本文将金融市场微观结构理论用于资产价格发现的研究，分析了非对称信息在资产价格发现过程中的作用，并进行了实证检验。
This paper examines the implication of market microstructure theories for price discovery, and studies the role of asymmetric information in price discovery both theoretically and empirically.
在模拟中，研究员发现经纪间的相互作用产生了一个能重现真实市场主要特性的价格过程。
In their simulations, the researchers found that the interaction between agents' sentiments yielded a price process that could reproduce the main properties of real markets.
贿赂检举中心警务委员会发现，在运动会筹办过程中广泛存在着使用次品材料和虚报价格的情况，有些价格是有史以来最高的。
The graft-busting Central Vigilance Commission found that the use of second-rate materials and inflated pricing was widespread in preparations for the games, the most expensive in history.
由于所有这些因素在一起，价格发现是一个具有挑战性的持续的过程。
Because of all these conflating factors, pricing discovery is a challenging, ongoing process.
从市场效率的均衡价格发现功能来说，价值回归过程与市场效率之间有着紧密的联系。
The value returning process and market efficiency have a close linkage from the perspective of equilibrium price finding of market efficiency.
市场微观结构理论的研究主要集中于证券交易价格形成与发现的过程与运作机制。
Researches in the market microstructure focus on the processes of discovering the trading prices and the operating mechanisms of the trading prices.
同时我们发现：(1)释股的关键在于释出价格与释出后期待的效率增进间的相对大小，这两因素间的抵换关系使得在释股过程得以存在一个最释比例。
Two additional findings are: 1 the key to stock floatation lies in the relative proportion of release price to the expected increase in efficiency after release.
同时我们发现：(1)释股的关键在于释出价格与释出后期待的效率增进间的相对大小，这两因素间的抵换关系使得在释股过程得以存在一个最释比例。
Two additional findings are: 1 the key to stock floatation lies in the relative proportion of release price to the expected increase in efficiency after release.
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