非流动性

The crisis appears to be one of solvency rather than one of liquidity; banks, along with insurers of bonds and other securities, are undercapitalized and so, as I suggested last week, require a capital infusion rather than just a purchase of frozen assets.

这个危机似乎是一种偿付能力的危机而非流动性危机；银行，还有债券及其他证券的承保人，都面临着投资不足，因此就像我上周建议过，需要一种资本注入而非仅仅购买那些冻结的资产。

Could they ask to be paid for assuming illiquidity risk?

他们能够因为预想中的非流动性风险而要求赔偿吗？

Fears of illiquidity and leverage are calmed by mutual funds' rules on both.

对非流动性和杠杆的担心也由共同基金的标准来安抚。

The increased risk and illiquidity has also lead to a spike in volatility, contributing to the higher margins.

与日俱增的风险以及流动性降低引起了资产价格波动性，对于那些高保证金的非流动性资产尤其如此。

Bear's demise also shows how the boundary between illiquidity and insolvency is fast dissolving.

贝尔斯登的转让同样也说明了，非流动性和破产之间的界限在迅速的消融。

Stated-owned share and the letter stock in America, the results of positive studies by the acquisition discount of private companies′ studies approach on illiquidity discount, and reviews the limitation of the acquisition approach.

简述了流动性及流动性溢价的理论研究，讨论了国内的国有股等限制性股票与美国的注册股票之间的差异，综述了国际上收购方法实证非流动性价格折扣的结果，评述了收购方法实证的局限。

Second, banks with consistently large amounts of illiquid, level-three derivatives, a subset of the total, could be more vulnerable to financial-sector overhaul.

其次，那些持续拥有大量非流动性第三级衍生金融产品的银行，更有可能被金融业改革所淘汰。

This was pretty easy to do in an illiquid market.

这在非流动性市场上是很容易做到的。

It might be that the manager is buying illiquid assets.

可能是来自于基金经理买入的非流动性资产。

The difference between our model and present literatures is that we introduce simultaneously investors'endogenous liquidity risk and liquidity demand as a state variable so that model is more consistent with the fact that trading cost increases in executive size, especially in order-driven markets, and model randomizes the stock holding periods.

在一定条件下，模型得出三个命题：股票的流动性水平越低，则预期回报率越高，即显著的非流动性补偿；股票的三个流动性beta的绝对值越大，也就是股票的流动性风险暴露越大，则预期回报率越高，即显著的流动性风险溢价。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。