Two decades ago, it was considered to be non-existent. Then studies found that changes in property values did affect spending, but by less than changes in share prices did.

二十年前人们还认为不存在房产财富效应，后来虽然有研究发现了房产价值变动对消费支出的影响，但比股价变动而产生的影响要小得多。

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Easily prices lost some market share will affect the circulation, thereby affecting the volume of ads.

轻松价格失去了一些市场份额，会影响血液循环，从而影响了广告量。

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Within the coming weeks, long-awaited, much debated new regulations from the U.S. Department of Education are due to hit the sector and possibly affect share prices for some of its 15 publicly traded companies whose stocks, on average, have already fallen by around 30% in the last year in the face of increased scrutiny.

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Thus changes in house prices directly affect far more people than do changes in share prices.

ECONOMIST: Economics focus

This would likely affect their financial performance and therefore share prices.

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