A Simple Binomial Model of Stock Price Movements In a binomial model, the stock price at the BEGINNING of period can lead to only 2 stock prices at the END of that period

The stock Price Assumption Consider a stock whose price is s In a short period of time of length At the change in then stock price S is assumed to be normal with mean Sdt and standard deviation os√△, that is, S follows geometric Brownian motion ds=u Sdt+oSdz Then dInS=( )dt+oda

Example AFI has SOLD for $300,000 a European call on 100,000 shares of a non-dividend paying stock: S 0 =49 =50 r=5%=20% μ=13% T =20 weeks The Black-Scholes value of the option is $240,000 How does the Fl hedge its risk?

Standard Approach to Estimating Volatility (Equation 15.1 Define on as the volatility per day between day n-1 and day n, as estimated at end of day n-1 · Define, as the value of market variable at end of day i Define ui= In(S /Si-1)

2. Futures and Forward Markets Summary Contract Specifications Margin Accounts Pattern of Futures Prices

4. Hedging Using Futures Summary Why hedge How to Hedge

第二章蛋白质化学 第一节蛋白质概述 一、蛋白质生物功能蛋白质是生物体内最重要的物质之一,英文名称叫做 Protein,是“最原初的”、“第一重要的”意思,不论是动物、植物,还是简单的细菌、病毒等都有蛋白质存在。它是细胞原生质的主要成分,与核酸一起共同构成了生命的物质基础。蛋白质的重要性很早就被认识,1838年,当 Mulder提出蛋白质这个名词时,他就明 确指出:在植物和动物中存在这样一种物质,毫不怀疑它是生物体中已知的最重要的物质,如果没有它,在我 们这个星球上生命则是不可能存在的

5. Substitutionen an aromaten 5-Al 24.6-Tribromanilin aus anilin

3.1 Discrete-Time Fourier Transform Definition- The discrete-time Fourier transform (DTFT) X(eio) of a sequence x[n] is given by jae In general,() is a complex function of the real variable and can be written as X(eio) Xre(eio) +j Xim(eio)

6.1 Introduction The convolution sum description of an LTI discrete-time system can, in principle, be used to implement the system For an IR finite-dimensional system this approach is not practical as here the impulse response is of infinite length · However, direct implementation of the IIR finite-dimensional system is practica