作业帮英语翻译In actual markets,option prices,like prices for everythi
来源：学生作业帮 编辑：拍题作业网作业帮 分类：英语作业 时间：2024/04/27 18:21:50
英语翻译
In actual markets,option prices,like prices for everything else,are determined by supply and demand.This includes supply and demand from non-arbitrageurs.Investors demand call options because the options offer participation in stock price movements on the upside,limit risk on the downside,and allow investors to control a large amount of stock with a small investment.Call writers supply call options to the market because it is a way to generate income when they expect stock price will not rise sharply in the near future.
Option demand and supply are also influenced by the market environment,which encompasses taxes,transaction costs,mar乡n treatment of different securities,delivery features of option contracts,constraints on margin purchases and short sales of the stock,interaction between options and related futures contracts,and many other things.Anything that affects investors' trading decisions but is not in the model tends to push the market price away from the model value.As the second wise man indicated,a call option is worth exactly the price at which it can be traded in the market,and that does not depend on just the model.
A skeptic might ask:Without unlimited arbitrage between the option and its underlying stock as a foundation,how can a theoretical valuation model tell us anything about actual market prices?
One possible answer is that,under certain conditions,the equilibrium option price is the Black-Scholes value even when there is no arbitrage,because when investors evaluate the option as if it were any other asset,that is what its payoff pattern is worth.' Unfortunately,one of the necessary conditions for this result is that all investors be identical,which is no more true of real markets than the continuous arbitrage assumptions it replaces.
An argument that is on stronger ground,but has weaker implications,is that as long as the arbitrage is possible,it will be done in spite of transaction costs and risk whenever the expected profit is large enough to compensate for them.This leads to arbitrage bounds around the model value.
Within these bounds,there is no arbitrage and market price can move freely,but if the price strays too far from the model value,arbitrage becomes profitable and will tend to push price back into the bounded range.
How much information the model actually gives us about what the market price will be depends on how wide the arbitrage bounds are.This is not easy to determine,because the transaction costs and risk for the arbitrage are a function of which random path the stock price follows.In a recent
paper,I simulated a large number of price paths and discovered that the arbitrage bounds are disturbingly wide,even for routine cases.2 For example,the price of a one-month,at-the-money call with a Black-Scholes value of $2.05 could be anywhere from $1.74 to $2.35 without giving an arbitrageur even a 50/50 chance of covering costs,or any compensation for risk.Moreover,it is clear that,given the cost and uncertainty of the trade,arbitrageurs will not take unlimited positions,even at prices outside these wide bounds.This makes for something less than impenetrable barriers.
We are left with distressingly little in the way of a response to the skeptic's question.
In actual markets,option prices,like prices for everything else,are determined by supply and demand.This includes supply and demand from non-arbitrageurs.Investors demand call options because the options offer participation in stock price movements on the upside,limit risk on the downside,and allow investors to control a large amount of stock with a small investment.Call writers supply call options to the market because it is a way to generate income when they expect stock price will not rise sharply in the near future.
Option demand and supply are also influenced by the market environment,which encompasses taxes,transaction costs,mar乡n treatment of different securities,delivery features of option contracts,constraints on margin purchases and short sales of the stock,interaction between options and related futures contracts,and many other things.Anything that affects investors' trading decisions but is not in the model tends to push the market price away from the model value.As the second wise man indicated,a call option is worth exactly the price at which it can be traded in the market,and that does not depend on just the model.
A skeptic might ask:Without unlimited arbitrage between the option and its underlying stock as a foundation,how can a theoretical valuation model tell us anything about actual market prices?
One possible answer is that,under certain conditions,the equilibrium option price is the Black-Scholes value even when there is no arbitrage,because when investors evaluate the option as if it were any other asset,that is what its payoff pattern is worth.' Unfortunately,one of the necessary conditions for this result is that all investors be identical,which is no more true of real markets than the continuous arbitrage assumptions it replaces.
An argument that is on stronger ground,but has weaker implications,is that as long as the arbitrage is possible,it will be done in spite of transaction costs and risk whenever the expected profit is large enough to compensate for them.This leads to arbitrage bounds around the model value.
Within these bounds,there is no arbitrage and market price can move freely,but if the price strays too far from the model value,arbitrage becomes profitable and will tend to push price back into the bounded range.
How much information the model actually gives us about what the market price will be depends on how wide the arbitrage bounds are.This is not easy to determine,because the transaction costs and risk for the arbitrage are a function of which random path the stock price follows.In a recent
paper,I simulated a large number of price paths and discovered that the arbitrage bounds are disturbingly wide,even for routine cases.2 For example,the price of a one-month,at-the-money call with a Black-Scholes value of $2.05 could be anywhere from $1.74 to $2.35 without giving an arbitrageur even a 50/50 chance of covering costs,or any compensation for risk.Moreover,it is clear that,given the cost and uncertainty of the trade,arbitrageurs will not take unlimited positions,even at prices outside these wide bounds.This makes for something less than impenetrable barriers.
We are left with distressingly little in the way of a response to the skeptic's question.
