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1·Whatever the excess return from equities, it is a reward for risk.

无论股票的超额收益有多少，都存在风险。

2·Second, there were over reactions and excess return during M&A.

其次，并购期间，市场存在过度反应并能获取超额受益；

3·The capitalized value of this excess return is economic Goodwill.

这一超出市场回报的价值被资本化就变成了经济商誉。

4·Such assets offered an excess return to compensate investors for their illiquidity.

那些资产能提供超额回报来作为流动性不足的补偿。

5·Some of this excess return will have been eaten up by higher costs; trading costs were substantial until the last 20 years.

这些高出的回报中的某些部分会被过高的费用抵消；在20几年前，交易费用是相当高的。

6·National research shows that excess return is common of initial shares. China as an emerging market, its excess return is amazing.

各国的研究表明，新股超额收益是普遍存在的，中国作为新兴市场，超额收益更是惊人。

7·The paper verified the relation between stock market illiquidity and stock excess return in time series by new liquidity measure (LDX).

在时间序列上，论文采用新流动性比率指标(LDX)衡量流动性，检验了股票市场非流动性与股票超额收益率之间的关系。

8·I mean, do you really — you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?

我是指，你们真的…你们也会怀疑，这里是不是少了点什么，如果股票收益率高出短期债券收益率那么多？

9·I didn't call it this before, but let me to find the sharp measure as expected excess return on a security or portfolio divided by its volatility.

我从前不这么称呼它，让我像我所预计的那样找出作为债券和证券波动的附带效果的“严格测定方法”。

10·There is no evidence that western capital actually earns a significant excess return in China and China massively subsidizes its domestic cost of capital.

目前尚无证据表明，西方资本真的在中国获得了大幅超额回报，而中国正在大规模补贴其国内资金成本。