句子1、The capital appreciation is left unhedged. 2、a forward contract taken out on the expected appreciation in the property value. 3、Modern Portfolio Theory, however, suggests the expected performance so the reliability of the results from the studies summarized in this paper is questionable.4、Currency assets and liabilities could be netted out to reveal the net exposure to particular exchange rate movements and that risk could then be managed centrally, maximizing economies of scale in carrying out the currency hedges.5、this is only an appropriate strategy for real estate investments in developed markets given the lack of hedges available for capital invested in emerging markets.短語reversionary valuethe level of downside riskcountry-by-country 為了預測的研究，（期貨研究）future research 一般futures是期貨的意思mean-variance portfolio analysis.( 均值－方差投資組合分析)denominated in US dollars.（美元支付的）settlement costs 解紛成本Settlement Costs 交易費用，結算費用？Individual Asset 單個資產 （個體資產，單項資產）performance measurement 績效評估 業績測評 repatriation of funds 返還本國資金performance characteristics （業績表現特征？）expected performance （預期業績）unchartered 不合規則 未得特許狀的 ?o法?o天的additional analysis 補充分析 common continental factor 共有的大陸因素As time passes 隨著時間的推移currency overlayover the years that followed (意譯): 在以后的幾年里面是金融經濟方面的，謝謝啦！

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有些地方比較費解，如果能多給點上下文可能會好些。下面的內容僅供參考，也請各位朋友來討論一下，多提些意見。1、The capital appreciation is left unhedged。并未對資本升值采取套期保值措施。2、a forward contract taken out on the expected appreciation in the property value。基于對財產價值的升值預期而取得的遠期契約。3、 Modern Portfolio Theory, however, suggests the expected performance so the reliability of the results from the studies summarized in this paper is questionable。然而，現代投資組合理論對于預期表現的看法是，本文中概述的各種研究所得出的結果不是十分可靠的。（根據你給出的前句和我所知道的理論理解，不過還是覺得原句有點問題。）4、Currency assets and liabilities could be netted out to reveal the net exposure to particular exchange rate movements and that risk could then be managed centrally, maximizing economies of scale in carrying out the currency hedges。可以計算出外匯資產和負債的凈值，以揭示其在特定匯率變動面前的凈盤口；然后可以對這一風險進行集中管理，從而在外匯避險的過程中實現規模經營的最大化。（net exposure改了一個說法，不過新浪的財經文章喜歡用凈暴露這個詞。）5、this is only an appropriate strategy for real estate investments in developed markets given the lack of hedges available for capital invested in emerging markets。考慮到投資于新興市場的資金缺乏可以采取的套期保值措施，這僅僅是一種適用于在發達市場中房地產投資的策略。6、The treatment of accounting, tax and legal implications from owning real estate on an international basis has not yet been explored by any of the researchers。對以跨國形式持有地產的會計、稅務和法律問題的處理，目前還沒有任何研究者系統地研究過。短語抽出來以后不好理解，所以僅供參考：reversionary value：復歸價值the level of downside risk：下跌風險的程度country-by-country：對各個國家逐一（進行。。。）future research：如果是future的話，似乎是指：將來的研究/進一步的研究mean-variance portfolio analysis：投資組合的均異分析denominated in US dollars：采用美元的（是不是“支付”根據上下文而定）settlement costs：過戶費用（這里的settlement似乎是指轉手交易）Settlement Costs：同上（要根據你的上下文來定）Individual Asset：單項資產（or單個資產）performance measurement：績效評估 / 表現評估（如果是在你上面的段落中，performance是指投資組合的表現）repatriation of funds：資金匯回本國performance characteristics：績效特征 / 表現特征（同上）expected performance：預期績效 / 預期表現（同上）unchartered：unchartered：在句中似乎應該理解為“未受認可的”additional analysis：補充分析common continental factor：大陸的共同因素（和regional factor相對？）As time passes：隨著時間的推移currency overlay：貨幣管理外包over the years that followed：在隨后的幾年內。

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