套利

It has evolved in an accretive way, without any real thought to long-term goals or objectives.

它让监管套利得以实现，并助长了这种行为。

Making full use of it is an effective measure of assets allocation and risks controlling.

主要原因在于股指期货在资产定价、市场调控、投资套利、套期保值等方面都具有较高的应用价值。

We study the relationship of martingale and arbitrage in securities markets with transaction costs and solvency in this paper, and obtain some significative results.

对带有交易费用和偿付约束的金融市场套利与鞅的关系问题进行了研究，得到了一些有意义的结果。

There's a new space for arbitrage.

有一个新的套利空间。

Need to be reminded, however, that there are certain risk arbitrage.

需要提醒的，但是，有一定的风险套利。

Therefore, it can be regarded as a great improvement of the investment decision-making theory and methods .This article makes a systematic research on real options theory and method and its application, including the following several main aspects:Firstly, it makes a detailed discussion about the common theoretical basis of financial options and real options, including no-arbitrage equilibrium principle, risk-neutral definition, complete market and dynamic tracking.Secondly, it analyze three basic characteristic of investment decision-making in modern market economic system: irreversibility, uncertainty and flexibility, and from the angle of their mutual quantitative and qualitative interactions, it makes a comparison between the traditional NPV methods and real options methods and makes a summary of the general analytical methods of real options.Thirdly, it discusses the all elements in the application of real options such as the ^leakages in value of real assets, basis risk, and private risk, and furthermore, it attempts to put forth a normalized strategy of its application and construct a basic framework of its application.Fourthly, it applies real options theory to strategetic investment of enterprises and the buy-out of company, putting forth a value model for strategetic investment program and making a concrete analysis of its application to buy-out. Furthermore, it advocates that a flexible investment decision-making system should be setup according to real options theory in our country.

本文对实物期权理论和方法及其应用进行了系统研究，主要内容包括如下几个方面：(1)详细讨论了金融期权和实物期权共同的理论基础，主要包括无套利均衡原理、风险中性定义、完全市场以及动态复制方法，对这些理论方法的探讨既是本文的出发点和基础，它们提供了研究实际应用实物期权的一个基准点，也是贯穿全文的线索和灵魂；(2)分析了现代市场经济体系中投资决策的三个基本特征即不可逆性、不确定性和时机选择，并从它们数量上和质量上相互作用的重要意义的角度，分析了传统的净现值法与实物期权方法的差异，指出了净现值法在不确定环境中存在的缺陷及实物期权处理投资灵活性的价值，并将净现值法纳入实物期权投资分析决策体系当中，总结了企业投资决策实物期权的一般分析方法；(3)探讨了实物期权应用中要考虑的各种要素，如实物资产的价值漏损、基差风险和非市场风险等，并进一步提出了实物期权应用的规范化策略和构建了一个实际应用实物期权方法的基本框架，尝试将期权的基本原理与企业在现实经济环境中投资决策的要素结合起来，从而可以在一定程度上超越期权的复杂的数学计算而汲取期权思想的精华，从而促进期权决策方法在实际投资决策中的应用；(4)将实物期权方法应用于企业战略投资，得出了战略投资项目的价值模型，指出可以将实物期权理论和方法应用于企业并购，分析了应用的具体方面，并提出应根据实物期权理论建立一套适合我国企业的灵活的投资决策系统。

And are they willing to mop up the millions of Cadbury shares that will flood the market when the arbs turn tail and run?

如果套利者跑掉的话，他们愿意吃掉将涌入市场的数百万股吉百利股份吗？

But it's really just about price ─ the price at which a handful of Cadbury's large shareholders and the arbs will sell.

不过实际上只是价格的问题──吉百利的几个大股东和套利者愿意出售的价格。

Meanwhile , because of the existence of arbitrage , the market flowability is greatly boosted and the hedgers have enough market capability to realize their dealing intentions .

同时，由于套利交易的存在，使得市场流动性大大增强，套期保值者有了足够的市场容量来实现他的交易目的。

Although the study of DSSW model confirmed the noise trader obtained more gain than arbitrageur, the arbitrageur restricted the fluctuation of price and the benefit space of noise trader.

DSSW模型研究证实了噪声交易者获得的平均收益甚至要高于套利者，但套利者的存在依然抑制了价格的波动，从而也限制了噪声交易者的获利空间。

They weren't aggressive, but I yelled and threw a rock in their direction to get them off the trail and away from me, just in case.

他们没有侵略性，但我大喊，并在他们的方向扔石头让他们过的线索，远离我，以防万一。

In slot 2 in your bag put wrapping paper, quantity does not matter in this case.

在你的书包里槽2把包装纸、数量无关紧要。