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

Vorwort 1,5 Tage(18 Stunden)4, 5 Personen, 5,5 Computer 8 Kannen Kaffee. a. 10000 Kcal Bei diesem Skript ist zu beachten: Bei sich in analoger Weise wiederholenden Whelandkomplexen wurde aus Zeit-und Platzgrunden auf die mesomeren Grenzformeln verzichtet. Gleiches trifft auch auf die meisten Ubergangszustande bei S-Reaktionen zu Auch wurde nur in dem Versuch 2E1 die Diazotierung vollstandig ausformuliert, da sie sich von den anderen Beispielen nicht unterscheidet

5, Interest Rates Futures Summary Asset Prices depend on the interest Rates Spot rates and forward rates How to determine the price of the Interest rate futures How to Hedge interest rate risk

3. Forward and Futures Prices Summary Short Selling The Repo Rate Forward Contracts Forward Price vs. Futures Price Stock Index Futures Forward and Futures Contracts on Currencies