套利

An economic theory that determines prices of assets and the associated risk premia for each kind of pervasive risk assets face, on the assumption that the expected return of an arbitrage portfolio is zero.

一种经济理论，在假设套利资产组合的预期收益为零的条件下，确定资产价格及每种具有普遍性风险的资产所面临的相关风险溢价。

Therefore, the use of proceeds of law index fund re-valuation, market participants have been worried about a possible resumption of its behavior may lead to arbitrage: In accordance with the provisions of the reorganization of listed companies resume trading day Price Limits, Assuming the stock resume trading day limit, as long as the pre-estimation of its sharp decline in more than 10% of the Fund to estimate the net value of the day there will be upward, ahead of an ambush investors sold stock to resume trading day fund could be boon.

因此，法律的指数基金收益再利用价值，市场人士一直担心其行为可能恢复可能导致套利：按照上市公司资产重组的规定复牌日涨跌幅限制，假设股票恢复交易日的限制，只要预先在超过10％的资金急剧下降的估计估计当天将有上升的净值，埋伏前投资者抛售股票恢复交易日的基金可以提供方便。

Similarly, current deals with pariahs Sudan and Iran represent a sort of diplomatic arbitrage.

同样，中国目前与不受国际社会欢迎的苏丹和伊朗签署的协议，代表着某种外交套利。

The first chapter of the thesis topics background analysis, a comprehensive grasp of the relevant literature, in-depth study of the question for laid a solid foundation; Chapter II from the perspective of China"s securities market, in-depth study of the volatility in the securities markets; Chapter III from Marcovitz portfolio theory, the capital asset pricing model and the arbitrage pricing theory systematic comparison, in-depth study of the International Securities Market Association theoretical basis, and then focus on the quantitative study of China"s emerging stock markets and the relevance of the surrounding market; this chapter use GARCH model family, pulse function, VAR model, market-related parameters , a smooth test, cointegration test, Granger causality test methods measure the volatility in the securities markets and the correlation with the degree of peripheral markets; Chapter IV in the face of China"s securities market volatility and market linkages with neighboring under the influence of the Chinese securities market from the current state of development of expounding China"s Permit Certificates of inevitability of the international market, Chinas securities market and to avoid the risk of the corresponding policy recommendations.

第一章系统分析论文的选题背景，全面掌握了相关的文献，为深入研究本问题奠定了坚实的基础；第二章从我国股票市场自身角度出发，深入研究我国股票市场的波动特性；第三章从马科维茨资产组合理论出发，对资本资产定价模型和套利定价理论进行系统比较分析，深入探讨了国际股票市场关联的理论，随后着重定量研究了我国新兴股票市场与周边市场的关联性；本章使用市场相关参数、平稳性检验、协整检验、Granger因果检验等计量方法测度了我国股票市场波动及与周边市场的关联程度；第四章基于我国股票市场波动及与周边市场的关联影响，从我国股票市场目前发展状况出发，阐述了我国股票市场国际化的必然性，并为我国股票市场的风险规避提出了相应的政策建议。

Comments: Although in the short term lead to painful long term, however, the New Deal as a result of the valuation takes into account the shares resume trading after suspension补跌or补涨the risks and benefits, so that the net value of fund units no longer High or low appears empty, thus avoiding a bull market, investors compete requisitioners arbitrage, a bear market in the early redemption of the phenomenon of competition is conducive to the fund industry's long-term healthy development.

评论：在短期内导致虽然长期的痛苦，但是，作为估值新政已考虑到该股票恢复交易后停牌补跌或补涨的风险和利益，因此，该基金单位净值已不再高或低，显示为空，从而避免牛市，投资者申购套利的竞争，在竞争的现象，提前赎回熊市，有利于基金业的长期健康发展。

Secondly, in the fourth section, the three-branch utility indifference pricing models in the multiperiod securities markets,two-period pricing models when existent non-tradable assets and one of special mix models are studied.At the same time, analyse and compare the result of the special mix models.In particular,this paper obtain that the utility indifference pricing is same to the no-arbitrage pricing,thus it prove the paper conclusion accuracy in the certain degree.

其次，在本文的第四章中，研究多时段三叉树效用无差别定价模型以及存在不可交易资产的二期定价模型；研究了一类特殊混合定价模型，并对这些定价结果进行了分析，在特殊情况下，得到的效用无差别定价与无套利定价是相同的，从而，在一定程度上反映了本文结论的正确性。

Finally, I find the portfolio based on big size, high price and low turnover has extinguished momentum net profits.

最后我发现基于大盘、高价和低换手率特征构建的套利组合可以获得非常显著的动量净利润。

The person who is involved in arbitrage is called arbitrageur.

人是从事套利叫做康威。

Merger arbitrageur look at the risk of the deal not closing on time or at all.

合并套利者面对的风险为合并未能及时完成，甚至最终不能完成。

Each of the four men interviewed works at a different specialty on the floor-one is a floor broker, filling orders for the account of other persons or firms; one is an arbitrageur who trades in spreads, seeking profits in the changing relationships between two different but related markets; one is a scalper, a very short-term player who helps provide liquidity on the floor and who rarely takes a position home overnight; and the fourth is a position trader who, by his own admission,"is looking for the big play, in long-term trends."

接受访问的每个人，在营业厅内都有各自不同的专业领域——其中一位是营业厅经纪人，替别人或公司填交单子；一个是套利者，交易的是差价，从两个相关市场间的价格变化中套取利润；一个是做短线的，在非常短的时间内做短线，这种人对营业厅的流动性很有帮助，所做的仓位很少留到明天；第四个是趋势交易者，他自己说，他找的是&长期趋势中赚大钱的买卖&。

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。