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。

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With share prices so low, any more capital-raising is bound to be hugely dilutive (thereby reinforcing the urge to sell).

在股价如此便宜的情况下，银行筹得任意规模的资金都必定严重稀释每股收益(所以迫使股东们出售)。

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First, it would change the widespread market perception that the Fed responds to asset prices asymmetrically, cutting interest rates if share prices fall sharply but never raising them when share prices climb.

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Nevertheless, the tobacco arm continues to gain market share, raising cigarette prices without challenge.

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America's spendthrift households might react to falling share prices by sharply raising their savings.

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