This is called the equity premium.
这就是所谓的股票溢价现象。
The other is CCAPM anomaly, especially the equity premium puzzle.
第二种是CCAPM异象，主要是指股票溢价之谜。
What I want to do, I want to talk about Jeremy Siegel's book and the equity premium puzzle.
接下来我要做的是，我想谈论下杰里米·西格尔的书,和股权溢价之谜。
What we call this is the — I want to emphasize it, I'll write this again — the equity premium puzzle.
我们称之为…我想强调一下，我再写一次，股权溢价之谜。
California is perhaps the most extreme example, because its state tax revenues depend so heavily on the equity premium.
由于税收收入高度依赖股票溢价，加州或许是最极端的例子。
The conclusion of the study shows that: with the standard calibration model, the equity premium level on the Chinese security market is 14.163%.
研究结论显示：使用标准的校准模型，我国证券市场的股票溢价水平为14.163%。
This is — I'm showing here U.S. data, but Siegel also argues in the latest edition that the equity premium is also high for advanced countries over the whole world.
这就是…我在这展示的是美国的数据，但是西格尔在他最新出版的书中讨论道，在世界范围内许多发达国家的，股票溢价同样很高。
Considering whether the stockholding can impact consume behavior, with per capita consumption growth rate of urban residents, the equity premium level on the security market is 8.247%.
考虑到是否持有股票对消费行为的影响，使用城镇居民人均消费增长率后，我国证券市场的股票溢价水平为8.247%。
The emergence of behavioral finance is bright to the puzzle. Its representative theory-myopic loss aversion theory can offer a relatively reasonable explanation to the equity premium puzzle.
行为金融学的出现为股权溢价之谜的解决带来了曙光，其代表性的理论—短视性损失厌恶理论，对股权溢价之谜提供了一个较为合理的解释。
Asset pricing is considered as the core of modern finance; it involves puzzles such as the equity premium puzzle and the risk-free rate puzzle, which have attracted an extensive research interest.
资产定价既是现代金融的核心，也是许多困惑之所在，其中最著名的就是股权溢价之谜和无风险利率之谜。
Every one of them has a positive equity premium; although the U.S. is on the high side of them all, it's not the best.
这些国家都存在正股权溢价，美国的股权溢价相对很多国家较高，但不是最高的。
The UK National Institute highlights a higher price for risk, which would increase the effective cost of capital, involving a higher equity premium in the stock market.
英国国家经济社会研究院(National Institute ofEconomic andSocial Research)则强调了风险价格的上升——这会增加资本的有效成本，包括股市溢价上升。
They argued that the equity-risk premium, as the name suggests, was a reward for risk and could not be guaranteed.
他们辨称股权风险溢价就像这个名字所提示的是一种高风险带来的高收益，是不确定的。
A more sophisticated argument revolves around the equity risk-premium, the extra return investors should demand for holding shares.
一个更为严密的论证考虑了证券的风险溢价，即投资者对持有股票所应要求的额外回报。
Their actual return, of course, has mostly been negative. Over the past decade, equity investing hasn't offered much of a premium.
他们中的大多数人的实际回报率都不那么理想，在过去的十年里，股市并没有提供太多的利润。
A higher risk premium for the equity market has already been priced in.
股市已将更高的风险溢价计入股价中。
Given the history of the risk premium, what will the future reward for equity investors be?
从风险溢价的历史来看，股票投资者未来的收益将会是什么呢？
The country that has the highest equity premium — and that's for the whole twentieth century, they couldn't go back to 1802 — the most successful country is Sweden and after that Australia.
拥有最高股权溢价的国家是…，我指整个20世纪期间，他们所用的数据无法追溯到1802年…，股权溢价最高的国家是瑞典，澳大利亚紧随其后。
Although this figure is lower than the historical average, it still means that equity investors will earn a risk premium.
尽管这一数据低于历史平均水平，但仍意味着股票投资者能获得风险溢价。
The first step is to define the equity risk premium more exactly.
第一步是尽可能精确地界定股票风险溢价的范畴。
This transaction is the first acquisition of an English Premier League football club by a Chinese investor, and the first venture for Chinese private equity into the UK's premium sports industry.
该交易标志着中国投资者首次收购一家英超足球俱乐部，同时也是中国私募股权首次涉足英国超级体育产业。
The premium of control right bears heavily on the transfer of equity and stock.
控制权溢价水平的高低对于股权转让和股票交易具有重要影响。
However empirical researches such as the riddle of equity premium and the acute fluctuation of stock price bring great challenge to it, and there are many defects on its fundamental theory, too.
然而证券市场中存在的股票溢价之谜、股价的过度波动等实证研究对其形成了极大的挑战，并且，其理论基础也存在诸多的缺陷。
Based on this model, we try to interpret the abnormal performances of stock prices such as equity premium puzzle, size effect.
通过这一模型，对股权溢价之谜、规模效应等实证金融中的反常现象进行了分析。
This paper compares and analyzes varieties of measure methods on the basis of current research results and brings about improvement measure method of equity transfer premium.
本文在国内外学者的现有研究成果的基础上对各种度量方法进行比较分析，进而提出改进的股权转让溢价度量方法。
Premium charged equity to fund the capital, undistributed profits (after tax) Zhuanzeng registered capital, accounting firms are required to submit the report issued capital.
以股本溢价计入的资本公积金、未分配利润（税后）转增注册资本的，须提交会计师事务所出具的验资报告。
This article first analyzes the emergence of equity risk premium and its theoretical explanation. Then, it discusses relating problems when calculating Chinese equity risk premium.
本文首先分析了股权风险溢价的产生以及理论解释，然后在此基础上讨论了测算中国股权风险溢价时应该注意的问题。
This paper will study the Chinese equity risk premium.
为此，本文将研究中国股权风险溢价问题。
While from the aspect of output, life insurers still had a large premium growth potential, their net return on equity had reached saturation.
而在产出方面，寿险公司的保费收入还有较大的提升空间，但在净资产收益率方面已基本达到饱和。
While from the aspect of output, life insurers still had a large premium growth potential, their net return on equity had reached saturation.
而在产出方面，寿险公司的保费收入还有较大的提升空间，但在净资产收益率方面已基本达到饱和。
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