The market capitalizations of social networks are often many times higher than their turnovers or their balance sheet totals. 社交网络的市值通常要高出它们的交易额和资产负债总数很多倍。
The people who are selling shares of energy stocks are well aware that their actions are unlikely to have an immediate impact on the companies, given their enormous market capitalizations and cash flow. 那些出售能源股票的人非常清楚,他们的行为不可能对这些公司产生直接影响,因为这些公司具有很高的市值和充裕的现金流。
Firstly, all the stocks in Shanghai Stock Exchange are divided into several portfolios based on capitalizations or industries. Then, it measures heterogeneous beliefs of investors using cross-sectional expected return dispersion ( ERD). Lastly, it verifies whether ERD includes the new information about volatility. 按照不同的市值或行业将股票分为若干投资组合,采用组合预期收益离差(ERD)衡量交易者信念的异化程度,研究其是否包含组合或个股收益波动性的信息。