其当日的换手率更是高达11倍。
第五，市场换手率对我国股票收益率解释力较弱。
Fifth, the market turnover on the explanatory power of stock returns is weak.
安静程度高的人换手率低。安静程度低的人这五方面与之相反。
People with high degree of quietness feature low turnover rate, while people with low degree of quietness are just the opposite in these five aspects.
首先在全部股票样本中选取同时具有大公司高价低换手率的股票建立另一个样本。
First, we choose the stocks which has such characters as big company, high price and low turnover from all the stocks to build up a new sample.
最后我发现基于大盘、高价和低换手率特征构建的套利组合可以获得非常显著的动量净利润。
Finally, I find the portfolio based on big size, high price and low turnover has extinguished momentum net profits.
研究结果显示沪市和深市的日市场换手率不服从正态分布并且存在着自相关性和ARCH效应；
The results show that the daily turnover of the Shanghai and Shenzhen stock markets does not conform to a normal distribution with autocorrelation and ARCH effects in the daily market turnover.
无信息投资者获得的初始收益不仅受到发行前就已知的市场收益的影响，而且受到二级市场换手率的影响。
The initial return earned by uninformed investors was affected not only by publicly known pre-IPO market return but also by the turnover rate of stock transactions in the first day of trading.
新股高的首日换手率并未带来相对高的中长期收益，甚至首日换手率高低与新股中期超常收益率有一定程度负相关性；
Higher exchanging rate of the first circulating day for an IPO can not obtain a higher medium and long return, and it even has a negative relationship with the later.
自10月29日以来，虽然美联储将联邦基金利率设定为1%，但实际换手率——即“实际利率”已经降至0.25%附近。
Since October 29th, the target for the federal funds rate has been at 1%, but the rate at which funds actually change hands,known as the “effective rate”, has averaged around 0.25% (seechart).
以市场换手率度量交易量，采用自回归广义自回归条件异方差（AR-GARCH）模型研究了中国股市交易量的时间系列。
The turnover was used to measure the trading volume which was analyzed using the Autoregressive- Generalized Autoregressive Conditional Heteroskedasticity (AR- GARCH) model.
本部分主要总结新股上市后各种走势特点，从图形、换手率、行业、盘子等等各个方面总结出炒作新股、次新股的一整套策略。
This section summarized the main trends of post-IPO characteristics, from the graphics, turnover, industry, plates, etc. sum up all aspects of speculative shares, sub-set of strategies of new shares.
进一步，进行横截面分析，分别按照规模、换手率、股票价格、市净率进行分析，发现大盘股、低换手率股票和高价格股票具有较大的动量净利润。
Further more, in the cross-section; I get the conclusion that the stocks with big size, stocks with low turnover and stocks with high price can earn large abnormal momentum profit.
进一步，进行横截面分析，分别按照规模、换手率、股票价格、市净率进行分析，发现大盘股、低换手率股票和高价格股票具有较大的动量净利润。
Further more, in the cross-section; I get the conclusion that the stocks with big size, stocks with low turnover and stocks with high price can earn large abnormal momentum profit.
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