stock return 在 市场研究与信息 分类中 的翻译结果

  本文关键词：证券市场股票收益率季节效应的实证研究，由笔耕文化传播整理发布。

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stock return

    Historical Highest Price, Investor Behavior and Stock Return: the Empirical Study on Chinese Stock Market

    股价前期高点、投资者行为与股票收益——中国股票市场的经验研究

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    From 1970s, the scholars in western country have done lots research on whether Fisher Effect holds in capital market as well as the relation between inflation rate and stock return.

    自20世纪70年代以来,西方对股票市场费雪效应是否成立以及通货膨胀率与股票收益之间的关系进行了大量的研究。

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    The conclusions are identical: Fisher Effect does not hold in stock market, and there is negative correlation between stock return and inflation rate.

    研究结果基本是一致的:股票市场费雪效应不存在,股票收益与通货膨胀率之间存在负的相关关系。

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    An Empirical Study on the Stock Return Seasonal Effect in Security Market

    证券市场股票收益率季节效应的实证研究

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    Study of Chinese Stock Return and It's Volatility

    中国股票市场股指收益率及波动性研究

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    International Comparison Between Return and Risk of Stock Market

    证券市场回报与风险的国际比较

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    from the stock market to the real economy.

    股票市场波动对实体经济的影响。

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    Anomalies in Shanghai Stock Market

    上海股票市场异象

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    Industry Characteristic,Market Sentiment and Return Volatility

    行业特征、市场情绪与收益波动

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  stock return

We also provide evidence that stock return behavior differed between large and small S>amp;amp;Ls.

Our results suggest that there is almost no relationship between stock return levels and trading volume in either direction.

Further analysis shows that VAR is positively and significantly associated with future stock return volatility.

This article empirically investigates the exposure of country-level conditional stock return volatilities to conditional global stock return volatility.

In our analysis, we consider some distributional forms characterized by capturing the excess kurtosis characteristic of stock return distributions and we compare their performance using some international stock indices.

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This paper focuses on the stock return of those listed companies whose dividend varied during the allotment plan.The empirical study shows the market does not absolutely react to the allotment plan dividend vary,which is different from the western mature capital market.It tells us our security market has some distance from the mature market,and the information enclosure system is not regulated.

对公司分配方案中股票股利发生变化时股票收益率的研究,显示证券市场对股票股利分配方案发生变化时有一定反应,但与国外成熟资本市场的反应并不一致,说明我国证券市场距离国外成熟资本市场还有一定差距,证券市场信息披露制度尚不规范。

In this paper, by sampling A - share firms listed in Shanghai and Shenzhen Stock Exchanges from 1998 to 2002, the author examines the impact on next year's earnings and next two years' stock returns measured by accruals as a standard of earnings quality. The empirical results show that: (1) Companies with high earnings but low cash flows will experience a decrease of earnings in next year, while companies with low earnings but high cash flows will experience a increase of earnings in next year; (2)...

In this paper, by sampling A - share firms listed in Shanghai and Shenzhen Stock Exchanges from 1998 to 2002, the author examines the impact on next year's earnings and next two years' stock returns measured by accruals as a standard of earnings quality. The empirical results show that: (1) Companies with high earnings but low cash flows will experience a decrease of earnings in next year, while companies with low earnings but high cash flows will experience a increase of earnings in next year; (2) Investors overvalue companies of high earnings with low cash flows and undervalue companies of low earnings with high cash flows. So, investors can construct investing strategies to gain abnormal returns. After adjusting risks by CAPM model, Fama - French three - factors model and four - factors model, these abnormal returns still exist significantly.

本文以1998-2000年沪深两市A股为样本,以应计项目作为会计盈余质量标准, 研究其对公司下一年度会计盈余及未来两年内股票收益的影响。研究结果发现:(1)第t年度会计盈余高而经营现金流量低的公司在第t+1年度的会计盈余会降低,而第t年度会计盈余低而经营现金流量高的公司在第t+1年度的会计盈余则会升高;(2)投资者会高估那些会计盈余高但经营现金流量低的股票,而低估那些会计盈余低但经营现金流量高的股票,据此构造的投资策略可获得显著超常收益。并且这些超常收益在经过CAPM模型、Fama-French三因素和四因素模型风险调整后依然显著存在。

Chinese stock market provides an environment for deeply understanding of influence of historical stock prices on future (intermediate horizon) cross-sectional stock return. We find that the momentum strategy based on 52 - week high is significantly profitable with an average monthly retum of 0.84% in Chinese stock market, which is more significant than US market. There is no apparent seasonal pattern, and it cannot be explained by market model, Kama and French three - factor model or characteristic...

Chinese stock market provides an environment for deeply understanding of influence of historical stock prices on future (intermediate horizon) cross-sectional stock return. We find that the momentum strategy based on 52 - week high is significantly profitable with an average monthly retum of 0.84% in Chinese stock market, which is more significant than US market. There is no apparent seasonal pattern, and it cannot be explained by market model, Kama and French three - factor model or characteristic model. We also provide further evidences that investors' behavioral bias could be the explanation for this phenomenon.

中国股市为研究历史股价对未来(中期)横截面股票收益的影响提供了一个深入考察的环境。本文发现基于52周前期股价高点构造的惯性策略在中国股市具有显著的盈利性,其月平均收益为0．84％,这一结果比美国市场更加明显。该现象没有明显的季节性,并不能由市场模型、Fama and French三因素模型以及特征模型所解释。本文提供了用投资者的行为偏差来解释该现象的进一步证据。

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  本文关键词：证券市场股票收益率季节效应的实证研究，由笔耕文化传播整理发布。