股票市场

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。

This text proceeds with concept of the stock option,pass the comparison of our country and developed country actual conditions,analyze to the existing problems of the respect,such as capital market situation of our country,encouraging the target's achievement evaluation criterion,option cost to estimate etc.,have explained the obstacle that the stock option meets in our country popularizes and applies in detail,and point out that will make the system of stock option really function in China,there is a lot of work to be done.

持有这种权利的经理人员有权在一定时期后将购入的股票在市场上出售，购买股票的价格与出售股票的市场价格之间的差额，就成为经理人员的收入，但股票期权本身不能转让。对于高级管理人员和技术骨干的激励作用是有目共睹的。美国、日本的大多数公司都实行了这种制度。但是，自从安然事件爆发后，围绕股票期权产生的一些矛盾的事实开始进入公共视野。

The stock markets standard operation is a long-term process, which cannot be solved by shareholdings division reform.

中国股票市场的合理化规范化运作不是股权分置改革就能够完全解决的问题，是一个系统的长期的过程。

The list of corporate events that can result in big profits for you runs the gamut — spinoffs, mergers, restructurings, rights offerings, bankruptcies, liquidations, asset sales, distributions.

格林布拉特把这些机会描述为股票市场利润的藏身之处。大多数人往往把这些特殊事件当成闲置资金的低收益套利，其实其中的利润巨大。

Since the start of August, the banks have underperformed the global stockmarket by 12%.

自8月份以来，银行的运营状况就不如股票市场，低了20%。

This article has done such work for the empirical study on the IPO underpricing in our stock market.

本文对我国股票市场的IPO抑价现象进行了实证研究，主要工作如下。

Then this paper has introduced the overall situation of IPO underpricing in Chinese stock market.

随后，本文介绍了我国股票市场IPO抑价的总体情况：我国的平均IPO抑价率较高，但有逐步降低的趋势。

IPO Underpricing is a fact that exists in almost every stock market around the world.

首次公开发行抑价现象在世界各国的股票市场中普遍存在。

In other words, the stock is offered with a low price, called as underpricing.

本文就是在这些基础之上，结合我国股票市场可流通比例小、限制发行市盈率和投机性投资居多等情况，对我国首次公开发行定价问题做深入的分析和检验。

In Chapter 5, in order to capture the long-range volatility correlations and other characteristics of the stock markets, the feed-back interactions are introduced to the EZ herding models.

第五章，为了使模型具有长程关联以及股票市场的其它特征行为，我们把信息反馈作用引入到EZ羊群模型中。

And Pharaoh spoke to Joseph, saying, Your father and your brothers have come to you.

47：5 法老对约瑟说，你父亲和你弟兄们到你这里来了。

Additionally, the approximate flattening of surface strip using lines linking midpoints on perpendicular lines between geodesic curves and the unconditional extreme value method are discussed.

提出了用测地线方程、曲面上两点间短程线来计算膜结构曲面测地线的方法，同时，采用测地线间垂线的中点连线和用无约束极值法进行空间条状曲面近似展开的分析。