But once the financial situation begins to return to normal ( which might not be in2009), investors will be unhappy with the extremely low returns available from dollar assets. 但如果财务状况复苏到正常情况下(不可能是2009年),投资者对于可利用的资产得到低利润的回报持不满意态度,他们的撤资将会引发美元再次的降低到2002年时的情景。
Central banking is broadly profitable in normal times, largely due to seignorage income the yield differential between notes and coins in circulation and the returns received from the fixed-income securities every central bank retains against these liabilities. 在正常时期,央行业务总体上是盈利的,主要来自铸币税收入流通中的纸币和硬币与各央行针对这些债务留存的固定收益证券的回报率之间的收益差。
This is true even for investors who ultimately decide that strategies aimed at generating higher normal and post-shock average returns are worth it. 对最终做决策的投资者在确定是否会产生较高的投资回报,和检验震荡后的平均回报是否值得的战略上,这显得更为真实可信。
The results show the stable distribution is much better than the normal distribution in dealing with stock returns distribution with fat tail. 结果表明稳定分布能更好的拟和中国股票收益率的实际分布,稳定分布较好的处理中国股票市场中的尖峰厚尾现象。
The Normal Distribution Analysis of the Stock Index Returns of Our Country 我国股票指数收益的正态性分析
Firstly, by employing statistical methods, this paper, under the classical Normal distribution hypothesis, gives an inference on how different returns shift between each other and the deviation when using the distribution of log returns to substitute for the distribution of simple returns. 本文首先从传统正态分布假设出发,用数理统计方法推导了不同收益率之间如何转换以及用对数收益率的概率分布替代简单收益率的概率分布可能产生的统计偏差。
Finally, these GARCH models based on GED can better describe the price volatility of Chinese crude oil compared with those based on the Normal distribution, and have great power to forecast the future returns. 最后,基于GED分布的GARCH模型比基于正态分布的GARCH模型能够更好地描述中国原油价格的波动特征,并且具有较好的预测能力。
The result indicated that neither the daily nor weekly returns rate of the two indices obey normal distribution, but the returns rate of month obeys it sometimes. 结果表明,两种指数的日收益率和周收益率不服从正态分布,而月收益率在一定的阶段表现出正态特性。
Four shares in the Chinese A stock market were selected and, with the assumption of a normal distribution of the returns, the daily portfolio allocations and the rate of borrowing and lending were obtained. The sensitivity of the model parameters are also discussed in this paper. 选取中国A股市场的4只股票,在收益率服从正态分布的假定下,确定投资组合中的资产配置以及借贷比率,并且讨论了模型参数的敏感性。
However, the traditional VaR calculation is based on the normal distribution of individual asset returns and the linear relationship of portfolio risky assets returns. 但传统的VaR计算都是假定单个资产收益呈正态分布和资产组合中不同资产收益间呈线性相关关系的条件下进行的。
Meanwhile distribution yield, not a good description can be normal, and the fractal has a fat tail of the distribution, but can be used to describe the distribution of returns. 同时收益率的分布特征,并不能用正态分布很好的描述,而具有尖峰厚尾性的分形分布却可以较好的描述收益率的分布特征。