可能是来自于基金经理买入的非流动性资产。
对于商业银行来说，持有回报率低的流动性资产成本非常大。
Holding low-yielding liquid assets is costly for commercial Banks.
如果基金高估了非流动性资产的价值，基金经理的收益也严重高估了。
If a fund is overestimating the value of the illiquid assets, then its manager's profit is grossly overestimated.
股票市场流动性与收益关系的实质是流动性资产定价问题。
The relationship between liquidity of stock market and the assets' returns is essentially the issue of liquidity asset pricing.
这可能是因为投资者都要求持有非流动性资产所要求的溢价。
This is probably because investors have demanded a premium for owning an illiquid asset.
据Fitch数据，投资银行平均持有资本是其非流动性资产的两倍多。
According to Fitch, the average investment bank holds more than twice as much capital as it does illiquid assets.
更要命的是，结构化金融依赖于杠杆和非流动性资产，从而容易受到危机侵袭。
Furthermore, structured finance's dependence on leverage and illiquid assets has left it prone to crisis.
高收益和非流动性资产也是对冲基金之所爱，后者正成为资金管理业的后起之秀。
Both high yields and illiquid assets are also attractive to hedge funds, which have become the rising powers of the fund-management industry.
一间巧克力工厂是一种非流动性资产：处置它非常耗费时间，且成本高昂。
A chocolate factory is an illiquid asset: disposing of it is time-consuming and costly.
或者，换一种方式，它们以活期形式借贷资金并投资收益低流动性资产。
Or, to put it another way, they have borrowed in liquid form and invested the proceeds in illiquid assets.
因此，该特定机构甚至会实现TARP的原本打算：解除银行在非流动性资产上的负担。
The facility may thus eventually do what TARP was meant to: relieve banks of their illiquid assets.
自从2007年8月开始帮助银行持有非流动性资产并且避免贱卖，许多贷款计划产生了。
It has created many lending programmes since August 2007 to help Banks finance holdings of illiquid assets and so avoid fire sales.
失业者通常拥有较少的流动性资产可以依赖，他们也几乎没有机会从银行得到贷款。
The unemployed typically have few liquid assets to fall back on and little chance of a loan from the bank.
更确切地说，该基金可以用最乐观的模型来对流动性资产定价，包括按揭证券和其它可交换的票据。
More specifically, the fund could use the most optimistic models to price its illiquid assets, which include mortgage-backed securities and other swaps.
在新规则下，金融机构将必须保留足够的高流动性资产，以满足30天压力状况的潜在的净现金流量。
Under the new rules, firms will have to hold enough highly liquid assets to meet potential net cash outflows over a 30 day stress scenario.
如果欧洲央行言必行，那么在希腊就会引发一场流动性资产危机，银行纷纷溃逃，其他灾难也会接踵而至。
If it carried out that threat, a liquidity crisis in Greece, bank runs and other mayhem could ensue.
与日俱增的风险以及流动性降低引起了资产价格波动性，对于那些高保证金的非流动性资产尤其如此。
The increased risk and illiquidity has also lead to a spike in volatility, contributing to the higher margins.
市场流动性降低以及更大的市场流动性风险预期令投资者恐慌，资产价格下降，尤其使流动性资产保证金大幅增加。
This market illiquidity, and the prospect of further liquidity risk, scared investors and prices dropped, especially for illiquid assets with high margins.
资产证券化的实质就是将非流动性资产转换成高流动性的有价证券，该选题具有重大的理论和现实意义。
In essence, asset securitization means transforming non-liquid assets into portfolios of high liquidity. Therefore, the topic on this is of great theoretical and practical significance.
鉴于该基金更希望抬高其预估的非流动性资产，所以就会看到，早些时候撤回的投资人，在那段时间得到了较好的回报。
Given that the fund is more likely to inflate its estimation of the illiquid assets, it would seem that investors who withdraw early get the better returns over that time period.
用实证方法分析了基金收益率、分红、基金规模和基金净值对赎回的影响以及基金赎回对基金流动性资产的关系。
With the empirical way to analysis the influence of the return of fund, dividend, asset and net value to redemption, and to study the relationship between redemption and liquid assets.
“我们的方法可让私营部门一起分担风险，有效利用税金，并促使私营部门相互竞争，以决定哪些流动性资产的市场价格”，他写道。
"Our approach shares risk with the private sector, efficiently leverages taxpayer dollars, and deploys private-sector competition to determine market prices for currently illiquid assets," he wrote.
要是这个基金持有很大的非流动性资产，这个基金就没法立刻卖掉这些资产，除非在一个致命的亏损的时刻，那么它将出售更多流动性资产。
Say the fund holds large positions in illiquid assets. The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets.
最终，新的流动性将会出现，例如买卖非流动性资产的私募股权交易平台(例如secondmarket、Share sPost等。)
Finally, new forms of liquidity will emerge such as private-market stock exchanges for buying and selling illiquid assets (e.g., SecondMarket, SharesPost, etc.).
与英石油达成的交易使得克里姆林宫对尤科斯公司的资产分赃合法化了，同时把这些“赃物”转换成了一些流动性资产和有保障资产- - - - -比如英石油的股份。
The deal with BP legitimises the Kremlin's carve-up of Yukos, and converts a portion of its ill-gotten gains into something liquid and secure-bp shares.
银行以额外的货币，活期存款和其它高流动性的资产的形式的开支增加了货币的供应量。
The Banks' spending increases the money supply in the form of additional currency, demand deposits, and other highly liquid assets.
充足的流动性因此可能继续推动资产价格。
Ample liquidity is therefore likely to continue to stoke asset prices.
太多的流动性在追逐太少的资产。
太多的流动性在追逐太少的资产。
应用推荐