And we've been living the history of how to reform the industrializing process, and now the post-industrializing process, ever since our first market revolution we're still living it.
我们那时就已生活在一个,如何改革工业化进程的历史时期中,现在的后工业化进程,其实从第一次市场革命就开始了,到今天仍是如此
First is that, during the '90s, I think the Chinese IT market was very, very small.
第一,在九十年代,中国的互联网市场规模很小。
The stock market--I was going to talk about stock dividends, but I better talk about dividends first.
股票市场...我想讲下股票股利,但最好还是先解释下什么是股利
When a stock is first listed in the market, it comes with some price.
当股票在市场中出现的时候,它就会有一个价格。
So this is really the first attempt, way back in the nineteenth century to study a market that's somewhere in the middle, where it happens most markets are there are two firms.
因此这就是它的第一个诱人之处,我们要回到十九世纪,去研究一个介于两者之间的市场,那个年代大多数市场都只有两家公司
You can argue that the government, largely in person of Barney Frank messes things up by encouraging Fannie Mae and Freddie Mac to make a market of loans t really have been made in the first place.
您可以说政府,尤指巴尼,弗兰克本人,让事情变得糟糕,他鼓励房利美和房地美,为贷款创造市场,他们实属不应该,they,shouldn’,设计这样的贷款。
Suppose that in a given year--and say this is minus five and this is plus five, this is minus five and this is plus five-- suppose that in the first year in our sample, the company Shiller, Inc. and the market both did 5%.
假设某一年...这里设为-5,这里+5,这是-5,这是+5,我们假设第一年中,希勒公司.和市场都获利5%
Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.
如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%
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