文档介绍：本科毕业论文(设计)外文翻译原文:TheSecondaryCircuitofCapitalReconsidered:,relativelydurable,costly,-riskandsometimeslongterminvestment,modityintension”thatstandsinsharpcontrasttothe“marketidealofanimmediate-turnaround,highreturninvestment”(Bartelt1997,,128).Hommels(2000)andWeber(2002),whichisliquidandhomogeneous,realestateisilliquidandheterogeneous,involveshightransactioncostsuponsale,,—realestateagents,developersandbuilders,andownersandconsumers—(.,speculatorsandbuilders),multiplefinancialrisksareassociatedwiththebuyingandsellingofdifferenttypesofrealestate,petitioninthelocalrealestatemarket,limitedliabilityprotection,andchangingtaxlaws(foranoverview,seeGeltner,MacGregor,andSchwann2003).Realestateisconsideredtobeasuperiorhedgeagainstinflation,realestateassetsareaninvestmentopportunityforcorporationstodiversifyoutofstocksandbonds,parisontootherinvestments(Haila1991,1998;Downs1986;Pyrke1994;Coakley1994).,investmentinhomemortgageswaslowbecauseofthelackofstandardizationanduniformityinunderwriting,appraisal,,CongresspassedtheSecondaryMortgageMarketEnhancementAct(SMMEA)whichremovedstatutoryrestric