Our data reveal 251 stock-market crashes (defined as cumulative real returns of -25% or less) and 97 depressions.
我们的数据展现了251次股市崩溃(定义为累积的实际回报率为-25%或更低)以及97次萧条。
Our conjecture was that depressions would be closely connected to stock-market crashes (at least in the sense that a crash would signal a substantially increased chance of a depression).