But rather than dedicate the proceeds of the stock offering to fixing the company's challenged business model, its board has decided to use a third of it to repurchase stock.

但是，其董事会并没有把股票发行的收益用在稳固该公司被质疑的商业模式上，反而决定用收益的三分之一来回购股票。

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You image some disease in your thought, and your body proceeds to build upon this model that you hold before it.

首先你在脑海里反复想着某种病，然后你的身体就照着你想像的模型的样子来生病。

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At last, the thesis proceeds from psychology of investor's investment decision and sets up the conversion ratio model, and then concludes that the conversion ratio is endogenous variable.

最后，论文从投资者投资决策心理出发建立转换比率模型，得到转换比率是内生变量的结论。

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