Equity returns could suffer in such economic conditions, too.
在这种经济状况下，股本回报率也要大打折扣。
Even if equity returns were disappointing, pensions still had to be paid.
就算股票投资收益不尽人意，也仍然要按原定计划发放养老金。
Next year, interest rates will be rising, and so will bond yield and equity returns.
明年，利率将会上升，因此债券收益率和资产回报也将上升。
But superior economic growth does not necessarily translate into equity returns.
但较高的经济增长并不一定会转变成股票回报。
America is one of only three countries for whom every twenty year period yielded positive equity returns.
而美国是每隔20年就能获取正收益的三个国家之一。
It is true that dividends, rather than capital appreciation, have provided a big chunk of long-term equity returns.
分红收益而不是资本升值给提供了大量的长期股权收益。
Equity returns have been disappointing, and the fees earned by fund managers look harder to justify as a result.
股市回报让人失望，因此基金经理的收费也看起来不那么合理。
The concept of shareholder value works from the premise that a business only adds value for its shareholders when equity returns exceed equity costs.
股东价值观念的前提是，当资产回报大于资产成本时，才能为股东带来收益。
This is based upon the belief that the period from November to April has significantly stronger equity returns on average than other six months of the year.
这是根据相信从十一月到四月期间平均股票报酬率相对于今年其他六月明显的较强。
Nevertheless, given inflationary conditions, many corporations seem sure in the future to turn to still more leverage as a means of shoring up equity returns.
即便如此，在通胀条件下，将来很多企业看起来肯定会利用更高的债务杠杆来提高资本回报率。
While the Yen has appreciated significantly this year with the unwinding of the carry trade, equity returns have remained disappointing due to the weak growth outlook.
尽管由于套利交易解体，今年日元大幅度升值，股市回报却仍旧让人失望，这主要是由于经济增长前景暗淡。
To set rate of equity returns is a critical step for long-term investment decisions, but in a realistic irrational world, its not easy to do that using CAPM familiar in standard financial theory.
确定股权回报率是进行长期投资决策的关键步骤，但在现实非理性世界中难以直接运用传统财务理论所推荐的资本资产定价模型来确定股权回报率。
On the one hand, high past returns are an indicator of low future returns: that has certainly proved true for those who bought equity mutual funds at the turn of the decade.
一方面，过去的高回报率是未来低回报的指标：对于那些在这十年交替中购买股权共同基金的人们而言，这点已经证明是真理了。
Shareholders too are belatedly happy to trade higher returns on equity for a reduced chance of being wiped out.
股东虽然较迟才意识到，但也乐意放弃股票的高收益以降低“倾家荡产”的可能性。
Over the long run they provide the bulk of equity investors' returns.
从长期来看，它带给股票投资者可观的回报。
Valuations climbed to three times book value, implying sustainable returns on equity of over 30%, when even 25% is rare in the industry.
评估价值比账面价值高出3倍，暗示潜在收益高达30%，而其实业内利润高于25%的都是极其少见的。
Hedge funds and private equity boom as investors seek high returns, though buoyant asset prices and low real interest rates decree the opposite.
投资者追求高回报，促成了对冲基金和私人股本的蓬勃发展，尽管高涨的资产价格和较低的实际利率预示的是相反的情况。
High share prices make targets more expensive, and private equity is still raising record amounts of money, meaning more competition-and higher prices-for acquisitions, lowering potential returns.
高股价致使收购对象更加昂贵，而私募股权仍在筹集创纪录的资金量，这意味着并购活动的竞争更加激烈，价格更高，而潜在的回报则降低了。
But size is not the most relevant factor in the private equity business. It's how much money you invest, and actually what the returns are for the investors.
需要强调的是，最重要的并不是你管理多少钱，而是你投了多少钱，给投资人带来了多大的收益。
But their returns on equity trail their American and European peers. Their business is largely domestic and the long-term prospects for the Japanese economy are dim.
但是，它们的股本回报率低于它们的欧美同行，它们的业务大部分在国内，而且从长期来看日本经济前景暗淡。
By how much is unknown: even if Banks' borrowing costs are insensitive to their capital levels, shareholders may accept lower returns in exchange for the lower risk provided by a bigger equity base.
而他们不知道这些：即使银行的借款成本不受资本水平影响，股东也愿意接受用更低的回报来交换更大股本基数带来的更低风险。
The aggregate effect contributed about as much to post-tax return on equity last year as was lost to writedowns, and dwarfed the boost to returns from cost control and bonus cuts.
这对去年税后股本回报率的总体贡献，与减记亏损造成的拖累相当，超出了成本控制与削减奖金对回报率的贡献度。
As if in reply, dealmakers are now keen to stress that the non-financial returns to private equity are also super.
似乎作为回应，交易人们现在急切强调私人股份的非金融回报也很巨大。
To the extent that savers earned lower returns on their deposit accounts, they were usually compensated by a rebound in the value of their equity holdings.
而就投资者而言，尽管这减少了他们存款账户上的收益，但股票价格的回升通常能够补偿他们。
Another rationale for the move into alternative assets (as hedge funds and private equity are known) is that returns are uncorrelated with those on other assets.
另一个涌入另类资产(如众所周知的对冲基金和私募股权)的原因在于他们的收益与其他资产的收益无相关性。
Another rationale for the move into alternative assets (as hedge funds and private equity are known) is that returns are uncorrelated with those on other assets.
另一个涌入另类资产(如众所周知的对冲基金和私募股权)的原因在于他们的收益与其他资产的收益无相关性。
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