卖空

The article uses the data on stock market of our country Hong Kong to undertake a case of a physically strong patient running a high fever or suffering from such disorders as stasis of blood examines , discover oversell trades the mechanism is a quite complex process to the influence of whole market , final effect way aggravate market fluctuates or stablize the market to fluctuate depend on strategy of type of negotiant of the oversell in the market , operation and the public rate that hand in credulity breath .

文章利用我国香港股票市场上的数据进行实证检验，发现卖空交易机制对整个市场的影响是一个相当复杂的过程，最终的影响方向(加剧市场波动还是平抑市场波动)取决于市场中卖空交易者类型，操作策略及交易信息的公开程度。

We conclude that the two-funds strong separation theorem holds and that the mean-variance efficient frontier is a straight line in standard deviation-expected return space under given partial information whether short selling is allowed or not.

综合考擦卖空机制和部分信息情况，我们得到结论：在确定部分信息下，无论是否允许股票卖空，二基金强分离，均值一方差有效前沿在均值一标准差空间是一条直线。

Of or relating to a short sale.

卖空的或与卖空有关的

The purchase of securities or commodities by a short seller to close out a short sale.

卖空者抛售卖空的货来购买证券商品。

This article introduces the research condition of the modern Portfolio theory China under no addimission conditions and analyses the usage of short sale.

介绍资产组合理论在我国的研究情况，分析卖空在模型中的作用，求解不允许卖空条件下含风险证券和无风险证券的马克维兹模型的树形算法。

We identify that: Constrain of short sale makes Losers seldom present contrarian effect in long period movement.

证明了受到卖空限制的约束，输者组合股票在长期表现出反向效应的概率比没有卖空限制时减小。

The chief obstacles to arbitrage in these cases were short sale constraints, which make shorting very costly or impossible.

在这些案例中，实现套利的最大障碍就是对卖空能力的限制因素。这个因素导致卖空成本过高或变得完全不可能。

Problem. What kind of exchange and mechanism is short sale? How does it influence on the stock market? What kind of mechanism of short sales should we establish? What job should we do? The paper attempts to analysis and solve these problems.

卖空交易究竟是一种什么样的交易方式，卖空机制又是怎样一种机制，它对股票市场特别是中国的股票市场会产生什么样的影响，我们要建立一种什么样的卖空机制，应该做那些工作，是本论文力图解决的问题。

Reporter negundo only global financial tsunami, many countries and regions have more restrictions on short selling in Hong Kong over the past few days, many market participants have expressed the hope that the same prohibition of short selling activities in Hong Kong, the Hong Kong Government has no intention of implementing relevant measures.

全球金融海啸，许多国家和地区在香港的卖空更多的限制，在过去几天里，许多市场参与者都表示，希望在香港，香港的卖空活动一样，禁止政府没有执行有关措施的意图。

The results show that: 1. In the selected four funds, the theoretical risk of three funds is less than that of the actual portfolio fund, and only one fund's risk is higher than that of the actual portfolio fund; 2. It's hard to determine which combination is better between the single exponential model and Markowits'model;.3. Allowing short-selling is better than disallowing short-selling and the optimal solution can not be found under the condition of disallowing short-selling.

结果发现：(1)4只基金中有3只基金的理论模型的风险小于基金实际组合的风险，1只基金的理论模型的风险大于基金实际组合的风险；(2)单指数模型组合与Markowitz模型组合熟优熟劣难以定论；(3)允许卖空组合优于非允许卖空组合，且非允许卖空使得理论模型有时找不到最优解。

Methods: Five patients with parkinsonism or dystonia were assigned to general anesthesia using an modified endotracheal tube.

本实验依照人体实验之相关规定进行，五位患有帕金森氏症或肌张力异常的病人接受神经立体定位手术。

If you can benefit from this book, it is our honour.

如果您能从本书获益，这将是我们的荣幸。