那些资产能提供超额回报来作为流动性不足的补偿。
Such assets offered an excess return to compensate investors for their illiquidity.
一些团队有所专营比如不良债权，当市场有效性不充分时，超额回报可以实现。
Some groups operate in fields like distressed debt, where markets may not be fully efficient and outsize returns could be achievable.
目前尚无证据表明，西方资本真的在中国获得了大幅超额回报，而中国正在大规模补贴其国内资金成本。
There is no evidence that western capital actually earns a significant excess return in China and China massively subsidizes its domestic cost of capital.
我们的战略在设计上是在一个完整的信用市场周期内执行并从国家选择以及在允许的情况下从货币选择中获取超额回报。
Our strategy is designed to outperform over the full credit market cycle and to derive alpha from country selection and, where permitted, currency selection.
在信用周期的积极阶段，超额回报首先产生于对信用升级的正确预测，以及在消极阶段首先产生于对信用降级的正确预测。
In positive phases of the credit cycle, alpha is generated primarily from the correct forecasting of upgrades, and in negative phases primarily from correctly forecasting downgrades.
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.
从某种意义上说，在信贷稀缺的时候，中国市场更有吸引力，因为中国的多数私募股权公司都是靠增长而不是靠杠杆来为投资者提供超额回报。
In one sense, China is a more attractive market when credit is scarce because most China private-equity deals rely on growth rather than leverage to provide investors with outsized returns.
依赖电子表格来进行估值的坏毛病，是人们对估值模型中的一系列假设考虑不周的缘故。评估一家企业是否有超额回报的机会，其实没那么简单。
Spreadsheet disease is a byproduct of people not thinking hard about the assumptions that go into a model. Valuing the optionality of a business is not simple.
其价值形成有三个方面：行业优势和价值转换、垄断经营的超额收益和风险回报。
The value of business concession Consists of industry superiority, value transformation, extra earning of monopoly operation and risk premium.
高涨的认购超额水平，势必使股价在交易首日飙升，使上市公司能为“成功的IPO”而自吹自擂，也使排了数小时队的散户投资者得到回报。
Such levels of oversubscription ensure sharp rises on the first day of trading, enabling companies to boast of a "successful IPO" and rewarding investors for the long hours spent queuing.
其他的则来自美国的机构投资者，他们在抛售零回报的欧洲债券，转而寻找一些更靠近美国本土的超额收益。
The rest comes from American institutional investors unloading their zero-returning European bonds and looking for some extra yield closer to home.
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?
稀缺资源和能力使企业获得独特的竞争优势，并使企业获得超额租金的回报。
The possession of scarce resources and capabilities can make firm to achieve unique competitive advantages, and obtain above-average return.
稀缺资源和能力使企业获得独特的竞争优势，并使企业获得超额租金的回报。
The possession of scarce resources and capabilities can make firm to achieve unique competitive advantages, and obtain above-average return.
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