查询词典 arbitrage

Therefore, it can be regarded as a great improvement of the investment decision-making theory and methods .This article makes a systematic research on real options theory and method and its application, including the following several main aspects:Firstly, it makes a detailed discussion about the common theoretical basis of financial options and real options, including no-arbitrage equilibrium principle, risk-neutral definition, complete market and dynamic tracking.Secondly, it analyze three basic characteristic of investment decision-making in modern market economic system: irreversibility, uncertainty and flexibility, and from the angle of their mutual quantitative and qualitative interactions, it makes a comparison between the traditional NPV methods and real options methods and makes a summary of the general analytical methods of real options.Thirdly, it discusses the all elements in the application of real options such as the ^leakages in value of real assets, basis risk, and private risk, and furthermore, it attempts to put forth a normalized strategy of its application and construct a basic framework of its application.Fourthly, it applies real options theory to strategetic investment of enterprises and the buy-out of company, putting forth a value model for strategetic investment program and making a concrete analysis of its application to buy-out. Furthermore, it advocates that a flexible investment decision-making system should be setup according to real options theory in our country.

本文对实物期权理论和方法及其应用进行了系统研究，主要内容包括如下几个方面：(1)详细讨论了金融期权和实物期权共同的理论基础，主要包括无套利均衡原理、风险中性定义、完全市场以及动态复制方法，对这些理论方法的探讨既是本文的出发点和基础，它们提供了研究实际应用实物期权的一个基准点，也是贯穿全文的线索和灵魂；(2)分析了现代市场经济体系中投资决策的三个基本特征即不可逆性、不确定性和时机选择，并从它们数量上和质量上相互作用的重要意义的角度，分析了传统的净现值法与实物期权方法的差异，指出了净现值法在不确定环境中存在的缺陷及实物期权处理投资灵活性的价值，并将净现值法纳入实物期权投资分析决策体系当中，总结了企业投资决策实物期权的一般分析方法；(3)探讨了实物期权应用中要考虑的各种要素，如实物资产的价值漏损、基差风险和非市场风险等，并进一步提出了实物期权应用的规范化策略和构建了一个实际应用实物期权方法的基本框架，尝试将期权的基本原理与企业在现实经济环境中投资决策的要素结合起来，从而可以在一定程度上超越期权的复杂的数学计算而汲取期权思想的精华，从而促进期权决策方法在实际投资决策中的应用；(4)将实物期权方法应用于企业战略投资，得出了战略投资项目的价值模型，指出可以将实物期权理论和方法应用于企业并购，分析了应用的具体方面，并提出应根据实物期权理论建立一套适合我国企业的灵活的投资决策系统。

For the security market with restricted borrowing and short sale unallowed, Options pricing formula are advanced, and the relation between them and Black-Scholes Options pricing formula is discussed. The essence of Black-Scholes Options pricing formula is set forth. To the security market with restricted borrowing and short sale unallowed, stock returns risk pricing formula is advanced and the demonstration analysis of China security market is provided. From the demonstration analysis, arbitrage exists in China security market, which can be applied to explain the riddle of a great deal of China bank money and hot money swarming into China security market.

本文在B-S期权定价的基础上，直接利用股票本身的参数推导出股票收益率风险的定价公式；对不允许融资和卖空的证券市场，给出了看涨期权和看跌期权的定价公式，并讨论了他们和相应B-S期权定价公式之间的关系；对B-S期权定价公式的本质做出了阐述；对不允许融资和卖空的证券市场，给出了股票收益率风险的定义；利用股票收益率风险的新定义，对中国证券市场进行实证分析，得出中国证券市场存在套利，解释了2006年和2007年中国大量银行资金和国外热钱流向中国股市之谜。

4Basis on the analysis of the risks of arbitrage on stock index future in China, there are lots of risks induced by the unconsummated spot market besides common risks.

需要套利交易者引起重视以及谨慎判断现实交易过程中的套利机会。

We're recently made big investments in currencies and viatical settlements. We don't do arbitrage any more because we're too big.

就像我们最近大手笔投资外币以及保单贴现，我们不再做任何套利投资，因为我们的规模实在是太大了。

One central sin that bedevilled the SIVs was that banks often used them for regulatory arbitrage.

SIV身上的一大罪过是，银行经常利用它们进行监管套利。

It started in July when Salomon Smith Barney announced it was liquidating its dollar interest arbitrage positions.

它在七月开始时，所罗门美邦公司宣布，这是变现其港元利息套戥的立场。

Arbitrage between bonds of different maturates implies that the price of a bond is the present value of the payments on the bond, discounted using current and expected short-term interest rates.

不同到期债券的套汇是该证券支付的现值，利用当期或预期短期利率折现的。

Behavioral finance developed in the process of oppugning and challenging the classical financial theories-Capital Asset Pricing Model and Efficient Market Hypothesis,its fundamental content includes Limited Arbitrage Theory and Irrational Behavioral Patterns, which explain many anomalies in the financial market,and Prospect Theory and Behavioral Asset Pricing Model have been created in this field.

它是在对经典金融理论-资本资产定价模型和有效市场假说的质疑和挑战中发展起来的，其核心内容是有限套利理论和非理性行为模式，较好地解释了许多金融市场中的异常现象，并发展出展望理论和行为资产定价等内容。

He says he parlayed his currency arbitrage into about $15,000 in actual profit.

他表示，外汇交易让他赚了大约1.5万美元的真实利润。

And the European Climate Foundation, a think-tank, says more could be taken from existing carbon markets: cash could be winkled from traders who arbitrage the price difference between green projects in poor places and the "allocation" paid by rich-world emitters.

智库欧洲气候基金称，可以从现有的碳市场获得更多的资金：可以从那些通过在发展中国家做环保项目赚取差价套利的商人身上获得，还可以从发达国家的排放者支付的&配额费&中获得。

As a dominant party,CPC government should play a guardian,supervisee and guarantee role to overcome all the difficulties in the development of charitable cause and bring it into full play in the establishment of harmonious society on policies and regulations basis.

在中国共产党的文献中第一次把发展慈善事业提到&最广泛最充分地调动一切积极因素，不断提高构建社会主义和谐社会的能力&的高度来认识。近年来，社会学界对慈善事业的理论专著发表较多，有鉴于此，笔者不揣浅陋，谈谈自己的认识和见解。

Flow through the land, the land of the scale of operation allows the effectiveness of the land may be raised.

通过土地的流转，土地的规模经营可以让土地的效益得到提升。