这些修改使得银行在使用模型评估非流动资方面用有更大的自由，同时使得它们确认收益表中长期资产损失时更为灵活。

These gave banks more freedom to use models to value illiquid assets and more flexibility in recognising losses on long-term assets in their income statements.

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“如果银行无法找到有投资收益的资产，他们的账本就要缩水，账本上的现金流也会减少，”机构风险分析公司的瓦伦热认为。

"When Banks can't find yielding assets and their book is shrinking, the cash flow on their book is shrinking," said Whalen of Institutional Risk Analytics.

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由于这些投资者可以挑选多种类型资产，他们有理由买入收益率更高的债券——而他们可能不知道这些债券的评级有注水之嫌。

Because these investors can shop across assets, they have an incentive to buy bonds with fatter yields — even if, unbeknownst to them, those bonds' ratings were inflated.

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The title of the book, Stocks for the Long Run-- stocks always outperform other investments for the long run and he says it's not due to selection bias.

书名是为《股市长线法宝》,长期投资中股票总是比其他资产有更高的收益,他认为他在研究中排除了选择性偏差

耶鲁公开课 - 金融市场课程节选

The equally-weighted case that I gave a minute ago was one where the two assets had--were at the same-- had the same expected return and the same variance; but this is quite a bit more general.

我刚刚举的相同权重的例子,表示两种资产-,有相同的预期收益和相同的方差;,但这种情况更加普遍一些。

耶鲁公开课 - 金融市场课程节选