There are still some anomalies such as small-firm effect, time effect, Book-to-market effect, momentum trading strategy and contrary investment strategy.

存在着像规模效应、时间效应、价值效应、惯性策略与反转策略等诸多异常现象。

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In China's stock market, there is no book market effect, but a certain system risk factor relevant to the scale plays an important role in the stock pricing.

在中国股票市场，账面市场效应并不存在，但与规模相关的某种系统风险因素在股票定价中起到了重要作用。

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The test further testifies that although both markets have effect of book-to-market value of equity, the size effect has more notable influence.

三因子模型进一步证明尽管两市同时反映出具有净值市值比效应，但规模效应对两市具有更显著的影响性。

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This was no short-lived effect since it was reflected in the market-to- book-value of the firm years after being adopted, and it was also reflected in an improvement in firm operating performance (especially for say-on-pay).

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