这个因素可被量化成价格变动对交易量的比率；比率越低表明市场越具有流动性。

This factor can be quantified as the ratio of price movements to trading volumes; a lower ratio means markets are more liquid.

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一只股票风险指标β系数直接反应出，The，β,市场组合变动与投资收益的相关性。

of a stock is how much it reacts to movements in the market portfolio.

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最近股票，债券和货币市场的低变动性正好和对冲基金的大幅扩张同时出现，但，这决不是巧合。

It is surely no coincidence that the recent low volatility of equity, bond and currency markets has coincided with hedge funds' explosive growth.

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