这里的学习模型包括对于估测变量的方差估计，以及股票收益率与这个预测变量的协方差。

The learning model includes the volatility estimation of the predicative variables and the covariance of stock return and this predicative variable.

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针对这一异常现象，本文通过对隐含相关收益率的因素分解，发现其来源于协方差项。

Furthermore, according to decompose the correlation implied returns, the paper find that the "anomalies" results from covariance term of implied returns.

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针对这一异常现象，本文通过对隐含相关收益率的因素分解，发现其来源于协方差项。

Furthermore, according to decompose the correlation implied returns, the paper find that the "anomalies" results from covariance term of implied returns.

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