudent person" hypothesis.
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