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This paper examines the relationship between liquidity risk and stock return with the trade data of the A shares in ShangHai Stock Exchange and Shenzhen Stock Exchange.The method used in this paper is two-pass cross-section regression.After decomposing the liquidity risk into systematic liquidity risk and individual liquidity risk,we find that both risks have significant effect on the stock return.

0引言近些年由于长期资本公司的倒闭以及美国国债市场当中刚发行的国债比发行很久的国债(off-the-run)等资产定价异常现象的发现，越来越多的学者认识到流动性是金融资产一个非常重要的特性，流动性资产定价一直是近来金融研究的热点问题，把流动性引入到资产定价模型当中，可以更加全面、准确的对金融资产进行定价。

His mind was not exactly what you would call wandering but a bit unsteady and on his expressed desire for some beverage to drink Mr Bloom in view of the hour it was and there being no pump of Vartry water available for their ablutions let alone drinking purposes hit upon an expedient by suggesting, off the reel, the propriety of the cabman's shelter, as it was called, hardly a stonesthrow away near Butt bridge where they might hit upon some drinkables in the shape of a milk and soda or a mineral.

他的精神虽还说不上是错乱，但不大稳定。当他表示想喝点儿什么的时候，布卢姆先生考虑到在这个时刻，连洗手用的瓦尔特里水泵都找不到，饮用的水就更说不上了。他猛然想出个应急办法，提出不如到离巴特桥左不过一箭之遥的那家通称&马车夫棚&的店铺去，兴许还能喝上杯牛奶苏打水或矿泉水呢。

One dealer said: It's an attempt to get customers off Vodafone and on to Orange and O2, and to keep them with Avenir.

&一交易员说：&这是企图让用户从沃达丰和对Orange和O2 ，并让他们与前途。

His productions in cloude Daisy Pulls It off and La Bete, both Olivier award winners, The Hired Man and A R Rahman's smash hit musical Bombay Dreams which is currently playing on Broadway.

他的作品还有《戴西的奋斗》，《野兽》、《受顾之人》，以及印度创作大师拉曼创作的热门音乐剧《孟买梦》，该剧现在美国百老汇上演。

With about 200 aircraft a day taking off and landing on two runways and using gates at three concourses, the company wanted to make sure that each plane got in and out as quickly as possible, even if it arrived early or late.

这个机场每天都有大约二百驾飞机在两条跑道起飞与降落，并使用三个中央大厅的登机口，西南航班因此想要保证每辆飞机都能尽可能快地降落并起飞，甚至是在飞机早到或晚点地情况下。

In the chimney stood a pair of firedogs of iron, ornamented above with two garlanded vases, and flutings which had formerly been silvered with silver leaf, which was a sort of episcopal luxury; above the chimney-piece hung a crucifix of copper, with the silver worn off, fixed on a background of threadbare velvet in a wooden frame from which the gilding had fallen; near the glass door a large table with an inkstand, loaded with a confusion of papers and with huge volumes; before the table an arm-chair of straw; in front of the bed a prie-Dieu, borrowed from the oratory.

在床里的阴暗处，帷的后面，还摆着梳妆用具，残留着他旧时在繁华社会中做人的那些漂亮习气；两扇门，一扇靠近壁炉，通经堂，一扇靠近书橱，通餐室；那书橱是一个大玻璃橱，装满了书；壁炉的木框，描上了仿大理石的花纹，炉里通常是没有火的；壁炉里有一对铁炉篦，篦的两端装饰着两个瓶，瓶上绕着花串和槽形直条花纹，并贴过银箔，那是主教等级的一种奢侈品；上面，在通常挂镜子的地方，有一个银色已褪的铜十字架，钉在一块破旧的黑线上，装在一个金色暗敝的木框里。

In the chimney stood a pair of firedogs of iron, ornamented above with two garlanded vases, and flutings which had formerly been silvered with silver leaf, which was a sort of episcopal luxury; above the chimney-piece hung a crucifix of copper, with the silver worn off, fixed on a background of threadbare velvet in a wooden frame from which the gilding had fallen; near the glass door a large table with an inkstand, loaded with a confusion of papers and with huge volumes; before the table an arm-chair of straw; in front of the bed a prie-Dieu, borrowed from the oratory.

窗门旁边，有一张大桌子，摆了一个墨水瓶，桌上堆着零乱的纸张和大本的书籍。桌子前面，一张麦秸椅。床的前面，一张从经堂里搬来的祈祷椅。

So far China's Miao, Yao and other ethnic minorities of the batik process, is first melted by heating the liquid wax on the painted logo in white cloth, and then into the grass fermented indigo white solution, followed by air oxidation by boiling, the wax off and into.

至今我国苗、瑶等少数民族的蜡染工艺，就是先用加热熔化的蜡液在白布上描绘图案，然后放进靛蓝草发酵后的白色溶液中，经空气氧化后用水煮，把蜡脱去而成。

Our idea: Each progress and success is the new jump-off, and the goal is on the other shore forever.

我们的观念：每一次进步都是新的起点，终点永远在彼岸。

On Mothering Sunday the servants would have the day off and were encouraged to return home and spend the day with

而在每年的&妈妈星期天&这一天，主人常常会给他的仆人放一天假，鼓励他们回家去与自己的母亲共度此日。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。