斯文本代写essay:规模效应

2017-02-08 00:16

小企业效应或规模效应，是指企业的收益与价值之间的负相关关系。事实上，更高的平均收益是由小市值公司挣的是通过对纽约证券交易所的分析发现，那些小公司（NYSE）和美国证券交易所（AMEX）（Banz，1981；Reinganum 1981）。具有最小市场价值的股票组合优于具有最大市场价值的股票组合。Banz（1981）认为系数大小的解释力比市场的力量大得多。与尺寸效应，拥有由FMAM和法国CAPM的缺点（1992）。规模效应普遍存在于世界各地的股票市场。股票的交易行为对疯牛病不符合CAPM挑战有效市场理论（Hawawini，米歇尔和corhay，1989）。

斯文本代写essay:规模效应

A small firm effect, or the size effect, refers to the negative relation between return and the value of a firm. The facts that higher average returns are earned by the small-capitalization firms were discovered by analyzing those small firms on the New York Stock Exchange (NYSE) and American Stock Exchange (AMEX) (Banz, 1981; Reinganum 1981). The portfolio of stocks with smallest market value outperforms the portfolio of stocks with largest market value. Banz (1981) believed that the explanatory power of the coefficient on size was much larger than that of market power. And the size effect was owned to the shortcoming of the CAPM by Fmam and French (1992). The size effect is pervasive in the stock market around the world. Behaviors of stocks traded on BSE did not conform to the CAPM which challenges the theories of efficient market (Hawawini, Michel & Corhay, 1989). Average returns on Mexican stock market were found to be negatively related to the firm size even separating the effects of beta (the market power) and the size (Herrera and Lockwood, 1994). And the size effect is also found in other countries, such as Japan (Hawawini, 1991) and UK (Corhay, Hawawini & Michel, 1988). Anomalies could occur once and disappear, or could occur repeatedly. The size effect explored by analyzing the returns and firm size lasted for forty years, from 1936 to 1977. But the effect was not stable through the time (Banz, 1981). And discussions about this went through the analyses of the small firm effect. After the early 1980s, the size effect was found to diminish and even reverse. Dichev (1998)、Horowitz, Loughran & Savin (2000) and Amihud (2002) explored no size effect respectively during the period of 1980-1995, 1979-1995 and 1980-1997. Dimson and Marsh (1999) detected the reverse of the size effect in the UK, and Dimson, Marsh & Staunton (2002) detected this reverse in 18 investigated countries.