European Options on Stock 12.2 Paying Continuous Dividends We get the same probability distribution for the stock price at time T in each of the following cases 1. The stock starts at price So and provides a continuous dividend yield q 2. The stock starts at price Soe-q' and provides no dividend yield

Categorization of Stochastic Processes 1 Discrete time; discrete variable 2 Discrete time; continuous variable 3 Continuous time; discrete variable 4 Continuous time; continuous variable Options, Futures, and Other Derivatives,4 4th edition2000 by John.hull Tang Yincai, 2003, Shanghai Normal University

第一章 15 (a)The trader sells 100 million yen for $0.0080 per yen when the exchange rate is $0.0074 per yen. The gain is 100x0.0006 millions of dollars or $60,000. ()The trader sells 100 million yen for $0.0080 per yen when the exchange rate is $0.0091 per yen. The loss is 100.0011 millions of dollars or $110,000. 1.6 you could buy 5,000 put options (or 50 contracts)with a strike price of

Notation : European call C: American Call option option price price p: European put P: American Put option option price price So: Stock price today·Sr:Stock price at time X: Strike price D: Present value of T: Life of option

Nature of Swaps A swap is an agreement to exchange cash flows(现金流)at specified future times according to certain specified rules

Two Kinds of Underlying Assets · Investment assets: held for investment purposes by a significant numbers of investors. Examples: stocks, bonds, gold. Three different situations: 1. The asset provides no income 2. The asset provides a known dollar income 3. The asset provides a known dividend yield Consumption assets: held primarily for consumption. Examples: commodities such as copper, oil and live hogs

The Nature of Derivatives derivative(衍生产品/工具) is an instrument whose value depends on the values of other more basic underlying(标的/原 生) variables

一、网络安全概述 网络安全是计算机网络及其应用领域中一直在研究 的关键问题。它对于保障以电子商务为代表的网络 经济的快速发展,保证专用的金融网、政府网和军 事网的安全运行具有极其重要的战略意义。网络安 全已经成为一个迫在眉睫的问题。 一般而言,网络安全在技术层次上主要包括防火墙 技术、加密解密技术、攻击预警技术和数据恢复技 术等。 从网络安全防护上讲,防火墙技术和数据加密技术 给出了一个静态防护的概念,而入侵预警技术则具 有主动防御的意义

2.关于波动性的比较 国际投资是国际资本流动的主要形式之一,国际资本 流动是经济全球化和世界经济增长的重要推动力,但 同时国际资本流动的波动又直接危及经济安全,近年 来频发的金融危机就与此直接相关。就国际投资的波 动性而言,国际直接投资与国际证券投资存在很大的 差异,统计比较表明,国际直接投资的波动性要低于 国际证券投资,这主要与上文提到的国际直接投资追 求持久利益有关

跨国公司的业务非常广泛,根据其现行的 国际业务活动可以区分为以下几种类型: (1)产品制造、采矿和推销业务;(2) 商品的进出口贸易业务;(3)专利、商标 和技术转让等许可证贸易;(4)国际金融 领域的资金融通;(5)不动产业务等