这类资产可能回报甚丰，原因只是其他投资者，例如共同基金，既不愿意也无能力来处理非流动性。
Such asset classes may offer a better return simply because other investors (mutual funds, for example) are unwilling or unable to deal with illiquidity.
最终，新的流动性将会出现，例如买卖非流动性资产的私募股权交易平台(例如secondmarket、Share sPost等。)
Finally, new forms of liquidity will emerge such as private-market stock exchanges for buying and selling illiquid assets (e.g., SecondMarket, SharesPost, etc.).
要是这个基金持有很大的非流动性资产，这个基金就没法立刻卖掉这些资产，除非在一个致命的亏损的时刻，那么它将出售更多流动性资产。
Say the fund holds large positions in illiquid assets. The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets.
在某些领域(比如说新兴市场)，投资者买卖交易所交易基金就要比做相关的非流动资产简单，但是流动性风险并没有消失。
In some sectors, like emerging markets, it is easier for investors to buy and sell an ETF than to trade in the underlying illiquid assets. But the liquidity risk has not gone away.
鉴于该基金更希望抬高其预估的非流动性资产，所以就会看到，早些时候撤回的投资人，在那段时间得到了较好的回报。
Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period.
申贤昊以及其他学者提供了资产泡沫期间非流动性以及杠杆乖戾影响的早期模型。
Hyun Shin and other scholars in academia provided early modeling of illiquidity and of the perverse effects of leverage during asset bubbles.
可能是来自于基金经理买入的非流动性资产。
如果美联储更进一步，如同有些人所提倡的那样，彻底开始购买非流动性的资产，那情况将完全不同。
If the Fed went further and started to buy illiquid assets outright, as some are advocating, that would be different.
高收益和非流动性资产也是对冲基金之所爱，后者正成为资金管理业的后起之秀。
Both high yields and illiquid assets are also attractive to hedge funds, which have become the rising powers of the fund-management industry.
一间巧克力工厂是一种非流动性资产：处置它非常耗费时间，且成本高昂。
A chocolate factory is an illiquid asset: disposing of it is time-consuming and costly.
因此，该特定机构甚至会实现TARP的原本打算：解除银行在非流动性资产上的负担。
The facility may thus eventually do what TARP was meant to: relieve banks of their illiquid assets.
如果基金高估了非流动性资产的价值，基金经理的收益也严重高估了。
If a fund is overestimating the value of the illiquid assets, then its manager's profit is grossly overestimated.
更要命的是，结构化金融依赖于杠杆和非流动性资产，从而容易受到危机侵袭。
Furthermore, structured finance's dependence on leverage and illiquid assets has left it prone to crisis.
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。
The increased risk and illiquidity has also lead to a spike in volatility, contributing to the higher margins.
自从2007年8月开始帮助银行持有非流动性资产并且避免贱卖，许多贷款计划产生了。
It has created many lending programmes since August 2007 to help Banks finance holdings of illiquid assets and so avoid fire sales.
据Fitch数据，投资银行平均持有资本是其非流动性资产的两倍多。
According to Fitch, the average investment bank holds more than twice as much capital as it does illiquid assets.
这可能是因为投资者都要求持有非流动性资产所要求的溢价。
This is probably because investors have demanded a premium for owning an illiquid asset.
资产证券化的实质就是将非流动性资产转换成高流动性的有价证券，该选题具有重大的理论和现实意义。
In essence, asset securitization means transforming non-liquid assets into portfolios of high liquidity. Therefore, the topic on this is of great theoretical and practical significance.
资产流动性、成长性、资产担保价值、非债务税盾与杠杆负相关；
The empirical studies show that: (1) asset liquidity, growth, collateral and non-debt tax shields are negatively related to leverage;
资产流动性、成长性、资产担保价值、非债务税盾与杠杆负相关；
The empirical studies show that: (1) asset liquidity, growth, collateral and non-debt tax shields are negatively related to leverage;
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