{"id":7490,"date":"2022-11-14T01:43:01","date_gmt":"2022-11-13T17:43:01","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=7490"},"modified":"2022-11-14T01:44:03","modified_gmt":"2022-11-13T17:44:03","slug":"%e4%ba%ba%e4%ba%ba%e9%83%bd%e5%8d%87%e6%b7%a8%e4%bf%82%e4%b8%ad%e6%b8%af%e8%82%a1%e5%94%94%e5%8d%87%e7%9a%84%e5%8e%9f%e5%9b%a0","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2022\/11\/%e4%ba%ba%e4%ba%ba%e9%83%bd%e5%8d%87%e6%b7%a8%e4%bf%82%e4%b8%ad%e6%b8%af%e8%82%a1%e5%94%94%e5%8d%87%e7%9a%84%e5%8e%9f%e5%9b%a0\/","title":{"rendered":"\u4eba\u4eba\u90fd\u5347\u6de8\u4fc2\u4e2d\u6e2f\u80a1\u5514\u5347\u7684\u539f\u56e0"},"content":{"rendered":"

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\u7814\u7a76\u6587\u7ae0 :\u00a0<\/span>Democracy and Stock Market Returns<\/a><\/span><\/p>\n
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\u6309\u7167\u6700\u7c21\u55ae\u7684\u8cc7\u7522\u5b9a\u50f9\u6a21\u578bCAPM , \u9ad8\u6ce2\u5e45\u5c31\u6703\u4f34\u96a8\u7740\u9ad8\u56de\u5831\u3002\u4e0d\u904e\uff0c\u4e00\u4e9b\u5730\u5340\u53ca\u570b\u5bb6\u80a1\u5e02\u96d6\u7136\u8868\u73fe\u51fa\u9ad8\u6ce2\u5e45\uff0c\u4f46\u5c31\u6c92\u6709\u51fa\u73fe\u6309CAPM \u6a21\u578b\u800c\u6307\u793a\u7684\u56de\u5831<\/span>\uff0c\u5373\u662f\u4ee3\u8868\u6709anomaly \u65bc\u5176\u4e2d\u3002<\/span><\/p>\n
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\u4f5c\u8005\u5011\u88fd\u4f5c\u4e86\u5169\u500bportfolio\uff0c \u7b2c\u4e00\u500bportfolio \u5f9e74\u500b\u4e0d\u540c\u570b\u5bb6\u5730\u57df\u4e4b\u4e2d\uff0c\u6309\u6c11\u4e3b\u7a0b\u5ea6\u6253\u5206\u7684\u6700\u9ad8\u5206\u6578\u53bb\u9078\u53d6\u5341\u5206\u4e00\u570b\u5bb6\u6578\u91cf\u4f86\u9032\u884c\u6295\u8cc7\uff0c\u7528equal weight \u53bb\u5c07\u8cc7\u7522\u5e73\u5747\u6295\u8cc7\u65bc\u9019\u4e9b\u9ad8\u6c11\u4e3b\u7a0b\u5ea6\u570b\u5bb6\u7684\u80a1\u5e02\uff0c\u70ba\u671f\u4e00\u5e74\uff0c\u5728\u4e0b\u5e74\u7684\u958b\u59cb\u6642\uff0c\u53c8\u7528\u6c11\u4e3b\u7a0b\u5ea6\u5206\u6578\u6392\u6b21\u5e8f\uff0c\u7136\u5f8c\u7d44\u6210\u65b0\u7684\u6295\u8cc7\u5c0d\u8c61\u3002<\/span><\/p>\n
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\u505a\u597d\u4e86\u9019\u500b\u300c\u9ad8\u6c11\u4e3b\u7a0b\u5ea6\u300d(high democracy) \u7684portfolio \u4e4b\u5f8c\uff0c\u4f5c\u8005\u5011\u7528\u540c\u4e00\u65b9\u5f0f\uff0c\u88fd\u4f5c\u4e86\u300c\u4f4e\u6c11\u4e3b\u7a0b\u5ea6\u300d(low democracy ) \u7684portfolio \u3002<\/span><\/p>\n
