It is an institutional defect which was not evident in the sixties because we were then in the prime of life.
这个缺陷在六十年代还看不出来，那时我们还年轻。
The institutional defect of securities market is the exogenous reason causing liquidity risk of the open-ended fund.
证券市场制度性缺陷是开放式基金流动性风险外生性诱因。
Capital pricing is both scientific and artistic, with the characteristics of relativity, timeliness, opaque and subjective, and is influenced by feedback effect and institutional defect.
资本定价是一门科学，也是一门艺术，具有相对性、时效性、模糊性和主观性等特征，并受到反馈效应和制度性缺陷的影响。
Capital pricing is both scientific and artistic, with the characteristics of relativity, timeliness, opaque and subjective, and is influenced by feedback effect and institutional defect.
资本定价是一门科学，也是一门艺术，具有相对性、时效性、模糊性和主观性等特征，并受到反馈效应和制度性缺陷的影响。
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