权证

用Black-Scholes模型对权证定价的实证分析

A Demonstrational Analysis on Warrant Pricing by Using Black-Scholes Model

ACD模型和SCD模型可以很好地模拟权证市场的流动性。

Besides , the ACD model and SCD model have a good fitting for the liquidity of Chinese mainland warrant market .

卖给他们的权证的价格大大低于其市场价值。

The warrants were sold to them at prices substantially below market value .

应用基于BP神经网络的权证定价方法可以缩小对权证价格预测的误差。

Therefore , the pricing method based on BP Neural Network can reduce the price deviation in the forecast .

作为回报，Fed将获得它们的优先股和普通股的认股权证。

In return , the federal government is getting preferred stock in the banks and warrants to buy common shares .

吉利汽车上周三表示，计划发售可转换债券和认购权证，但并没有透露GoldmanSachsCapitalPartners是投资方。

Geely said Wednesday that it planned to issue convertible bonds and warrants without naming Goldman Sachs Capital Partners as the buyer .

权证定价中基于GARCH模型族的波动率研究

A Study of Volatility in Warrants Pricing Based on GARCH Family Models

TrophyFund利用期权和权证来提升回报，但对这种杠杆手段的使用相对有限。

The Trophy Fund uses options and warrants to enhance its returns , although such " leverage " is relatively limited .

除了少数交投极其活跃的权证合约和部分货币掉期（currencyswaps）交易外，中国没有其它金融衍生产品。

Apart from a few heavily traded warrants contracts and some currency swaps , China has no financial derivatives products .

基于B-S公式的欧式股本权证多因素定价模型

Multi-factors pricing model of European equity warrants based on B-S Formula

结论表明，在置信度为95%的条件下，运用蒙特卡罗模拟的VaR方法度量权证市场风险更为可取和有效。

The test shows that VaR method using Monte Carlo simulation is more commendable and valid under condition of 95 % degree of belief .

此外利用GARCH模型分析权证对标的股票系统风险β的影响。

Besides , analyze the underlying stock on the impact of systematic risk β through GARCH model .

Facebook认股权证的投资者们正双倍买入看跌期权，很多人都下注该公司股票到12月将跌破每股22美元。

Investors in Facebook warrants are buying twice as many puts as calls , with many betting the stock will be below $ 22 a share by December .

本学位论文探讨的内容如下：一、阐述了期权的定义以及与权证的区别，总结分析了国内外研究期权组合VaR的文献。

The detailed research contents of this dissertation are as follow : First , the dissertation introduces the definition of options and difference between options and warrants .

sfc表示权证占香港全部股市交易量的28%。

They account for 28 per cent of total equity market turnover in Hong Kong , the SFC says .

基于带常数项与趋势项的O-U过程的权证定价

Option Pricing Based on the O-U Process with Trend and Constant

其次，加快股指期货、ETF指数权证等和ETF相关的指数衍生产品的发展。

Second , to speed up the development of stock index futures , ETF index warrants and other related derivative products .

估值专家表示，高盛（GoldmanSachs）和美国运通（AmericanExpress）赎回认股权证的价格接近或高于其估计价值，而摩根士丹利与这些竞争对手不同，其赎回价格较权证估值有很大的折扣。

Unlike rivals Goldman Sachs and American Express , which repaid the warrants at prices close to or above their estimated value , Morgan Stanley redeemed them at a significant discount , according to valuation experts .

熔盛重工在周三晚提交给港交所的一份文件中称，其将向私人股本投资者王平出售可转换认股权证，并更名为中国华荣能源（ChinaHuarongEnergyCo.）。

In a filing to the Hong Kong stock exchange on Wednesday night , Rongsheng said it would sell convertible warrants to Wang Ping , a private equity investor , and change its name to China Huarong Energy Co.

本文将在权证定价分析的框架内，重点评述SV模型的参数估计方法，并从理论和实证的角度对它们的优点和不足进行简要评介和比较。

In this paper , we analysis the main estimators of the parameters and the volatility of univariate SV models under the framework of warrant pricing .

首先，本文借鉴了国际风行的B-S模型用于计算权证的理论参考价值；

First of all , this study borrows the internationally popular B-S model to calculate the theoretical value of warrant ;

由于公司认股证期末需要通过发行新股以应对权证持有人行权要求，故不能直接套用Black-Scholes公式。

Black-Scholes model does not fit into companies issuing warrants as new share offering is required to meet rights exercise before the expiration date .

本文选用了Black-Scholes模型、二叉树模型和蒙特卡罗模拟模型对我国认股权证的定价为进行实证研究，希望能够找出一个适用于我国权证市场的定价模型。

In this paper , we use Black-Scholes model , binary tree model and Montel-Carlo model to do some empirical researches in the warrants market .

结论表明：著名的BlackScholes期权定价公式是我们所得到的定价公式的特殊情形；与标准的欧式期权相比，幂函数族之权证具有降低权利金和易于避险的功能。

Closed solution and simulation are gained , which induced that the Black-Scholes formula ( 1973 ) is the special case and Power-Function Options are benefit to low premium and hedging compared the European options .

基于K-均值聚类算法、梯度下降算法和PSO算法优化的RBF网络模型计算的权证理论价格与实际价格的趋势基本一致。

The tread of warrant theoretical price which is calculated by RBF network model based on K-means clustering algorithm 、 gradient descent and particle swarm optimization algorithm and the actual price is same . 3 .

随后探讨了记名提单的法律属性。存股权证（DepositoryReceipts）对中国资本账户管理的作用

Then the legal nature of straight bills of lading is discussed and different laws concerning it are compared . The Function of Depository Receipts in the Capital Account Management

上个月，因旗下汽车公司收购英国汽车品牌捷豹（jaguar）和陆虎（landrover），塔塔集团被迫进行大力干预，发行了一批权证。

His warning comes after the group was forced to intervene heavily last month to prop up a rights issue for the acquisition by its motor unit of Jaguar and Land Rover , the British car marques .

权证的这种期权性质，导致了其理论定价在实践中往往根据期权的有关定价公式来进行。应为较为广泛的包括B-S模型和二叉树模型。

This leads to the pricing the warrant based on the pricing model of option , including the B-S model and binominal decision tree model .

分离交易可转债WBs（WarrantBonds）这一关联股票、债券和权证三种金融工具的初级衍生产品于2006年5月8日被批准为上市公司再融资工具。

Warrant Bonds ( WBs ) which conjuncts three financial tools including stock , bond and warrant as a junior derivative was approved to be a refinance tool for the list companies in May 8th , 2006 .

这个术语是指所需金额的PQP续约或更新权证为一辆汽车已经被使用了。

The term PQP refers to the amount required to extend or renew the COE for a vehicle already in use .