卖空市场

Usd was stable in the Asian session after being sold off in response to the FOMC meeting.

美元应联邦公开市场委员会召开的会议要求卖空，因此在亚洲市场变得稳定。

The article uses the data on stock market of our country Hong Kong to undertake a case of a physically strong patient running a high fever or suffering from such disorders as stasis of blood examines , discover oversell trades the mechanism is a quite complex process to the influence of whole market , final effect way aggravate market fluctuates or stablize the market to fluctuate depend on strategy of type of negotiant of the oversell in the market , operation and the public rate that hand in credulity breath .

文章利用我国香港股票市场上的数据进行实证检验，发现卖空交易机制对整个市场的影响是一个相当复杂的过程，最终的影响方向(加剧市场波动还是平抑市场波动)取决于市场中卖空交易者类型，操作策略及交易信息的公开程度。

Perhaps the market has been oversold by foreigners, who have sold shares to pay for losses elsewhere.

或许日本市场已经被外国人卖空了，他们大量卖出股票来填补其他地方的损失。

In this article, it is assumed that the market is incomplete, and the short-selling prohibition is added.

本文的研究结果表明，在我国存在卖空约束的市场中，运用传统的无套利定价方法，即Black-Scholes方法来为衍生产品定价，会明显高估其市场价值。

Problem. What kind of exchange and mechanism is short sale? How does it influence on the stock market? What kind of mechanism of short sales should we establish? What job should we do? The paper attempts to analysis and solve these problems.

卖空交易究竟是一种什么样的交易方式，卖空机制又是怎样一种机制，它对股票市场特别是中国的股票市场会产生什么样的影响，我们要建立一种什么样的卖空机制，应该做那些工作，是本论文力图解决的问题。

Reporter negundo only global financial tsunami, many countries and regions have more restrictions on short selling in Hong Kong over the past few days, many market participants have expressed the hope that the same prohibition of short selling activities in Hong Kong, the Hong Kong Government has no intention of implementing relevant measures.

全球金融海啸，许多国家和地区在香港的卖空更多的限制，在过去几天里，许多市场参与者都表示，希望在香港，香港的卖空活动一样，禁止政府没有执行有关措施的意图。

For the security market with restricted borrowing and short sale unallowed, Options pricing formula are advanced, and the relation between them and Black-Scholes Options pricing formula is discussed. The essence of Black-Scholes Options pricing formula is set forth. To the security market with restricted borrowing and short sale unallowed, stock returns risk pricing formula is advanced and the demonstration analysis of China security market is provided. From the demonstration analysis, arbitrage exists in China security market, which can be applied to explain the riddle of a great deal of China bank money and hot money swarming into China security market.

本文在B-S期权定价的基础上，直接利用股票本身的参数推导出股票收益率风险的定价公式；对不允许融资和卖空的证券市场，给出了看涨期权和看跌期权的定价公式，并讨论了他们和相应B-S期权定价公式之间的关系；对B-S期权定价公式的本质做出了阐述；对不允许融资和卖空的证券市场，给出了股票收益率风险的定义；利用股票收益率风险的新定义，对中国证券市场进行实证分析，得出中国证券市场存在套利，解释了2006年和2007年中国大量银行资金和国外热钱流向中国股市之谜。

Since overselling risk property and debiting un-venture capital is prohibited in many securities markets, these factors are still considered in this portfolio model.

由于许多证券市场不允许卖空风险资产和借贷无风险资产，模型中还考虑了不允许卖空和借贷。

The main contribution of this paper is to investigate the problems of IPO underpricing, overpricing and long-term underperformance systematically, with the consideration of development of issue system, short sales constraints, investor sentiment and heterogeneous belief, etc. We find, the main reason of high initial return in Chinese A-Share market is overpricing in secondary market, rather than underpricing in primary market, which is obviously different from mature capital market.

本文主要贡献在于结合A股市场&发行制度变迁&、&卖空限制&、&狂热投资者情绪&以及&异质信念&等因素，对A股IPO的一级市场抑价、二级市场溢价以及长期表现弱势进行系统研究，发现了造成中国新股高初始收益现象的根本原因在于二级市场中的&价格高估&，而不是一级市场的&价格低估&，这与成熟市场的IPO价值低估现象具有本质区别。

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。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。