金融衍生品模型的一般特征
金融衍生品模型的一般特征(中文5500字,英文3300字)
在过去二十年里，我们目睹了全世界金融衍生证券交易的革命时期或金融市场中的未定权益。衍生证券可以被定义为证券，其价值取决于其他更基本的基本变量的价值，这可以是证券交易的价格，商品价格或股票指数。两个最常见的衍生证券是期货和期权。远期合同（如果在交易所交易就是所谓的期货合约）是双方为在今后某一时间以预定的价格购买或出售资产而选择持有人有权（但没有义务）在某一特定日期以预定价格购买或出售资产所达成的协议。各种各样衍生性金融证劵和新的金融衍生产品正在不断的出现。新的衍生证券定价理论框架的建设已经是金融数学理论研究领域的主要挑战之一。金融衍生证券的理论研究和风险控制管理已普遍称为华尔街的火箭科学。
在本书中，我们集中研究金融期权的定价模式。在财政企业中期权交易是投资组合管理中的一个组成部分。确实，许多金融战略和决策可从探讨期权的角度分析。我们探索不同类型的期权和在合理的价格内讨论理论框架就可以得到结论。
CHAPTER 1
General Characteristics of Financial
Derivative Models
In the past two decades,we have witnessed the revolutionary period in the trading of financial derivative securities or contingent claims in financial markets around the world.A derivative security may be defined as a security whose value depends on the values of other more basic underlying variables,which may be the prices of traded securities,prices of commodities or stock indices.The two most common derivative securities are futures and options.A forward contract (called a futures contract if traded on exchanges) is an agreement between two parties to buy or sell an asset at a certain time in the future for a predetermined price while an option gives the holder the right (but not the obligation) to buy or sell an asset by a certain date for a predetermined price.There has been a great proliferation in the number
[来源：http://www.doc163.com]
and variety of derivative securities and new derivative products are being invented continuously.The construction of the theoretical framework for the pricing of new derivative securities has been one of the major challenges in the field of mathematicl finance.The theoretical studies of financial derivative securities and their risk management have been commonly known as Rocket Science on Wall Street. [版权所有：http://DOC163.com]