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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。

Brain stem was cut from mesencephalic superior extremity and cerebrum and interbrain were dislodged completely.

自中脑上端切断脑干，完整取出大脑和间脑，清除鞍区的蛛网膜，注意保留2～4对颅神经、垂体柄和颈内动脉。

The OTSU algorithm （maximization of interclass variance） is considered as one of the superior threshold selection methods.But this method can not segment the path mark image successfully for our indigenous design and manufactured vision navigation intelligent vehicle under bright illumination.A new method based on regional Roberts gradient is proposed in order to solve this problem.

OTSU法被认为是图像分割中阈值自动选取的最优方法之一，针对自主开发的视觉导航区域交通智能车辆的导航路径在强光照条件下不能直接应用此方法取得准确分割效果的问题，提出了一种基于区域的罗伯特梯度算子的图像分割方法。

Analysis and experimental results prove that this transducer has performances superior to ordinary interdigital transducer. The advantages are: easy to realize a high rate o...

分析和实验结果证明，这种换能器与普通叉指换能器相比，其优点是：在相同的制造工艺和满足规定的指间反射的情况下，容易实现高的成品率和较高的工作频率。

We will show that this approach is competitive or superior to the state-of-the-art approaches in anomaly/interestingness detection, classification, and clustering with empirical tests on time series/DNA/text/video datasets

我们将证明，这种做法是竞争或优于国家的最先进的办法异常/趣味性检测、分类、聚类与实证试验和时序/脱氧核糖核酸/文/视频数据

Objective: The bridging veins emptying into superior sagittal sinus was observed by microanatomy and imageology, and then compared, to provide a basis for the preservation of the bridging veins during the interhemispheric approaches.

目的：通过对上矢状窦旁大脑桥静脉的显微解剖、影像学观察及其对照研究，为各种纵裂间手术入路中桥静脉的保护提供基础。

Compared with the other areas of China, at this time,"Isolated Island" trade was prospering: the foreign trade advanced rapidly, and Shanghai become the trade center of China again; owing to its specific political setting, the powerful economic base and the superior geography environment, the interlocal trade of Shanghai was always second to none; as a result of the proliferating population and furbishing production, the local trade also made some progress.

较国内其他地区而言，这一时期的"孤岛"贸易足繁荣的；上海对外贸易1939年以后获得了突飞猛进的发展，并重新恢复了全国贸易巾心的地位；由于特殊的政治环境、相对雄厚的经济基础和优越的地理位置，上海始终处于国内埠际贸易的前列；本埠贸易也因为人口激增、生产恢复而得到发展。

Besides the numerous parishes served by the Calced Augustinians, they possessed several educational institutions: a superior and intermediate school at Vigan with 209 students, an orphanage and trade school at Tambohn near Manila, with 145 orphans, etc.

除了众多教区服务的Calced奥古斯丁，他们拥有一些教育机构：上级和中级学校的维甘（别墅Fernandina ）的209个学生，一所孤儿院和贸易Tambohn学校附近的马尼拉，与145名孤儿，等后果动乱，学校和任务被遗弃；六个父亲被打死，大约200名被监禁的，有时甚至严厉的对待。

Our company has specialized computer design and superior production equipment, strong technical force, the internal management norms.

本公司拥有专业的电脑设计和优越的生产设备，技术力量雄厚，内部管理规范。

The theoretical core of the new interventionism is the human right is superior to the sovereignty.

新干涉主义的理论核心是"人权高于主权"，将人权的普遍价值超越国家主权。

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。