赎回

PrimeCredit fixed-income securities researcher Chang-jun said that the hippocampus of convertible bonds for example, the early redemption Back to the provisions of -"company's share price 30 consecutive trading day, at least 20 trading days is higher than the current price of 130% Convertible hippocampus shares have the right to the face value of 103% the redemption price of non-transfected hippocampus convertible shares ", that is, the hippocampus 120 convertible price even higher than 130 yuan, the listed companies out of concern ahead of the redemption, bond investors tend to choose large-scale Convertible.

安信固定收入证券研究员长军说，例如可转换债券海马，提早赎回回的规定-"公司的股价连续30个交易日，至少有20个交易日是比当前价格高出130 ％可转换海马的股价已到了103％，票面价值的赎回价格的非转染海马兑换股票"的权利，即，海马120可兑换的价格甚至高于130元的上市公司关注提前赎回，债券投资者倾向于选择大型敞篷车。

Third quarter net equity fund redemption rate of 2.36%, mixed funds net redemption rate of 2.92 percent.

第三季度的净股权投资基金的赎回率2.36％，混合型基金的2.92百分之净赎回率。

16 During the continuance of this security the Borrower shall not assign, mortgage, charge or otherwise dispose, part with possession or make any arrangement for the sharing of the Property or any part thereof or any interest therein or accept surrender of any lease or tenancy thereof or cause or permit any second or further legal charge or mortgage to be effected or charging order to be created on the Property or in any way encumber assign or otherwise dispose of the equity of redemption therein or diminish, jeopardise or prejudice the security hereby created to the Lender or permit the same to be done without the prior written consent of the Lender and then only in accordance with such conditions as the Lender may stipulate in such consent

9.16 在本抵押存续期间，未经贷款人事先书面同意，借款人不得将物业或其任何部份或其中权益转让、按揭或设定押记，或以其他形式处置、放弃管有或安排共享物业或其任何部份或其中权益；或就物业或其任何部份接受退租；或促使或容许就物业作出第二或更多押记或按揭，或设定押记令；或以任何方式为物业的衡平法赎回权设立产权负担，或出让或以其他形式放弃物业的衡平法赎回权；或缩减、危及或损害藉本契据向贷款人所作的抵押。即使获贷款人事先书面同意，亦只可遵照贷款人在该同意书所列条件作出

Since the first open-end fund issue, there are 5th redemption, which also reveals more profound form of market phenomena causing open-end fund liquidity risk. In 2002, the open-end fund market was just established, in order to expand the size, many funds only attract institutional investors, and do not distinguish between investor by their liquidity preference. Under such single structure, institutional investors large size redemption will cause fund scale reduced significantly, which suffered huge losses. In 2003, as the Funds growth, more and more retail investors join in fund market and occupy a dominant position. Due to the lack of awareness of the fund market, they all use the concept of stock investment.

自开放式基金成立以来，中国历史上的5次赎回也更深刻的揭示了构成开放式基金流动性风险的市场现象。2002年为开放式基金成立初期，很多基金为了吸纳资本，扩大规模，只面向机构投资者融资，并且不区分投资者的流动性偏好，在这种单一的结构下，机构投资者的大额赎回就导致基金规模的锐减，从而遭受巨大损失。2003年，随着基金的发展，越来越多的散户介入其中并占据主导地位，由于缺乏对基金市场的认识，按照原有投资股票的理念投资基金，所以在低迷的股市稍有起色，基金稍有赢利时，就开始赎回，造成了多只基金净值的损失。2005年，保险行业可以直接入市，再加之逐渐回升的行情和基金公司高额的手续费，很多保险公司开始赎回持有的基金转而直接入市。

The firstling of an ass you shall redeem with one of the flock; if you do not redeem it, you must break its neck.

首生的驴，应用羊赎回；若不赎回，应打断它的颈项。

The firstling of an ass thou shalt redeem with a sheep: but if thou wilt not give a price for it, it shall be slain.

首生的驴，应用羊赎回；若不赎回，应打断它的颈项。

The gross redemption yield of a bond is simply the average rate at which the sum of the future coupon payments and redemption proceeds are discounted to equate their value to the current market price.

赎回毛收益率是指将未来票息利率与赎回收益总额折现为当前市场价格的中间汇率。

Because of embedded option, the cash flow of callable bond is not certain. Fortunately, it has the same future cash flow as the portfolio of one long noncallable bond and one short call option on the callable payments. So under a nonarbitrage condition, the value of callable bond equals the difference of the value of noncallable bond and call option.

由于内嵌看涨期权的存在，可赎回债券的预期现金流事先并非确定，但因其未来的现金流表现与持有可比普通债券和卖空看涨期权的投资组合相同，故而可赎回债券的价格在无套利条件下应等于可比普通债券减去看涨期权的差值，也就是说用于普通债券的一般定价和度量方法并不适用于此种特殊的选择权债券。

Our analysis framework relies on the reflected Backward Stochastic Differential equation approach.We characterize the value functions of the noncallable bonds in terms of the reflected Backward Stochastic Differential equation,Then the relationship between the value function of convertible bonds and reflected backward stochastic differential equations with single reflect is built at the same time,and provide the optimal conversion strategy for bondholders.2:We get the value of non-callable convertible bonds by numerical methods.

探讨了可转换债券的最优停时价值与带反射边界倒向随机微分方程解的关系，在市场完备，公司价值只包括股权和可转债这两种权益等各种假定下，给出不可赎回可转换债券的价值函数，证明了不可赎回可转换债券的最优停时问题的解是存在的，同时给出了其最优的转换策略。2：通过数值方法求解不可赎回可转换债券的价值。

Chapter two introduces open-end fund redemption and unit net value.

第二章开放式基金赎回与单位净值相关介绍，阐述了开放式基金赎回和基金单位净值的定义和性质，然后介绍了国内外对于开放式基金赎回行为的研究。

More than five decades after the Indian constitution promises a casteless society, there is no sign that the castes are disappearing.

在印度宪法允诺一个&无种姓&社会五十多年后，种姓尚没有显示出任何要消失的迹象，但变化也确确实实地发生了。

Don't distract him from his studies.

他在学习不要打扰他。