When investors are able to select security types with the risk-return characteristics that best suit their preferences, each security can be sold for the best possible price.

当投资者能够在风险与回报性各异的多种类型的证券中选择最适合他们偏好的种类时，每一种证券也能够以最适合它自身定位的价格卖出。

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By sampling the housing and office market data in Beijing and Shanghai, this paper examines the return and risk characteristics in these markets and tests whether they are efficient or not.

利用北京和上海住宅市场与写字楼市场的数据，考察了市场中收益和风险的特征，并检验了它们是否满足市场有效性的要求。

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Then the two indexes can be analyzed to discover different risk-and-return characteristics.

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