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\u9019\u5169\u500bportfolio \u7684\u56de\u5831\uff0c\u75311975\u5e74\u81f32015\u5e74\u9593\uff0c\u9ad8\u6c11\u4e3b\u7a0b\u5ea6portfolio \u7531\u6700\u521d\u671f\u7684$1 \u4e0a\u5347\u81f3 $4.93, \u800c\u4f4e\u6c11\u4e3b\u7a0b\u5ea6portfolio \u53ea\u4e0a\u5347\u81f3 $3.11 , \u5169\u8005\u76f8\u5dee57% \u3002\u9ad8\u6c11\u4e3b\u7a0b\u5ea6portfolio \u7684\u5e74\u5747\u56de\u5831\u70ba9.83% , \u800c\u4f4e\u6c11\u4e3b\u7a0b\u5ea6portfolio \u7684\u5e74\u5747\u56de\u5831\u53ea\u67095.29%<\/span> <\/strong>, \u9ad8\u4e0b\u7acb\u898b\u3002<\/span><\/p>\n
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\u7b2c\u4e8c\u5927factor \u5c31\u662f\u7576\u5730\u7684GDP \u589e\u9577<\/span>\uff0c\u5373\u662f\u7576\u5730\u7684GDP \u4e0a\u5347\uff0c\u7576\u5730\u80a1\u5e02\u90fd\u4e0a\u5347\u3002<\/span><\/p>\n
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\u4ec0\u9ebc\u662f\u653f\u6cbb\u6b0a\u5229\u7a0b\u5ea6? \u6587\u7ae0\u9019\u6a23\u8aaa :<\/span><\/span><\/p>\n
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the right to select a particular candidate in a legitimate election, <\/strong><\/p>\n
to participate in political parties or organizations, and <\/strong><\/p>\n
to elect a representative who has a decisive influence on public policy-making and who is responsible for the electorate.<\/strong><\/p>\n
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\u5012\u8f49\u4fbf\u662f: \u641e\u6b3d\u9ede, \u53d6\u7de0\u653f\u9ee8, \u6539\u8b8a\u9078\u8209\u898f\u5247, \u4ee4\u4eba\u6c11\u7121\u6cd5\u76f4\u63a5\u53c3\u8207\u653f\u6cbb, \u4ee4\u653f\u6cbb\u6210\u70ba\u7368\u88c1\u653f\u6b0a\u7684\u5c08\u5229\u53ca\u79c1\u5229\u3002<\/span><\/strong><\/p>\n
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\u6587\u7ae0\u7d50\u8ad6<\/span><\/strong><\/p>\n
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\u4f5c\u8005\u5011\u65bc\u7d50\u8ad6\u5167\u63d0\u51fa\u4e86\u4e09\u9ede\uff1a<\/span><\/p>\n
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3. \u6295\u8cc7\u8005\u61c9\u964d\u4f4e\u7368\u88c1\u5730\u65b9\u80a1\u5e02\u7684\u6bd4\u91cd\uff0c\u751a\u81f3\u53ef\u4ee5\u57f7\u884c\u4e00\u500blong-short \u7b56\u7565<\/span><\/strong>\uff0c\u505ashort\u7368\u88c1\u5730\u65b9\u7684\u80a1\u7968\u540c\u6642\u505along \u6c11\u4e3b\u5730\u65b9\u80a1\u7968\u3002<\/span><\/strong><\/span><\/p>\n
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\u5927\u5bb6\u518d\u671b<\/span>\u671b<\/span>\u672c\u6587\u6a19\u984c\uff0c<\/span>\u300c<\/strong>\u4eba\u4eba\u90fd\u5347\u6de8\u4fc2\u4e2d\u6e2f\u80a1\u5514\u5347\u7684\u539f\u56e0\u300d<\/strong><\/span>\uff0c\u7b54\u6848\u5df2\u7d93\u547c\u4e4b\u6b32\u51fa\u3002<\/span><\/p>\n
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