选择权

Besides, this paper also use the concept of conditional probability to improve accuracy in pricing barrier options and lookback options

同时在评价障碍选择权与回顾选择权时，加入条件机率的概念来降低蒙地卡罗模拟过程中的偏误。

Option-expensing is scheduled to become mandatory on June 15th. You can therefore expect intensified efforts to stall or emasculate this rule between now and then.

选择权费用化将在今年6月日起强制实行日起强制实行，选择权费用化将在今年月15日起强制实行，大家可以预期此后将不断有人企图阻止或是废除相关规定，去之而后快，务必让你选区的议员知道你人企图阻止或是废除相关规定，去之而后快，对于这项议题的立场。

By exploiting the Richardson extrapolation and integral representation techniques under Heston (1993) framework, this paper develops analytic solutions for pricing and hedging American options when the volatility of the price of the underlying assets is stochastic.

本文是建立在Heston (1993)的论文架构底下发展出的随机波动美式选择权之分析解，由於美式选择权目前并不存在封闭解的型式，利用分析解可以取代封闭解准确又有效率的定价与避险的工作。

The reason is that this rule ignores irreversibility and the option of delaying an investment.

在本文中，作者试图通过一种明晰而系统的方式，运用选择权理论和方法，来研究企业资本投资决策中的选择权价值，并且力图使其综为一体，在有些地方拓展了这一研究的领域。

So obviously holding liquidity provides an option for the shareholders of the bank,and such option is valuable.But its value was not referred in Keynes\'s Liquidity Preference Theory.(2) When the bank holds liquidity assets,it can catch the opportunity in the future to earn more yields.

显然，商业银行的流动性给予股东一种选择权，并且这种选择权是有价值的，但这种价值在凯恩斯的流动性偏好理论中没有提及；另一方面，持有流动性可以让商业银行在未来抓住投资机会，这是投机动机带来的收益。

The short squeezes disappear and the player's pure strategies will be changed when the CS is added under the circumstances of which the informed trader or the insider tenders in the Treasury auction. Furthermore, under which SO is exerted after CS, any player's strategy is not changed when the market maker oversell in the WI. If the market maker buys long in the WI, and then, whether SO is exerted or not should be taken into consideration.

在信息灵通交易商或内幕交易商参与投标的国债市场里，实施"基本承销额"制度消除了他们对市商的"逼空"机会，也改变了局中人的纯策略选择；当市商在预发行交易中卖空时，行使"追加选择权"不改变局中人纯策略选择，对于市商而言，应该行使"追加选择权"当市商在预发行交易中买空时，则应谨慎考虑。

This research used option-based structural model: Merton Model and the Implied Volatility Model which visualized an option on the firm's equity that expired before the debt mature was a compound option and was proposed by Hull, Nelken and White in 2004. Then compare the fitting and ranking ability in the model implied credit spread of the two structural model to the observed bond credit spread between corporate bond yield and bond yield in Taiwan's listed companies.

本研究运用选择权基础的信用风险模型：Merton(1974)模型与Hull， Nelken and White(2004)提出将个股选择权视为复合选择权的Implied Volatility模型，比较这两个结构式信用风险模型所计算出的隐含信用利差对台湾上市、柜公司之公司债殖利率与公债殖利率间实际的信用利差之配适能力与排序能力。

Many CEOs also fought expensing because they knew that the obscene megagrants of options they craved would be slashed if the true costs of these had to be recorded.

而许多 CEO 也极力反对将选择权成本列为费用，因为他们相当清楚，如果这些高额选择权成本如实反应在公司帐上的话，他们渴望已久的大笔选择权将会马上被取消。

By Panzhihua Steel Vanadium today announced that, in order to encourage more of Panzhihua Vanadium Steel shareholders have the right to choose to choose to continue holding company stock, to encourage more climbing the Great Wall shares of Chongqing Titanium and shareholders have the right to choose to participate in convertible , Anshan Iron and Steel Group to make further commitments: Anshan Iron and Steel Group will "on the right to declare the cash option exercise period of the deadline for undeclared cash to exercise the right to choose have the right to choose shareholders," added the right to declare a cash option to the right line.

由攀钢钢钒今天宣布，为了鼓励攀钢钢钒的股东有更多的选择权，选择继续持有公司股票，以鼓励更多攀登长城重庆钛和股东的股份有权选择可兑换，鞍山钢铁集团公司参与做出进一步承诺：鞍钢集团将&对有权宣布现金选择了未申报行使现金期限内行使选择权的有选择权股东，&将有权宣布现金选择正确的路线。

Some of famous scholars focused on evaluation model known as "Black and Scholes option evaluation model" which was established by Fisher Black and Myron Sholes in 1973. Option evaluation is no doubt very important to trader but how to make capital gain through put-call strategy is more concerned.We examined if we can make profit by the evaluation model of option and spot to research Taiwan option market merely through strategy implementation.

有的学者著重于评价模式之建立，如Fisher Black与Myron Scholes於1973年，提出所谓的&Black and Scholes选择权订价模型&交易人对於选择权评价的方式虽然重视，但是他们更想知道的事如何运用选择权的买卖策略来获取资本利得，但在相关研究上，对於此领域的研究却不是很完善，所以本文将对选择权与现货标的的评价方式透过策略的运用，重新评价，以台湾选择权市场为研究物件，仅就策略性操作是否有其获利模式进行研究。

I use an example quoted by Hu Jiaqi:"It is reported that America separates the DNA of a kind of virus by making use of genetic technology and combines it with another kind of DNA. Finally, they get a kind of virulent biological agent called a "pyrotoxin". Someone discloses in private that 20 grams of such a kind of biological agent could result in the global death of 6 billion people due to infection."

我在这里例举胡家奇所引用过的例子："据报道，美国利用转基因技术，将一种病毒的DNA分离出来，与另外一种DNA进行结合，拼结成一种剧毒的"热毒素"生物战剂，且私下有人透露，这种生物战剂只需20克，就可以导致全球60亿人全部感染死亡。"

Waiting, for the queers and the coons and the Reds and the Jews.

等待着疯子和黑人还有红色共产主义者还有犹太人