科技论文英译汉

1. 科技论文英译汉

标准的风险中性估值模式需要推导风险中性概率，即在一个时期二项式模型归结为解线性方程组。由于不确定性的波动，我们获得的可能性分布的风险中性概率。根据这些措施，我们执行riskneutral估价美式期权

2. 如何用MATLAB模拟Binomial Point Process

　　Binomial model option pricing generates a pricing tree in which every node represents the price of the underlying financial instrument at a given point in time. You can use this pricing tree to price options with nonstandard features such as path dependence, lookback, and barrier events. For more complex structures, it is better to use Monte Carlo simulation-based option pricing, because it is less computationally intensive.
　　You can use binomial models to:
　　Build custom pricing models based on a choice of Cox-Ross-Rubinstein trees, Equal Probabilities trees, Leisen-Reimer trees, or Implied Trinomial trees
　　Price vanilla and exotic options, compute sensitivities, and calibrate with market prices
　　Analyze market prices of options to identify trading opportunities
　　Design hedging strategies based on option greeks to measure and control market risk exposure
　　For more information, see MATLAB® toolboxes for finance and financial instruments.
转的英文资料，看看有用没有？

3. 求金融数学The mathematics of Finance:Modeling and Hedging.Joseph Stampfli,Victor Goodman这本书

