This meant that sudden falls in the equity market, or changes in bond yields, had a big impact on a company's balance-sheet.

这意味着股票市场的急速下挫或债券收益率的改变都会对公司的资产负债表产生重大影响。

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A statement of retained earnings explains certain changes in the amount of the owners' equity in the business.

留存收益表解释企业的所有者权益在某些方面的变化。

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In other words, changes in default risk were expected to affect the equity and mezzanine tranches in stable proportions.

换言之，预期违约风险变动的影响，股票和债券夹层稳定程度。

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The authors find an effect of housing wealth on consumer spending that is both much lower than earlier research suggests and a lot smaller than the effect of changes in equity wealth.

ECONOMIST: House prices and the wealth effect

An analysis by Jan Hatzius, an economist at Goldman Sachs in New York, shows that the pace of mortgage equity withdrawal depends on changes in interest rates and house prices, not on their levels.

ECONOMIST: Economics focus

They argued that accidents of history, survivor bias, changes in corporate culture and many other factors had made equity returns look higher than they really were over the past 75 years.

ECONOMIST: Investment: In search of those elusive returns | The