.. asked in 社會與文化語言 · 1 decade ago

投資學英文翻中文(不要翻譯軟體的)~15點

No, this is not a violation of the EMH. This empirical tendency does not provide investors with a tool that will enable them to earn abnormal returns; in other words, it does not suggest that investors are failing to use all available information. An investor could not use this phenomenon to choose undervalued stocks today. The phenomenon instead reflects the fact that stock splits occur as a response to good performance (i.e., positive abnormal returns) which drives up the stock price above a desired "trading range" and then leads managers to split the stock. After the fact, the stocks that happen to have performed the best will be split candidates, but this does not imply that you can identify the best performers early enough to earn abnormal returns.

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  • 1 decade ago
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    不,這並不違反the EMH(效率性市場假說),這種靠經驗為主的趨勢並不會讓消費者獲取暴利,也就是說,他並不是指投資者會無法使用那些所有易於獲取的資訊。在今日,投資者並不能利用這種現象來選擇被低估的股票。這種現象反而反映了人們會以分散投資來回應股市好的表現(換言之即是指正向的豐厚報酬)而這個會驅使股價超升過真正所需的交易範圍,接著就會造成投資者分散投資,在這之後,那些表現最為頂尖的股票將會分散成數個待選股票,但這並不表示你能夠在很早的時候就能預料哪家的股票會是最好,並藉以獲取暴利。

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  • Anonymous
    7 years ago

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  • 1 decade ago

    No, this is not a violation of the EMH.

    不,這並不違反EMH。

    This empirical tendency does not provide investors with a tool that will enable them to earn abnormal returns; in other words, it does not suggest that investors are failing to use all available information.

    這個實務經驗的趨勢無法作為投資人獲取異常獲利的工具;也就是說,EMH不建議投資人捨棄所有可得資訊的使用。

    An investor could not use this phenomenon to choose undervalued stocks today.

    現在的投資人無法使用這個現象,來選擇價值被低估的股票。

    The phenomenon instead reflects the fact that stock splits occur as a response to good performance (i.e., positive abnormal returns) which drives up the stock price above a desired "trading range" and then leads managers to split the stock.

    反而,這個現象反映在分割股票的時候。當一檔股票有好的績效表現(例如,異常獲利),股價推升高過合理預期的 "交易範圍",往往會促使公司的管理者作股票的分割。

    After the fact, the stocks that happen to have performed the best will be split candidates, but this does not imply that you can identify the best performers early enough to earn abnormal returns.

    如此,績效表現最好的股票恰巧也在所有被分割的股票當中。這不意味你能藉此及時找出它們,來賺取異常獲利。

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