1 Financial Marketsl.l Markets and Mathl.2 Stocks and Their Derivativesl.2.l Forward Stock Contractsl.2.2 Call Optionsl.2.3 Put Optionsl.2.4 Short Sellingl.3 Pricing Futures Contracts1.4 Bond Marketsl.4.l Rates of Returnl.4.2 The U.S. Bond Marketl.4.3 Interest Rates and Forward Interest Ratesl.4.4 Yield Curvesl.5 Interest Rate Futuresl.5.l Determining the Futures Pricel.5.2 Treasury Bill Futuresl.6 Foreign Exchangel.6.l Currency Hedgingl.6.2 Computing Currency Futures2 Binomial Trees, Replicating Portfolios,and Arbitrage2.l Three Ways to Price a Derivative2.2 The Game Theory Method2.2.l Eliminating Uncertainty2.2.2 Valuing the Option2.2.3 Arbitrage2.2.4 The Game Theory Method--A General Formula2.3 Replicating Portfolios2.3.l The Context2.3.2 A Portfolio Match2.3.3 Expected Value Pricing Approach2.3.4 How to Remember the Pricing Probability2.4 The Probabilistic Approach2.5 Risk2.6 Repeated Binomial Trees and Arbitrage2.7 Appendix: Limits of the Arbitrage Method3 Tree Models for Stocks and Options3.l A Stock Model3.l.l Recombining Trees3.l.2 Chaining and Expected Values3.2 Pricing a Call Option with the Tree Model3.3 Pricing an American Option3.4 Pricing an Exotic Option--Knockout Options3.5 Pricing an Exotic Option--Lookback Options3.6 Adjusting the Binomial Tree Modelto Real-World Data3.7 Hedging and Pricing the N-Period Binomial Model4 Using Spreadsheets to Compute Stockand Option Trees4.l Some Spreadsheet Basics4.2 Computing European Option Trees4.3 Computing American Option Trees4.4 Computing a Baeder Option Tree4.5 Computing N-Step Trees5 Continuous Models and the Black-Scholes Formula5.l A Continuous-Time Stock Model5.2 The Discrete Model5.3 An Analysis of the Continuous Model5.4 The Black-Scholes Formula5.5 Derivation of the Black-Scholes Formula5.5.l The Related Model5.5.2 The Expected Value5.5.3 Two Integrals5.5.4 Putting the Pieces Together5.6 Put--Call Parity5.7 Trees and Continuous Models5.7.l Binomial Probabilities5.7.2 Approximation with Large Trees5.7.3 Scaling a Tree to Match a GBM Model5.8 The GBM Stock Price Model--A Cautionary Tale5.9 Appendix: Construction of a Brownian Path6 The Analytic Approach to Black-Scholes6.l Strategy for Obtaining the Differential Equation6.2 Expanding V(S,t)6.3 Expanding and Simplifying V(St, t)6.4 Finding a Portfolio6.5 Solving the Black-Scholes Differential Equation6.5.l Cash or Nothing Option6.5.2 Stock--or-Nothing Option6.5.3 European Call6.6 Options on Futures6.6.l Call on a Futures Contract6.6.2 A PDE for Options on Futures6.7 Appendix: Portfolio Differentials7 Hedging7.l Delta Hedging7.l.l Hedging, Dynamic Programming, and a Proof thatBlack--Scholes Really Works in an Idealized World7.l.2 Why the Foregoing Argument Does Not Hold in the Real World7.l.3 Earlier A Hedges7.2 Methods for Hedging a Stock or Portfolio7.2.l Hedging with Puts7.2.2 Hedging with Collars7.2.3 Hedging with Paired Trades7.2.4 Correlation-Based Hedges7.2.5 Hedging in the Real World7.3 Implied VOlatiIity7.3.l Computing with Maple7.3.2 The Volatility Smile7.4 The Parameters A, r, and O7.4.l The Ro1e of r7.4.2 A Further Role for A, r, O7.5 Derivation of the Delta Hedging Rule7.6 DeIta Hedging a Stock PUrchase8 Bond Models and Interest Rate Options8.l Interest Rates and Forward Rates8.l.1 Size8.l.2 The Yield Curve8.l.3 How Is the vield Curve Determined?8.l.4 Forward Rates8.2 Zero-Coupon Bonds8.2.l Forward Rates and ZCBs8.2.2 Computations Based on Y(t) or P(t)8.3 Swaps8.3.l Another Variation on Payments8.3.2 A More Realistic Scenario8.3.3 Models for Bond Prices8.3.4 Arbitrage8.4 Pricing and Hedging a Swap8.4.l Arithmetic Interest Rates8.4.2 Geometric Interest Rates8.5 Interest Rate Models8.5.l Discrete Interest Rate Models8.5.2 Pricing ZCBs from the Interest Rate Model8.5.3 The Bond Price Paradox8.5.4 Can the Expected Value Pricing Method Be Hrbitraged?8.5.5 Continuous Models8.5.6 A Bond Price Model8.5.7 A Simple Example8.5.8 The Vasicek Model8.6 Bond Price Dynamics8.7 A Bond Price Formula8.8 Bond Prices, Spot Rates, and HJM8.8.1 Example: The Hall-White Model8.9 The Derivative Approach to HJM: The HJM Miracle8.lO Appendix: Forward Rate Drift9 Computational Methods for Bonds9.l Tree Models for Bond Prices9.l.1 Fair and Unfair Games9.l.2 The Ho-Lee Model9.2 A Binomial Vasicek Model: A Mean Reversion Model9.2.l The Base Case9.2.2 The General Induction Step10 Currency Markets and Foreign Exchange Risks1O.l The Mechanics of TradinglO.2 Currency Forwards: Interest Rate Parity1O.3 Foreign Currency OptionslO.3.l The Garrnan-Kohlhagen FormulalO.3.2 Put--Call Parity for Currency OptionslO.4 Guaranteed Exchange Rates and QuantoslO.4.l The Bond HedgelO.4.2 Pricing the GER Forward on a StocklO.4.3 Pricing the GER Put or Call Option1O.5 To Hedge or Not to Hedgeand How Much11 International Political Risk Analysisll.1 Introductionll.2 Types of International Risksll.2.l Political Riskll.2.2 Managing International Risk1l.2.3 Diversificationll.2.4 Political Risk and Export Credit Insurancell.3 Credit Derivatives and the Management of Political Riskll.3.l Foreign Currency and Derivativesll.3.2 Credit Default Risk and Derivatives1l.4 Pricing International Political Riskl1.4.l The Credit Spread or Risk Premium on Bondsll.5 Two Models for Determining the Risk Premiumll.5.1 The Black--Scholes Approach to Pricing Risky Debtll.5.2 An Alternative Approach to Pricing Risky Debtll.6 A Hypothetical Example of the JLT ModelAnswers to Selected ExercisesIndex

