在股市疲软时期，市盈率最终会下跌至平均水平以下，有时会跌到7至9倍的水平，在上一次长期熊市期间就是如此。
During periods of stock-market weakness, price-to-earnings ratios eventually fall below their averages, sometimes into the high single digits, as they did during the last long-running bear market.
2008年，全球股市很可能会低于去年年底的水平，但要想进入全面熊市，它们需要从最近的高点下跌20%。
Stock markets may well fall in 2008 from their levels at the end of this year, but they would need to drop 20 per cent from their recent peaks for there to be a full-blown bear market.
针对代表性投资者对于下跌风险和上升风险的不同态度，推导了基于“熊市”和“牛市”的单期资产定价模型，并运用中国股市数据进行了实证。
From the different attitude of representative investor to downside risk and upside risk, assets pricing models in one period were put forward based on "bear market" and "bull market".
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