Whatever the excess return from equities, it is a reward for risk.

无论股票的超额收益有多少，都存在风险。

Second, there were over reactions and excess return during M&A.

其次，并购期间，市场存在过度反应并能获取超额受益；

The capitalized value of this excess return is economic Goodwill.

这一超出市场回报的价值被资本化就变成了经济商誉。

Such assets offered an excess return to compensate investors for their illiquidity.

那些资产能提供超额回报来作为流动性不足的补偿。

Some of this excess return will have been eaten up by higher costs; trading costs were substantial until the last 20 years.

这些高出的回报中的某些部分会被过高的费用抵消；在20几年前，交易费用是相当高的。