低估

The economist Menzie Chinn, using purchasing power parity exchange rates, reckoned the renminbi's undervaluation to be 40%. But, after the World Bank revised China's GDP in PPP terms downward by 40%, that undervaluation disappeared. Nick Lardy and Morris Goldstein suggest that the renminbi was probably undervalued only by 12-16% at the end of 2008. And Yang Yao of Beijing University has put the misalignment at less than 10%.

经济学家陈庚辛基于购买力平价的计算显示，人民币汇率被低估40%，但如果考虑世行用购买力平价对中国GDP的调整，高估的40%几乎全部抹平；拉迪和戈德斯坦的结论是人民币被低估12%~16%（截至2008年底）；北京大学姚洋的计算显示只有不到10%。

Indeed, underestimates of consumption are probably larger than overestimates of investment, which would imply that total GDP is itself understated.

实际上，消费低估的规模很可能高于投资高估的规模，因此，中国的GDP本身就被低估了。

Indeed, underestimates of consumption are probably larger than overestimates of investment, which would imply that total GDP is itself understated.

事实是，对消费的低估程度很可能高于对投资的高估程度，这可能意味着总的gdp本身也存在低估的问题。

The main contribution of this paper is to investigate the problems of IPO underpricing, overpricing and long-term underperformance systematically, with the consideration of development of issue system, short sales constraints, investor sentiment and heterogeneous belief, etc. We find, the main reason of high initial return in Chinese A-Share market is overpricing in secondary market, rather than underpricing in primary market, which is obviously different from mature capital market.

本文主要贡献在于结合A股市场&发行制度变迁&、&卖空限制&、&狂热投资者情绪&以及&异质信念&等因素，对A股IPO的一级市场抑价、二级市场溢价以及长期表现弱势进行系统研究，发现了造成中国新股高初始收益现象的根本原因在于二级市场中的&价格高估&，而不是一级市场的&价格低估&，这与成熟市场的IPO价值低估现象具有本质区别。

The results consist of:(1) The traditional NPV approach often undervalues high risks investment opportunities, because it ignores or doesn't properly value important managerial flexibility.

研究结论包括：(1)传统的NPV法常会低估有管理弹性的高风险计画，忽略了选择权价值，此将造成计画价值的的低估。

The human nose is an underrated tool. Humans are often thought to be insensitive smellers compared with animals, but this is largely because, unlike animals, we stand upright.

本文分析了人们为什么低估人类鼻子作为嗅觉工具的灵敏性，共分三个自然段，除反复出现与&低估人类嗅觉&和&人类实际嗅觉能力&有关的文字外，每段都有表示原因的句型。

The human nose is an underrated tool. Humans are often thought to be insensitive smellers compared with animals, but this is largely because, unlike animals, we stand upright. This means that our noses are limited to perceiving those smells which float through the air, missing the majority of smells which stick to surfaces.

本文分析了人们为什么低估人类鼻子作为嗅觉工具的灵敏性，共分三个自然段，除反复出现与&低估人类嗅觉&和&人类实际嗅觉能力&有关的文字外，每段都有表示原因的句型。

With every turn of phrase, I've had to remind myself that we must never underestimate a child's intelligence, or their capacity and eagerness to learn something new.

我在进行每一个措辞的时候都不得不时刻提醒自己，决不要低估孩子的理解能力，更不能低估他们学习新事物的能力和渴望。

In comparison with the observations derived from NOAA AVHRR, under the framework of NCAR CLM3, SCF schemes like CLM3 default, Douville1995, and Roesch 2001 underestimate SCF over vast areas, snow lines simulated in these three schemes are located to the south of that in the AVHRR observation, especially in autumn when snow pack begins to establish; Wu2004 scheme also underestimates SCF in the Eurasian continent in autumn; Yang1997 scheme slightly overestimates SCF, especially along the southern border of the snow covered area; Niu2007 scheme which accounts for the seasonal variation of snow density overcomes the positive bias of SCF simulated by Yang1997 scheme to some extent.

结果表明，在NCAR CLM3的物理过程框架之下，CLM3、Douville1995、Roesch2001三种方案低估了广大地区的积雪覆盖率，模拟的雪线位置偏北，尤其是在秋季积雪初期；Wu2004方案低估了秋季欧亚大陆的积雪覆盖率；Yang1997方案模拟的积雪覆盖率有些偏高，尤其是在积雪覆盖区的南部边缘；考虑积雪密度变化的Niu2007方案一定程度上克服了Yang1997方案的正偏差。

The empirical analysis shows that the sample has an average underpricing of 11.06%.

分析结果表明中国可转换债券市场的平均价值低估率为11.06%，并且价值低估情况的总的变化趋势基本与股市走势一致。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。