Investors are happy to pay high fees for the skill, but regard the market return as a commodity.
投资人乐意为技巧付出高昂的费用，但认为市场回报是理所当然。
But the trouble with such areas may not be the absence of alpha but the level of "beta", or market return.
但这些领域的问题不是缺“阿尔法”，而是缺贝塔或者说市场回报。
Investors would not dream of paying a performance fee to traditional fund managers merely for matching the market return, yet they cheerfully reward private-equity managers for the same feat.
投资者绝不会在收益仅仅符合市场一般回报水平时向传统基金的经理人支付业绩提成，然而他们却欣欣然的在同样情况下，给予私募股权经理人以业绩提成。
We usually take variance as the index of capital market venture, and suppose that the variance of market return is a constant.
传统金融理论通常把收益率的方差作为风险的度量指标，并在选择证券组合时假设市场方差为常数。
Then the movement feature of the market is analyzed with the GARCH model, and whether the market return follows non-linear and leptokurtic heavy tail feature is validated.
文章还采用GARCH模型对市场的运行特征做了分析，对市场收益率是否服从非线性和尖峰胖尾的特征进行验证。
At the same time, considering these two factors correlated with other factors that influence market return, there may be co-linearity in our regression equations if we ignore this phenomena.
同时，考虑到特质波动率和相关性这两个因素和一些影响市场收益率的因素相关，不加任何处理就引入定价模型，可能导致自变量之间的多重共线性。
In the security market, return-loss distribution exist the severe phenomenon of excess kurtosis and heavy tail;
证券市场上收益率分布存在严重的偏峰厚尾现象；
In the security market, return-loss distribution exist the severe phenomenon of excess kurtosis and heavy tail;
证券市场上收益率分布存在严重的偏峰厚尾现象；
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