在实际的市场,期权价格一样,价格一切,是取决于供给和需求.这包括供应和需求来自非套利.投资者的需求,通话选项,因为选项提供参与在股票价格变动对好处,限制风险的坏处,并允许投资者控制了大量的股票与一个小的投资.呼吁作家供应通话选项向市场,因为它是一种创收时,他们期望的股票价格将不会大幅上升,在不久的将来.
选择的需求和供应也受市场环境,其中包括税收,交易成本,三月乡N处理不同的证券,交付的特点选择权合约,保证金的限制,购买和卖空的股票之间的互动选项和相关期货合同,和许多其他东西.什么影响投资者的交易决定,但并不是在模型中,往往把市场价格偏离了模型的价值.作为第二个聪明的人表示,看涨期权是值得正是价格上可以买卖的市场,这并不仅仅依靠模型.
1怀疑可能会问：如果没有无限的套利之间的选择和其标的股票为基础,又如何能的理论估值模式告诉我们什么实际市场价格呢?
一个可能的答案是,在某些情况下,平衡期权价格是黑舒尔斯的价值,甚至当有是无套利,因为当投资者评估的选择,因为如果是任何其他资产,这正是其收益模式,是值得.'不幸的是,其中一个必要条件,这个结果是对所有投资者是相同的,这是没有真正的实质市场,比连续套利的假设,它取代.
一说法是对强大的地面,但已较弱的影响,是认为,只要套利是可能的,这将是做了,尽管交易成本和风险时,预期的利润是够大,以补偿他们.这导致套利的范围内围绕模型的价值.
在这些范围内,不存在套利和市场价格可以自由移动,但如果价格strays太远,从模型的价值,套利变得有利可图,往往会推动价格重新纳入射程范围内.
问题补充：有多少信息模型,其实给了我们什么市场价格将取决于如何广泛的套戥界.这是不容易确定,因为交易成本和风险套利是一个功能,其中随机路径股票价格如下.在最近一次
文件,我模拟了一大批价格的路径,发现套利的范围是广泛的不安,即使是例行cases.2举例来说,价格在1个月,在- -钱呼吁与一个黑色-舒尔斯的价值2.05美元,可在任何地方从1.74美元到$ 2.35 ,而不给予一个arbitrageur ,甚至50/50的机会,包括成本,或任何赔偿的风险.此外,它是明确指出,鉴于成本和不确定性,贸易,套利不会无限的立场,甚至在价格以外的这些广泛的范围内.这使得一些不少于坚不可摧的壁垒.
我们只剩下很少在沮丧的方式回应了怀疑的问题.
选择的需求和供应也受市场环境,其中包括税收,交易成本,三月乡N处理不同的证券,交付的特点选择权合约,保证金的限制,购买和卖空的股票之间的互动选项和相关期货合同,和许多其他东西.什么影响投资者的交易决定,但并不是在模型中,往往把市场价格偏离了模型的价值.作为第二个聪明的人表示,看涨期权是值得正是价格上可以买卖的市场,这并不仅仅依靠模型.
1怀疑可能会问：如果没有无限的套利之间的选择和其标的股票为基础,又如何能的理论估值模式告诉我们什么实际市场价格呢?
一个可能的答案是,在某些情况下,平衡期权价格是黑舒尔斯的价值,甚至当有是无套利,因为当投资者评估的选择,因为如果是任何其他资产,这正是其收益模式,是值得.'不幸的是,其中一个必要条件,这个结果是对所有投资者是相同的,这是没有真正的实质市场,比连续套利的假设,它取代.
一说法是对强大的地面,但已较弱的影响,是认为,只要套利是可能的,这将是做了,尽管交易成本和风险时,预期的利润是够大,以补偿他们.这导致套利的范围内围绕模型的价值.
在这些范围内,不存在套利和市场价格可以自由移动,但如果价格strays太远,从模型的价值,套利变得有利可图,往往会推动价格重新纳入射程范围内.
问题补充：有多少信息模型,其实给了我们什么市场价格将取决于如何广泛的套戥界.这是不容易确定,因为交易成本和风险套利是一个功能,其中随机路径股票价格如下.在最近一次
文件,我模拟了一大批价格的路径,发现套利的范围是广泛的不安,即使是例行cases.2举例来说,价格在1个月,在- -钱呼吁与一个黑色-舒尔斯的价值2.05美元,可在任何地方从1.74美元到$ 2.35 ,而不给予一个arbitrageur ,甚至50/50的机会,包括成本,或任何赔偿的风险.此外,它是明确指出,鉴于成本和不确定性,贸易,套利不会无限的立场,甚至在价格以外的这些广泛的范围内.这使得一些不少于坚不可摧的壁垒.
我们只剩下很少在沮丧的方式回应了怀疑的问题.
英语翻译In actual markets,option prices,like prices for everythi
英语翻译How markets solve the three economic problems1.Prices he
prices prices
check prices for CD
英语翻译1、It is where prices and markets do not operate properly
英语翻译Other mechanisms to fix prices include rigging bids for
英语翻译Prices for many widely traded goods have fallen recently
英语翻译Sometimes raising Prices or charging for services that p
英语翻译Fundamental support for soybean prices will continue to
英语翻译The explanation for our increased prices stems from the
英语翻译Property prices are a reflection of overall liquidity in
英语翻译Consumer prices posted their smallest increase in more t