搜搜考试网英语翻译In their Reply,we also detect a substantial modification
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英语翻译
In their Reply,we also detect a substantial modification,of what is to be meant by APT.In the original paper by Roll and Ross which we had criticized,the model being tested is the very soul of simplicity and parsimony.It claims that the return-generating function is composed of a " systematic " and a " random " component .The random component is then said to be composed of an " idiosyncratic" and a " common " component .Very few objections can be raised against such a framework .It is then the great virtue of the arbitrage pricing hypothesis ,in conjunction with other technical requirements ,that it yields a very appealing conclusion about the pricing of risky assets .In the process of this reasoning ,it is essential that we leave the specification of the systematic component open since it will be the subject of the conclusion from the no-arbitrage hypothesis .If the number of " factors " responsible for the common components is " large," the parsimonious aspect of this model is lost .
In their Reply,we also detect a substantial modification,of what is to be meant by APT.In the original paper by Roll and Ross which we had criticized,the model being tested is the very soul of simplicity and parsimony.It claims that the return-generating function is composed of a " systematic " and a " random " component .The random component is then said to be composed of an " idiosyncratic" and a " common " component .Very few objections can be raised against such a framework .It is then the great virtue of the arbitrage pricing hypothesis ,in conjunction with other technical requirements ,that it yields a very appealing conclusion about the pricing of risky assets .In the process of this reasoning ,it is essential that we leave the specification of the systematic component open since it will be the subject of the conclusion from the no-arbitrage hypothesis .If the number of " factors " responsible for the common components is " large," the parsimonious aspect of this model is lost .
他们答复,我们还发现了大量改造,是贴切不过.在原皮辊和罗斯曾批评我们,模型测试是非常简单和简约的灵魂.它宣称,返回生成函数组成一个"系统"、"随机"组件.随机成份是由当时说是"奇特"、"共同的"组成部分.很少有异议,可以提出对这种框架.它那么大的套利定价美德假说,结合其他技术要求,它出土了令人垂涎的定价风险资产结论.在这个推理过程中,这一点很重要,我们脱离开来规格系统组件将会受到来自缔结无套利假设.如果一些"因素"共同组成,负责"大",这方面的吝啬模型遗失.
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