套利交易

Finally the investment in the course of convertible bond investment is studied. There is evidence that the market behavior of convertible bonds is much better than the stocks and bonds. Owing to the inconsistency of the price change between the stock and the convertible bond, by analyzing the change of conversion premium rate, the arbitrage can be realized in incomplete market. But investors must bear the price risk due to the trade system.

最后论文对可转换债券投资过程中的投资活动进行了研究，实证发现可转换债券的市场表现优于债券和股票；同时基于股价与可转换债券价格的变化不一致性，通过分析可转换债券的转换溢价率的变化，在无卖空市场中同样可以进行套利，只是投资者要承担由于交易制度造成的价格风险。

Said the so-called "reverse-arbitrage" refers to: the New Deal as a result of the valuation of the net after the implementation of the Fund have been adjusted, and when the bear market in stocks resume trading after suspension consecutive limit of the share price lower than the index of income method of valuation estimated price trends, in a public notice prior to conversion, the base of the public can redeem the fund after the conversion to avoid a further decline in net losses.

说，所谓的&反向套利&是指：新政作为净价值后，基金的执行情况进行了调整，结果，当熊市在股票停牌后恢复的股价比收入较低的估价方法指数连续限制交易价格趋势，估计在公告中，转换之前，市民的基地可以在转换后赎回基金，以避免进一步下降净损失。

Comments: Although in the short term lead to painful long term, however, the New Deal as a result of the valuation takes into account the shares resume trading after suspension补跌or补涨the risks and benefits, so that the net value of fund units no longer High or low appears empty, thus avoiding a bull market, investors compete requisitioners arbitrage, a bear market in the early redemption of the phenomenon of competition is conducive to the fund industry's long-term healthy development.

评论：在短期内导致虽然长期的痛苦，但是，作为估值新政已考虑到该股票恢复交易后停牌补跌或补涨的风险和利益，因此，该基金单位净值已不再高或低，显示为空，从而避免牛市，投资者申购套利的竞争，在竞争的现象，提前赎回熊市，有利于基金业的长期健康发展。

Secondly, in the fourth section, the three-branch utility indifference pricing models in the multiperiod securities markets,two-period pricing models when existent non-tradable assets and one of special mix models are studied.At the same time, analyse and compare the result of the special mix models.In particular,this paper obtain that the utility indifference pricing is same to the no-arbitrage pricing,thus it prove the paper conclusion accuracy in the certain degree.

其次，在本文的第四章中，研究多时段三叉树效用无差别定价模型以及存在不可交易资产的二期定价模型；研究了一类特殊混合定价模型，并对这些定价结果进行了分析，在特殊情况下，得到的效用无差别定价与无套利定价是相同的，从而，在一定程度上反映了本文结论的正确性。

Each of the four men interviewed works at a different specialty on the floor-one is a floor broker, filling orders for the account of other persons or firms; one is an arbitrageur who trades in spreads, seeking profits in the changing relationships between two different but related markets; one is a scalper, a very short-term player who helps provide liquidity on the floor and who rarely takes a position home overnight; and the fourth is a position trader who, by his own admission,"is looking for the big play, in long-term trends."

接受访问的每个人，在营业厅内都有各自不同的专业领域——其中一位是营业厅经纪人，替别人或公司填交单子；一个是套利者，交易的是差价，从两个相关市场间的价格变化中套取利润；一个是做短线的，在非常短的时间内做短线，这种人对营业厅的流动性很有帮助，所做的仓位很少留到明天；第四个是趋势交易者，他自己说，他找的是&长期趋势中赚大钱的买卖&。

If you are unfortunate enough to the lovelorn, please tell me, I will help you out, really, please contact me!

如果你不幸失恋了，请告诉我，我会帮助你摆脱困境，真的，请联系我啦！

China's plan to cut energy intensity by 20 percent and pollutant discharges by 10 percent between 2006 and 2010 is a case in point.

中国计划在2006年到2010间降低20%的能源强度和减少10%的主要污染物排放，就是一个这样的例子。