本文的主要实证结论如下：开发支出占总资产比不仅能显著解释股票超额回报率，而且对公司盈余质量也具有显著的解释力。

We find that the proportion of development expenditures to total assets can well explain both the abnormal return and the earning quality.

youdao

还是积极管理每项资产，力求获得市场水平以上的回报率，以及风险调整后的超额收益。

Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?

youdao

还是积极管理每项资产，力求获得市场水平以上的回报率，以及风险调整后的超额收益。

Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?

youdao