英国代写essay:投资规模

2017-02-08 00:19

尺寸效应的原因应谨慎检测。这是所有，但猜想，对小企业信息的缺乏（Banz，1981）。信息不对称导致证券投资多元化。许多投资者不愿投资规模较小的公司，投资者投资越少，利润就越高。布伦南（1976）认为，固定成本的个别股票的交易限制在证券投资组合的多样化。与小尺寸效应是流动性的影响，小企业的股票流动性较差的比大公司股票（Brenna，Chordia和subrhmanyam，1998）。一些学者发现的因素，如市盈率和账面价值的比率，是一个规模效应的代理（Basu，1997；史特曼，1980）。但因素如市场风险、流动性风险和势头，股息收益率的影响，不能作为尺寸效应的可能解释（Lieven和实用，2011）。其他学者试图解释从测量误差大小的影响，不适合数据库和具体的研究时期（Kothari，尚肯& Sloan，1995）。因此，因素是大小本身还是大小是否只是其他因素的代理不是很清楚。

英国代写essay:投资规模

Reasons for the size effect should be detected with caution. And it was owned, though with conjectures, to the lack of information about small firms (Banz, 1981). The asymmetries in acknowledgement of information make the diversification of securities invested difficult. And many investors will not want to invest in very small size firms, and the fewer investors invest, the more profit will be made. Brennan (1976) believed that the fixed costs of individual stocks in transacting limit the diversification of securities in a portfolio. And the small size effect is considered as a liquidity effect in which small firms’ stocks were less liquid than large firms’ stock (Brenna, Chordia & Subrhmanyam, 1998). And some scholars found factors, such as the PE ratio and book value ratio, are a proxy for the size effect (Basu, 1997; Stattman, 1980). But factors like market risk, momentum, liquidity risk and dividend yield effects could not be taken as potential explanations to size effect (Lieven and Sercu, 2011). Other scholars sought to explain the size effect from the measurement errors, unsuitable databases and specific researching periods (Kothari, Shanken & Sloan, 1995). So whether the factor is size itself or whether size is just a proxy for other factors is not very clear. As analyzed above, anomalies in the financial market make the abnormal profit possible. It makes sense in decisions of investment strategy. To different types of investors, there are different strategies relevant to the small firm effect. And combining with other factors, the strategies are not very clear. However, the size effect does reveal the possibility of excess returns of small firms’ stocks. So the investors should include certain percentage of small firms’ stocks in their stock portfolio when only taking the size effect into consideration. And the owner controlled firms was considered to be more effective than manger controlled firms, so investing in small owner controlled firms is more profitable. And the transacting cost is not only related to the size effect itself but also related to the profit directly. When the size effect is considered as a proxy for other factors, then the actions of investors to affect those factors will make investment more profitable. For example, when the size effect is a proxy for liquidity effect, then increase in the liquidity of the stock portfolio will increase the profit if the transaction is costless. When the size effect is a proxy for the asymmetric information, then increase in the coverage of related information of stocks in the portfolio will increase the profit. And when the size effect is a proxy for the fixed transaction cost, then keeping the stock portfolio stable is more profitable. But there are evidences that the size effect reverses, so before making the investment decision, it is important to make sure whether the size effect still exists in specific markets and certain periods.