anomaly股票市場

Ⅰ 「equity 」在財務上是什麼意思

「equity 」在財務上的意思是所有者權益。

Ⅱ 應計異象要怎麼翻譯差不到資料啊。

應譯為：accrual anomaly

【業績預告對中國股市有效性的影響——基於應計異象的實證檢驗
Title: Effect of management earnings forecasts on the efficiency of the Chinese stock market:Evidence based on the accrual anomaly
作者: 宋雲玲； 羅玫；
清華大學經濟管理學院會計系；
Author(s): SONG Yunling; LUO Mei
Department of Accounting,School of Economics and Management,Tsinghua University,Beijing 100084,China

摘要: 為考察強制性業績預告能否提高中國股市的有效性,按照應計由低到高將樣本等分成10個組合,套利組合是買入應計最低一組的同時賣出應計最高一組,進行大樣本檢驗。結果顯示:預告樣本套利組合持有半年的超額收益顯著為正(9%),持有一年的超額收益不顯著區別於0;無預告的樣本套利組合的結果則相反。在控制影響超額收益的其他因素之後,預告樣本的套利組合仍然提前半年獲得顯著超額收益。這說明,三季報中的業績預告可以使預告樣本的應計異象提前消失,從而提高了股票市場的有效性。
Abstract: This paper examines whether the compulsory disclosure policy can improve the efficiency of the Chinese stock market.Hedge portfolios are formed according to the deciles of accounting accruals with a long position on the lowest and a short position on the highest.Results from a large sample show that abnormal returns of the hedge portfolios formed on firms with management earnings forecasts in third-quarter reports are significantly positive(9%) over the first half year but insignificantly different from zero the whole one year.Abnormal returns of the hedge portfolios formed on firms that did not make management earnings forecasts in third-quarter reports show the opposite results.Moreover,the results are robust in multivariate regressions.Therefore,regulatory management earnings forecasts can help investors correct accrual mispricing earlier and improve stock market efficiencies. 】

還有【會計盈餘的持續性丶投資者定價與市場效率——基於資本市場應計異象的研究】等等，都有英文摘要的。