自去年秋天到税率变动之前，沪市A股指数已经狂跌一半。

Since the autumn, the benhmark Shanghai-A-share index had fallen by half before the tax was changed.

本文以沪市上市公司为样本，考察了高级管理人员的报酬情况。

Taking listed companies on Shanghai Stock Exchange as a sample, this article makes a research on a senior executive's remuneration.

这增加了股市的下跌压力并且使得沪市找到坚固的支撑位变得更难了。

This increases the downward pressure and makes it more difficult for the Shanghai market to easily find strong support.

研究结果显示沪市和深市的日市场换手率不服从正态分布并且存在着自相关性和ARCH效应；

The results show that the daily turnover of the Shanghai and Shenzhen stock markets does not conform to a normal distribution with autocorrelation and ARCH effects in the daily market turnover.

第三章对外资并购的股价反应进行实证分析。 主要采用事件分析法分别对外资并购全部样本、沪市样本及深市样本的累计超额平均收益进行实证研究。

The Event-study Methodology is adapted to make analysis on Cumulative Average Abnormal Return (CAR) of all samples, of samples in Shanghai market and of samples in Shenzhen market respectively.