underlying economy好像应该是指股票市场相对的经济，美国股市相对美国经济，中国股市相对中国经济的意思，这里意思是说如果是在美国，估价和历史趋势以及相对应的经济形势不符合的时候，通常是人们担心所在。
valuations that seem out of step with historical trends (and, in America, the underlying economy) are usually ones to worry about.
中国股票市场的市值达到了1万亿美元，但是在今年开始的大幅攀升之后，却在官方表示将为兴奋的散户降温后，股市却开始下行。
The value of the Chinese stockmarket tops $1 trillion, but after a huge run-up at the start of this year the market fell when officials sought to calm down overexcited retail investors.
文章在阐述了股市财富效应的理论及相关研究成果之基础上，从定性和定量的角度详细分析了中国股票市场财富效应问题。
Based on the stock market wealth effect theory and the related research results, the article analyzes the stock market wealth effect in China from the qualitative and quantitative Angle.
如果中国的艺术情形可以比喻为一个新兴的股票市场，那么48岁的张晓刚就是这个股市的谷歌了。
If China's art scene can be likened to a booming stock market, Zhang Xiaogang, 48, is its Google.
大多数美国投资者都没有从中国的股市暴跌中受到什么直接影响，因为大多数境外投资者都无法涉足上海和深圳的股票市场。
Most U. s. investors are unlikely to feel much direct impact from China's stock fall, because the shares traded in Shanghai and Shenzhen are off-limits to the vast majority of foreigners.
利用中国股市数据进行的实证结果表明，与单测度指标的随机波动率模型相比，基于两个测度指标的随机波动率模型能更好地描述股票市场波动率和市场波动风险。
Empirical results on Chinese stock market indicate that stochastic volatility model based on the two index outperforms those based on one index in capturing volatility character and market risk.
实证结果表明在中国股票市场中信息交易概率与市场流动性正相关，而与波动性负相关，进一步揭示了中国股市的价格行为。
The results show that higher PIN leads to (lower) (liquidity) and higher volatility and vice versa. At the same time these concludes disclose the behavior of the price (further) in China stock market.
近年来，我国股市显现出了持续低迷的运行态势，中国股票市场充满了非理性现象，如今已经陷入进退两难的危局。
China's stock market has been depressing for quite a long time and the problems left over by history has become more and more serious now.
研究结果显示，中国股票市场的有效性较低，但正逐步走向更强的有效形式，未来宏观经济对股市的影响将会更大。
The future macro-economics will have greater impact on the stock market. However, from the micro dimension, there is efficiency to some extent.
研究结果显示，中国股票市场的有效性较低，但正逐步走向更强的有效形式，未来宏观经济对股市的影响将会更大。
The future macro-economics will have greater impact on the stock market. However, from the micro dimension, there is efficiency to some extent.
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