这个巨大变化其实与另一个变化伴随出现:澳大利亚经济在通货膨胀、银行利率和房价(不包括股市)的帮助下,已经使其多少避免了美国金融危机所带来的影响。
This big change coincides with another: Australia’s economy—and with it inflation, interest rates and house prices, though not the stockmarket—has decoupled from America’s.
英国国家经济社会研究院(National Institute of Economic and Social Research)则强调了风险价格的上升——这会增加资本的有效成本,包括股市溢价上升。
The UK National Institute highlights a higher price for risk, which would increase the effective cost of capital, involving a higher equity premium in the stock market.
惯性效应在股市快速下跌时(包括1975年80%的跌幅)也受到伤害,那些试图跟随惯性的投资人可能已经出局。
The momentum effect has also suffered some sharp switchbacks (including an 80% decline in 1975) that may have wiped out those traders who tried to follow it.
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