幫我把中文轉做英文plx~好急 20分!!!

We must sort out the stock yields distribution, we can draw a correct investment portfolio. Earlier Western economists think the stock yields are normal, but then after the economists found, yield stocks with fat tail characteristics, So with the stock yield obedience to study normal investment portfolio is not appropriate, we will use the t-distribution research. Markowitz (1952), securities investors do not know enough and risk aversion, that for a given level of risk, investors expect a greater return. For a given rate of return expectations, the hope is the smaller the better risk. Markowitz would then set a mean-variance criteria in drawing up the investment portfolio. In this paper, the Shanghai Stock Exchange of four stocks as the object of study. They were in the yield of normal distribution and not an investment portfolio First to normal and the distribution of the estimated parameters, normal distribution with the parameter estimation learned in the statistical knowledge will be solved, and we must not use distribution Hill estimates to estimate the tail index. Then into the mean-variance model arrived at two investment portfolios. By February 27, 2007 on the Shanghai Composite Index plummeted City and April 20, 2007 has risen to the city than the closing price two more in the investment portfolio yield. t came to the distribution of development in the investment portfolio yield than normal investment portfolio better conclusion.

We must clear up the distribution characteristic of the earning ratio of stocks, could make a correct investment combination. More early western economist thinks the earning ratio of stocks obeys normal distribution, but later on the economists find through studying, the earning ratio of the stock has characteristic of thick end of peak, so it is not very suitable to obey normal distribution to study investment combination with the earning ratio of the stock, this text is distributed to study with t. Claver Ma thatch (1952)The ones that think, securities investors are discontented with and detest the risk, namely give risk level definitely to one, investors always expect to obtain larger income. And to an expectation earning ratio given definitely, hope the risk is the less, it is the better. Then the claver Ma thatch achieves mean value - Variance criterion comes to make investment combination. This text uses four stocks of the exchange of Shanghai as the research object, is obeyed normal distribution and t to distribute and make investment combination with their earning ratio separately, should first is it estimate to normal distribution and parameter that t is distribute parameter of normal distribution is it can be solved with the statistics knowledge of learning to estimate to go on, and t is distributed and estimated with Hill soon that estimates the tail index. Then take the place of into mean value - The variance model can publish two investment combination separately. Shanghai Stock Exchange composite index slump city and will it be heavy to rise closing price of city compare two pieces of earning ratio of investment combination April 20 2007 with will it be February 27 2007, thus draw the relatively good conclusion of investment combination of normal distribution of earning ratio of investment combination that is distributed and made with t.

I hope Ｉ can help　ｙｏｕ～

We certainly must make it clear that the stock income rate distributed characteristic, can formulate a correct investment profolio. Compares the early time the western economist thought the stock income rate obeys the normal distribution, but afterwards the economists passed through the research discovery, the stock income rate have the peak thick tail the characteristic, therefore obeyed the normal distribution with the stock income rate to study the investment profolio not too to be appropriate, this article used t to distribute studies. The horse 馬科維茨(MARK WIST)(1,952) believed that, the negotiable securities investor is not content and the loathing risk, namely the risk level which assigns regarding, the investor always expected obtains a greater income. But expectation income rate which assigns regarding, then the hope risk smaller is better. Thereupon 馬科維茨 (MARK WIST) then created the average value - variance criterion to formulate the investment profolio. This article used the Shanghai exchange four stocks to take the research object, respectively obeyed the normal distribution and the t distribution formulation investment profolio by theirs income rate, first had carries on the estimate to the normal distribution and the t distribution parameter, the normal distribution parameter estimated with has studied the statistical knowledge may solve, but the t distribution needed to use Hill to estimate estimated the rear part index. Then the substitution average value - variance model separately obtains two investment profolio. The card composite index greatly falls with February 27, 2007 in the city and on April 20, 2007 greatly rises the city to receive the market price to compare these two investment profolio the income rate, thus obtains with t distributes the formulation the investment profolio income rate to compare the normal distribution investment profolio conclusion.

We must clear up the distribution characteristic of the earning ratio of stocks, could make a correct investment combination. More early western economist thinks the earning ratio of stocks obeys normal distribution, but later on the economists find through studying, the earning ratio of the stock has characteristic of thick end of peak, so it is not very suitable to obey normal distribution to study investment combination with the earning ratio of the stock, this text is distributed to study with t.
Claver Ma thatch (1952)The ones that think, securities investors are discontented with and detest the risk, namely give risk level definitely to one, investors always expect to obtain larger income. And to an expectation earning ratio given definitely, hope the risk is the less, it is the better. Then the claver Ma thatch achieves mean value - Variance criterion comes to make investment combination.
This text uses four stocks of the exchange of Shanghai as the research object, is obeyed normal distribution and t to distribute and make investment combination with their earning ratio separately, should first is it estimate to normal distribution and parameter that t is distribute parameter of normal distribution is it can be solved with the statistics knowledge of learning to estimate to go on, and t is distributed and estimated with Hill soon that estimates the tail index. Then take the place of into mean value - The variance model can publish two investment combination separately. Shanghai Stock Exchange composite index slump city and will it be heavy to rise closing price of city compare two pieces of earning ratio of investment combination April 20 2007 with will it be February 27 2007, thus the earning ratio relatively normal distribution which draws investment combination that is distributed and made with t is good in investment combination