套利

Behavioral finance developed in the process of oppugning and challenging the classical financial theories-Capital Asset Pricing Model and Efficient Market Hypothesis,its fundamental content includes Limited Arbitrage Theory and Irrational Behavioral Patterns, which explain many anomalies in the financial market,and Prospect Theory and Behavioral Asset Pricing Model have been created in this field.

它是在对经典金融理论-资本资产定价模型和有效市场假说的质疑和挑战中发展起来的，其核心内容是有限套利理论和非理性行为模式，较好地解释了许多金融市场中的异常现象，并发展出展望理论和行为资产定价等内容。

Critics say stagging is risky for investors and could hurt the share prices of new listed companies in the long term.

批评人士表示，新股套利这种做法对投资者是具有相当风险的，并有可能在远期损害上市公司的股价行情。

Analysts also warn stagging encourages short-term share sales.

分析师们警告说，新股套利的做法助长了短期内的股票抛售。

Investors bet that a sharp rise in an IPO's share price in the first days of trading will enable them to sell the stock at a premium high enough to repay the loan with interest, and still net a profit - a practice known as "stagging".

投资者们确信 IPO 的股价会在交易的头几天飙升，让他们抛掉股票，并在归还贷款及利息之余，还赚到利润——这种做法称为&新股套利&。

Japan's government faces a major challenge: The unwinding of one of the most popular trades is sending tremors through the global financial system and supercharging the yen, which harms Japanese exports.

日本政府面临着一个重大挑战：融资套利交易的持续平仓已经给全球金融体系带来了冲击，加重了日圆的上涨压力，进而损害到了日本出口。

And the European Climate Foundation, a think-tank, says more could be taken from existing carbon markets: cash could be winkled from traders who arbitrage the price difference between green projects in poor places and the "allocation" paid by rich-world emitters.

智库欧洲气候基金称，可以从现有的碳市场获得更多的资金：可以从那些通过在发展中国家做环保项目赚取差价套利的商人身上获得，还可以从发达国家的排放者支付的&配额费&中获得。

Since the launching of a comprehensive offer so far, Wing Lung Bank's shares has been done within a narrow range around 155 Hong Kong dollar volatility in the trading October 24, Wing Lung Bank shares diving a sudden and drastic, and ultimately to close at 153 Hong Kong dollars, from 156.5 Hong Kong dollars per share all-round price of 3.5 Hong Kong dollar appears arbitrage space.

自启动的综合方案，到目前为止，永隆银行的股价已经做了大约155名在香港的交易10月24日，永隆银行股价突然跳水和美元窄幅波动激烈，并最终收于153港元，香港从156.5美元，每股的全面3.5港元价格出现套利空间。

Ultimately, they are likely to lose ground to financiers who will use arbitrage to work their way around the best-laid defences.

很有可能融资者最终将用套利工具攻下监管者布置最严密的城防。

He said banks could not survive under very low interest rate. 3 RRR : China has noticed economists' call to lower RRR to below 12%, and will adjust RRR to a reasonable level. 4 Few companies deposit fund from bill discounting for interest rate difference, as the difference is minimal.

还指出利率太低银行无法生存。3）存款准备金率：已经注意到经济学家们建议将存款准备金率降到12%以下的看法，表示会把存款准备金率调整至一个适当的水平。4）企业可能通过票据贴现转移成存款进行套利，但实际上利差太小，很少企业会这么做。

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。

Finally, according to market conditions and market products this article paper analyzes the trends in the development of camera technology, and designs a color night vision camera.

最后根据市场情况和市面上产品的情况分析了摄像机技术的发展趋势，并设计了一款彩色夜视摄像机。

Only person height weeds and the fierce looks stone idles were there.

只有半人深的荒草和龇牙咧嘴的神像。