英语翻译Thespecificsoftheapproachareasfollows.LetNbethetotalnumberofsecuritiestobeallocatedtoportfoliosandletint(N/20)bethelargestintegerequaltoorlessthanN120.Usingthefirst4years(1926-29)ofmonthlyreturndat

Question

英语翻译
The specifics of the approach are as follows.Let N be the total number of securities to be allocated to portfolios and let int(N/20) be the largest integer equal to or less than N120.Using the first 4 years (1926-29) of monthly return data,20 portfolios are formed on the basis of ranked βi for individual securities.
The following 5 years (1930-34) of data are then used to recompute the βi,and these are averaged across securities within portfolios to obtain 20 initial portfolio βpt for the risk-return tests.The subscript t is added to indicate that each month t of the following four years (1935-38) these βpt are recomputed as simple averages of individual security βi,thus adjusting the portfolio βpt month by month to allow for delisting of securities.The component βi for securities are themselves updated yearly-that is,they are recomputed from monthly returns for 1930 through 1935,1936,or 1937.

Answer 1

具体的方法如下.允许的总人数的证券被分配给投资组合,让国际（2/20）是最大的整数等于或小于啊.使用第一个4年（1926-29）的月收益率数据,20的投资组合的基础上形成的排β我对个别证券.
5年后（1930-34）的数据被用来重新计算β我,而这些均在证券组合内获得20的初始投资组合的风险收益试验β铂.下标不被添加到显示每个月的后四年（1935-38）这些β铂的计算简单平均个人安全β我,从而调整投资组合的β铂逐月允许停牌证券.我的组成部分β证券本身的更新yearly-that是,他们重新返回从每月1930到1935,1936,或1937.