无论股票的超额收益有多少，都存在风险。
Whatever the excess return from equities, it is a reward for risk.
我们也可以它来表示超额收益。
超额收益反映事件的影响。
研究表明股权结构对长期超额收益有影响。
And the ownership structure have effect on the long-run abnormal stock returns.
对影响长期超额收益的几个影响因素进行了分析。
There are some factors influent the long - run abnormal stock returns.
投资者乐于今天获取超额收益，把对风险的担忧放在来日。
Investors are happy to take the extra yield today and worry about the risk later.
IPO首日超额收益是证券市场上普遍存在的一种异常现象。
IPO on the first day the stock market excess returns is a common anomaly.
实证结果研究表明：总体来看，基金获得的市场超额收益为负。
The real diagnosis result research indicated: the overall, the fund obtains market superior earnings for negative.
在此基础上，提出了研究假设并运用超额收益法确定了研究的模型。
On these bases, we put forward research hypothesis and confirm research model with application of the Cumulative Abnormal Return method.
高收益公司债券的超额收益率从2009年初的16%点多下跌到不到6点。
The spread (excess interest rate) on high-yield corporate bonds has fallen from more than 16 percentage points at the start of 2009 to less than six points.
分析结果表明ST公司重组后三年内平均累积超额收益(CAAR)显著为正。
The results show that cumulative average abnormal return (CAAR) is significantly positive in three years after st corporate restructuring.
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.
第五章，根据实证分析结果，提出使我国IPO首日超额收益回归正常的相关建议。
The fifth chapter, based on the empirical analysis of the results, so our first day IPO returns back to normal over the relevant recommendations.
它的价值不仅体现在为企业创造超额收益，它还是其他类型人力资本创造价值的关键。
The value not only manifests in it can create superior earnings for enterprises, but also it's the key to create value of other type human capitals.
同时实证结果表明市场尚未达到半强式有效，投资者可以利用公开的信息获得超额收益。
And the empirical study proves that our stock market is not semi-strong efficient because investors can gain abnormal returns with publicly information.
由于得出结论超额收益显著不为零，最后得出结论，我国的股票市场不具有半强有效性。
The excess receipts concluded notable not zero, finally come to the conclusion that China's stock market does not have a semi-effectiveness.
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?
开发矿业权所能带来的超额收益应该在转（出）让方和受让方之间按一定比例进行分配。
The surplus profit from a mining right should be shared by the vendor and the vendee.
各国的研究表明，新股超额收益是普遍存在的，中国作为新兴市场，超额收益更是惊人。
National research shows that excess return is common of initial shares. China as an emerging market, its excess return is amazing.
研究结果表明，估计的内在终值和实际实现的内在终值都与预期超额收益存在显著正相关；
Results show that there is significant positive relationship between estimated implied terminal value, realized implied terminal value and future abnormal earnings;
在成本法计算储量价值的基础上，首次提出了天然气的储量价值评估模型(超额收益综合模型)。
Based on cost method of calculating reserves value, this paper puts forward value evaluating model of natural gas reserves (excess income general model) for the first time.
在成本法计算储量价值的基础上，首次提出了天然气的储量价值评估模型(超额收益综合模型)。
Based on calculation of reserves value with cost method, this paper firstly proposes value evaluation model for natural gas reserves (composite model of surplus profit).
单变量检验结果表明，净资产收益率与股价超额收益具有显著的正价值相关性，审计意见类型则弱之；
Single-variable test shows that excess earning of stock price has a high positive correlation with return ratio on net assets, but a weak correlation with audit opinion type.
研究结果表明，ST公司重组后三年的平均累积超额收益显著为正，超额收益呈先上升后下降的态势；
The results suggest that cumulative average abnormal return (hereinafter CAAR for short) of ST corporations is significantly positive in after restructuring, CAAR ascends and then falls;
大多数对风险的测量，例如股票市场波动或者公司和上升市场债券的收益率差（超额收益），都显示它很低。
Most measures of risk, such as stockmarket volatility or the spread (extra yield) on corporate and emerging-market bonds are low.
进一步的回归分析显示：内部控制信息披露详细程度与特定窗口内的累积超额收益存在显著的正相关关系。
Through the regression, we also find that the detail of the information disclosure of internal control has positive relationship with the Cumulative Abnormal Return.
第二章，阐述了国内外关于IPO首日超额收益问题的相关理论与假说，同时对这些理论进行简单的评述。
The second chapter on the first day at home and abroad on the IPO issue proceeds over the relevant theories and hypothesis, also the author of these simple theories are reviewed.
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.
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.
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