杠杆

For Berkshire's shareholders, myself included, the cost of this thumb-sucking has been huge. o Our consistently-conservative financial policies may appear to have been a mistake, but in my view were not. In retrospect, it is clear that significantly higher, though still conventional, leverage ratios at Berkshire would have produced considerably better returns on equity than the 23.8% we have actually averaged. Even in 1965, perhaps we could have judged there to be a 99% probability that higher leverage would lead to nothing but good. Correspondingly, we might have seen only a 1% chance that some shock factor, external or internal, would cause a conventional debt ratio to produce a result falling somewhere between temporary anguish and default.

另外我们一贯保守财务政策可能也是一种错误，不过就我个人的看法却不认为如此，回想起来，很明显的我们只要能够再多用一点财务杠杆操作(虽然较之他人还是很保守)，就可以得到远比现在每年平均 23.8%还要高的投资报酬率，即使是在 1965 年我们也可以百分之九十九地确定高一点的财务杠杆绝对只有好处没有坏处，但同时我们可能也会有百分之一的机会，不管是从内部或是外部所引发令人异想不到的因素，使得我们负债比率提高到介于一时冲高到负债倒闭之间。

In order to improve the system of traditional optical lever, We use laser beam instead of the telescope and use photomask and vernier caliper instead of the scaleplate.

光杠杆系统[1 ] ，主要由光杠杆、望远镜和标尺组成，是测量微小长度变化的常用仪器。在普通物理实验中，一般用于测量杨氏模量[2 ] ，测量金属线胀系数[1 ] 等。

A new electrostriction material strain measure method using optical lever has been proposed.Short arm senses micro strain at contact point,with the help of optical lever micro strain has been magnified to form a facula.The CCD camera samples the positions of facula and the micro displacement of contact point can be obtained.

提出利用光学杠杆测量电致伸缩材料性能的新方法，通过触点短臂传感微形变，并通过光学杠杆将微形变放大后形成光斑，利用CCD摄像头采集放大前后的光斑，通过对光斑图像进一步的处理可以得到微位移量，从而实现电致伸缩材料应变测量。

Revised leverage effect based on expected news is investigated. Therefore incompleted reaction to expected news is taken into account in VLE.

为此，本研究将已预期信息引入非对称GARCH模型的建模，建立了转换杠杆效应GARCH模型（Switching Leverage Effect GARCH，SLE-GARCH）来检验样本市场的修正杠杆效应。

Numerical solutions show that stockholders choose to exercise the investment option too early compared to the unleveled enterprise. Compared with value-maximizing policy, stockholders are inclined to overinvestment under the equity-maximizing investment policy, which affects the investment option value and optimal leverage choice, and does harm to the interests of bondholders. When debt constrained, the enterprise decreases the investment trigger first, and then increases it as constraints become more binding.

数值计算显示，与无负债企业相比，杠杆企业具有过度投资倾向以加快实现负债融资所带来的利息税盾价值；与企业价值最大化策略相比，在股东权益最大化目标下，股东具有较早执行投资期权的动机，影响投资期权价值和最优财务杠杆的选择，并侵害了债权人的利益。

Using the current leverage of the company, estimate a levered beta for each component.

利用当前的杠杆作用，该公司估计杠杆测试每个组件。

MBO is a kind of levered buy-outs, but the subject of MBO is the management, which makes MBO distinctive.

MBO属于杠杆收购的范畴，与一般的杠杆收购不同，它的收购主体是管理层。

In the last recession, of the early 1990s, UK leverage was barely more than 100 per cent and in the US it was less than 90 per cent.

上次衰退时，也就是在上世纪90年代早期，英国的消费杠杆刚刚超过100%，而美国的消费杠杆低于90%。

The liquid would expand when heated, pushing mercury in a connecting second tube, which in turn would push a rod that would close an air draft on the stove.

受热之后，这个液体就会膨胀，于是把水银推入另外一个与之相连的试管中，而水银又会推动一根杠杆，这个杠杆则会关闭这个炉子的风口。

The liquid would expand when heated, pushing mercury in a connecting second tube, which in turn would push a rod that would close an air draft on the stove.

受热之后，液体就会膨胀，于是把水银推入另外一个与之相连的第二个试管中，而水银又会推动一根杠杆，这个杠杆则会关闭这个炉子的风口。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。