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Based on modern option pricing theories,Black-Scholes and Merton option pricing model are used to study the pricing of the structured products,and its design,characteristics and risk are studied respectively.Based on Black-Scholes and Merton option pricing models,I also use the checking method to estimate the parameters of the model following real prices data,And calculate the theoretical price.Then,I compare the real and theoretical prices of the two pricing models.The results show that the effects of the Merton option pricing model are superior to the Black-Scholes option pricing model.Moreover,It shows that Hong Kong stock prices are also affected by the instant messages,and the jump phenomenon may exist in Hong Kong stock market.

本文以香港衍生品市场上三种主要结构性产品结构性票据、牛熊证和衍生权证为例,探讨了结构性产品的设计、特点、风险和定价,以现代期权定价理论为基础,以B-S和Merton两种期权定价为基础,根据市场价格经过校验得出模型隐含的参数,编程计算出两种定价模型下的理论价格,并将其实际价格和理论价格进行了比较,结果显示:Merton定价模型的效果要优于Black-scholes定价模型,说明香港市场的股票价格也可能受即时信息的影响,存在跳跃现象。

Article 130 The Hong Kong Special Administrative Region shall be responsible on its own for matters of routine business and technical management of civil aviation, including the management of airports, the provision of air traffic services within the flight information region of the Hong Kong Special Administrative Region, and the discharge of other responsibilities allocated to it under the regional air navigation procedures of the International Civil Aviation Organization.

第一百三十条香港特别行政区自行负责民用航空的日常业务和技术管理,包括机场管理,在香港特别行政区飞行情报区内提供空中交通服务,和履行国际民用航空组织的区域性航行规划程序所规定的其他职责。

The Hong Kong Special Administrative Region shall be responsible on its own for matters of routine business and technical management of civil aviation, including the management of airports, the provision of air traffic services within the flight information region of the Hong Kong Special Administrative Region, and the discharge of other responsibilities allocated to it under the regional air navigation procedures of the International Civil Aviation Organization.

第一百三十条香港特别行政区自行负责民用航空的日常业务和技术管理,包括机场管理,在香港特别行政区飞行情报区内提供空中交通服务,和履行国际民用航空组织的区域性航行规划程序所规定的其他职责。

It has been held that in determining whether a person is 'ordinary resident' in Hong Kong, the following guidelines were helpful: whether a person is ordinary resident in Hong Kong is a question of fact and degree and must be determined in all the circumstances; a person can have ordinary residence in two countries at the same time; the residence must be voluntary and cannot be forced against the person's free will; involuntariness may negative ordinary residence; and temporary or occasional absences of long or short duration do not negative ordinary residences: See Lau San Ching v Liu, Apollonia (1995) 5 HKPLR 23 at p 28, per Cheung J.

这段意思是说,一个人通常居住的地方是他除了一时或非经常的长期或短暂的离开之外,惯常或正常居住的地方,除非法例特别另定意义,通常居住的地方是指某一个人自愿选择作为当时正常生活定居的地方,无论居期的长短。而且,有很多案例说明,在裁定一个人是否通常居住在香港时,法庭要把这问题从事实和程度的角度处理,而一定要考虑到所有的背景因素。再者,一个人可同时在两个国家通常地居住,而且居住一定要是自愿,而并非被逼。

Of The Hong Kong University of Science and Technology and Chairman of the Hong Kong Jockey Club.

陈先生亦为香港科技大学校董会主席及香港赛马会主席。

Hong Kong Jockey Club's total turnover for fiscal year 2009 is reached 111 billion Hong Kong dollars.

香港马会2009财年总营业额更是达到了1110亿港元。

He also worked as Executive Chef of the Hong Kong Jockey Club and Grand Hyatt Hong Kong.

罗师傅厨艺高超,工作经验丰富,他先后数年在香港的凯悦酒店,香港马会以及新加坡的中国俱乐部担任行政总厨。

The development of a Computerised Map Enquiry System for Tourists, sponsored by the Hong Kong Jockey Club and the Hong Kong Tourist Association, is the first application which can be accessed through the Internet.

为游客而设的电脑化地图查询系统,由香港赛马会及香港旅游协会赞助,是首个可通过互联网接达的应用系统。

20Th century since the 90's, the people of Hong Kong in the Mainland, more and more home buyers, and many professionals in Hong Kong has become the Mainland joint venture real estate company's main go-getters.

二十世纪九十年代以来,香港市民在内地,越来越多的购房者,许多专业人士在香港已成为内地合资房地产公司的主要干将。

If damages are awarded at first instance by a court of competent jurisdiction in Hong Kong (or on appeal therefrom either to a superior court in Hong Kong or to the Final Court of Appeal ) in respect of death or bodily injury arising out of the use of a motor vehicle on a road in circumstances where the liability is required to be covered by insurance under the Motor Vehicles Insurance Ordinance, and such damages, or any part of them, remain unpaid twenty-eight days after the judgment becomes enforceable for any reason other than an insurance becoming ineffective due to insolvency of the Insurer, then, subject to the provisions of the Agreement, the Bureau will pay the unrecovered amount (including any interest awarded by the court and taxed costs) to the person in whose favour the judgment has been given, against an assignment of the judgment debt.

2依据〈汽车保险条例〉任何人仕如被道路上使用的汽车导致身体损伤或死亡,并经由香港法院初审判获赔偿(若属上诉案件,经由上诉庭或终审法院判定赔偿),而该损失或部分损失在判决生效后廿八天内,基於任何原因,仍未能偿付者(因保险人破产而导致保险失效者除外),本局便会依照与政府订定的协议,在应负的有关法律责任内,向索偿者支付判定的全部或余下款项(其中包括法庭裁定的利息及堂费支出)。

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The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应,而且减少跟风的可能性。

The new PS20 solar power tower collected sunlight through mirrors known as "heliostats" to produce steam that is converted into electricity by a turbine in Sanlucar la Mayor, Spain, Wednesday.

聚光:照片上是建在西班牙桑路卡拉马尤城的一座新型PS20塔式太阳能电站。被称为&日光反射装置&的镜子将太阳光反射到主塔,然后用聚集的热量产生蒸汽进而通过涡轮机转化为电力