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1·The findings show that there are positive market responses to stock dividend announcements even after earning information has been expected by the market.

研究结果发现市场在已预期盈余信息的情况下，仍然对股票股利存在正面反应。

2·The risk of stock market refers to the possibility of security value loss and the deviation of real earnings from expected returns, which can be both earning deviation and capital loss.

证券市场风险是证券价值遭到损失的可能，实际收益对期望收益的偏离，这既可以是收益的偏离也可以是资产的损失等。