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\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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\u4f5c\u4e3a\u4e00\u4e2a\u91d1\u878d\u4ece\u4e1a\u673a\u6784\uff0cAQR\u5374\u6709\u4e00\u4e2a\u7c7b\u4f3c\u56fe\u4e66\u9986\u7684\u8bba\u6587\u671f\u520a\u7cfb\u7edf\uff0c\u8fd9\u4f3c\u4e4e\u4e0e\u559c\u6b22\u628a\u89c2\u70b9\u4e0e\u65b9\u6cd5\u9ad8\u5ea6\u4fdd\u5bc6\u7684\u5927\u591a\u6570\u4f01\u4e1a\u5e76\u4e0d\u76f8\u540c\uff0c\u800c\u8fd9\u4e2a\u98ce\u683c\u7684\u5f62\u6210\uff0c\u5c31\u4e0d\u80fd\u4e0d\u63d0\u5230\u8fd9\u5bb6\u516c\u53f8\u7684\u521b\u59cb\u4eba\u514b\u91cc\u592b\u00b7\u963f\u65af\u5185\u65af<\/strong>\uff08Cliff Asness\uff09\u4e86\u3002<\/p>\n\n\n\n

\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

\u25b3\u514b\u91cc\u592b\u00b7\u963f\u65af\u5185\u65af\uff08Cliff Asness\uff09<\/p>\n\n\n\n

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\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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\u52301997\u5e74\uff0c\u963f\u65af\u5185\u65af\u7684\u5168\u7403alpha\u5df2\u7ecf\u6709\u4e86\u63a5\u8fd170\u4ebf\u7f8e\u5143\u7684\u5934\u5bf8\uff0c\u9ad8\u76db\u8bb8\u8bfa\u8981\u8ba9\u963f\u65af\u5185\u65af\u6210\u4e3a\u9ad8\u7ea7\u5408\u4f19\u4eba\uff0c\u4e0d\u8fc7\u963f\u65af\u5185\u65af\u4f3c\u4e4e\u538c\u5026\u4e86\u9ad8\u76db\u5185\u90e8\u7684\u529e\u516c\u5ba4\u653f\u6cbb\uff0c\u6b64\u65f6\u4ed6\u505a\u51fa\u4e86\u4e00\u4e2a\u91cd\u8981\u7684\u51b3\u5b9a\uff0c\u79bb\u804c\u521b\u4e1a\uff0c\u5f53\u81ea\u5df1\u7684\u8001\u677f\u3002\u800c\u8fd9\u6b21\u51fa\u8d70\uff0c\u4ed6\u8fd8\u5e26\u8d70\u4e86\u9ad8\u76db\u7684\u540c\u4e8b\u5927\u536b\u00b7\u5361\u6bd4\u52d2\uff08David Kabiller\uff09\u3001\u7ea6\u7ff0\u00b7\u5218\uff08John Liew\uff09\u548c\u7f57\u4f2f\u7279\u00b7\u514b\u83b1\u5c14\uff08Robert Krail\uff09\u3002<\/p>\n\n\n\n

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\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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\u6587\u672b\u7ed9\u5927\u5bb6\u53d1\u4e00\u6ce2\u798f\u5229~<\/p>\n\n\n\n

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\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n
\"\u56fe\u7247\"\/<\/div><\/figure>\n\n\n\n

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\u500d\u53d1\u79d1\u6280\u00a0\u6709\u91d1\u6709\u9669<\/a>\u00a02017\u5e7403\u670806\u65e5 20:03<\/em>
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