必须掌握的金融词汇

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Ability to Pay Principle in Taxation 付税能力原则
The ability to pay principle is the widely held view that the amount of taxes someone pays should increase as their income increases.

Abnormal Returns 异常所得
Definition: Used in the context of stock returns; abnormal returns means the return to a portfolio in excess of the return to a market portfolio. Contrast excess returns which means something else. Note that abnormal returns can be negative.
Example: Suppose average market return to a stock was 10% for some calendar year, meaning stocks overall were 10% higher at the end of the year than at the beginning, and suppose that stock S had risen 12% in that period. Then stock S's abnormal return was 2%.

absolute risk aversion 绝对风险规避
Definition: Absolute risk aversion is an attribute of a utility function.

Absorptive Capacity 吸收能力
Definition: Absortive capacity is a limit to the rate or quantity of scientific or technological information that a firm can absorb. If such limits exist they provide one explanation for firms to develop internal R&D capacities. R&D departments can not only conduct development along lines they are already familiar with, but they have formal training and external professional connections that make it possible for them to evaluate and incorporate externally generated technical knowledge into the firm better than others in the firm can. In other words a partial explanation for R&D investments by firms is to work around the absorptive capacity constraint.

Abstracting From 从…提取
Definition: Abstracting from is a phrase that generally means "leaving out". A model abstracts from some elements of the real world in its demonstration of some specific force.

Accelerator Principle jia su yuan li
Definition: The accelerator principle is the growth of output that induces continuing net investment. That is, net investment is a function of the change in output not its level.

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