4. 西方期权定价理论的二项分布期权定价模型

针对布－肖模型股价波动假设过严，未考虑股息派发的影响等问题，考克斯、罗斯以及罗宾斯坦等人提出了二项分布期权定价模型（binomial option pricing model-bopm），又称考克斯－罗斯－罗宾斯坦模型〔（1）e〕。该模型假设：第一，股价生成的过程是几何随机游走过程（geometric random walk），股票价格服从二项分布。与布－肖模型一样，在bopm模型中，股价的波动彼此独立且具有同样的分布，但这种分布是二项分布，而非对数正态分布。也就是说，把期权的有效期分成n个相等的区间，在每一个区间结束时，股价将上浮或下跌一定的量，从而：（附图 {图}）令snj代表第n个区间后的股价，其间假定股价上浮了j次，下跌了（n-j）次，则：（附图 {图}）第二，风险中立（risk-neutral economy）。由于连续交易机会的存在，期权的价格与投资者的风险偏好无关，它之所以等于某一个值，是因为偏离这一数值产生了套利机会，市场力量将使之回到原先的水平。 假设股票现价为s[0]，一个区间后买方期权到期，那时股价或者上升为s[11]或者下降为s[10]即，：（附图 {图}）根据风险中立的假设，任何一种资产都应当具有相同的期望收益率，否则就会发生套利行为。也就是说此时无风险债券、股票及买方期权的将来价值满足如下关系：（附图 {图}）上式中，q表示的是股票价格上涨的概率，因而期权的价格乃相当于其预期价格的贴现值。 上述分析可以进一步推广到n个区间的买方期权价格的确定。首先，需计算出买方期权价格的预期值，假设在n个区间里，在股价上涨k次前，买方期权仍然是减值期权，内在价值仍为0，而k次到n次之间，它具有内在价值，则：（附图 {图}）（附图 {图}） 先前的分析没有考虑股息的存在，假定某种股票每股在t时将派发一定量的股息，股息因子为f，除息日与付息日相同，则在除息日股价将会下降相当于股息的金额fs[t]。（附图 {图}）对于美式期权，则需考虑提前执行的情况：在t时若提前执行，其价格等于内在的价值；不执行，则可按前面的推导得到相应的价格。最终t时的价格应当是提前执行与不提前执行情况下的最大者。即：（附图 {图}） 根据欧洲期权的平价关系，可直接从其买方期权导出卖方期权价格，而美国期权则不能。利用上述推导美国买方期权价格的方法，可以同样得到：（附图 {图}）这就是美国卖方期权的定价公式。从上述bopm模型的推演中可看出其主要特点：1．影响期权价格的变量主要有基础商品的市价（s），期权协定价格（x），无风险利率（r），股价上升与下降的因子（u,d），以及股息因子（f）及除息次数。事实上u与d描述的是股价的离散度，因而与布－肖模型相比，bopm所考虑的主要因素与前者基本相同，但因为增加了有关股息的讨论，因而在派发股息的期权及美国期权的定价方面，具有优势。2．根据二项分布的特点，bopm模型中只要对u与d及p作出适当的界定，它就可以回答跳动情况下的期权的定价问题。这是布－肖模型所不能够的。同时，当n达到一定规模后，二项分布趋向于正态分布，只要u、d及p的选择正确，bopm模型会逼近布－肖模型。与布－肖模型一样，二项分布定价模型也被推广到外汇、利率、期货等的期权定价上，受到理论界与实业界的高度重视。三、对西方期权定价理论的评价以布莱克－肖莱斯模型和bopm模型为代表的西方期权定价理论，是伴随着期权交易，特别是场内期权交易的扩大与发展而逐渐丰富与成熟起来的。这些理论基本上是以期权交易的实践为背景，并直接服务于这种实践，具有一定的科学价值与借鉴意义。首先，模型将影响期权价格的因素归纳为基础商品价格、协定价格、期权有效期、基础商品价格离散度以及无风险利率和股息等，并认为期权价格是这些因素的函数，即：c或p=(s,x,t，σ，γ，d)在此基础上得到了计算期权价格的公式，具有较高的可操作性。比如在布－肖模型中，s、x及t都可以直接得到，γ亦可以通过相同期限的国库券收益率而求出，因而运用该模型进行估价，只需求出相应的σ值即基础商品的价格离散度即可。实践中，σ值既可通过对历史价格的分析得到，亦可假定未行使的期权的市场价格即为均衡价格，将相应变量代入求得（此时称为隐含的离散度implicit volatility）。因而操作起来比较方便。同时，这种概括是基于期权的内在特点，把它放在统一的资本市场考虑的结果。其分析触及到了期权价格的实质，力图揭示期权价格“应当是”多少，而不是“可能是”多少的问题，因而比早期的计量定价模型向前迈了一大步。其次，模型具有较强的实践性，对期权交易有一定的指导作用。布－肖模型以及二项分布模型都被编制成了计算机软件，成为投资者分析期权市场的一种有效工具。金融界也根据模型编制成现成的期权价格计算表，使用方便，一目了然，方便了投资者。正如罗伯特·海尔等所编著的《债券期权交易与投资》一书所言：“（布－肖）模型已被证明在基本假设满足的前提下是十分准确的，已成为期权交易中的一种标准工具。”具体来讲，这些模型在实践中的运用主要体现于两方面：1．指导交易。投资者可以借助模型发现市场定价过高或过低的期权，买进定价过低期权，卖出定价过高期权，从中获利。同时，还可依据其评估，制定相应的期权交易策略。此外，从模型中还可以得到一些有益的参数，比如得耳他值（△），反映的是基础商品价格变动一单位所引起的期权价格的变化，这是调整期权头寸进行保值的一个十分有用的指标。此外还有γ值（衡量△值变动的敏感性指标）；q值（基础商品价格不变前提下，期权价格对于时间变动的敏感度或弹性大小），值（利率每变动一个百分点所引起的期权价格的变化）等。这些参数对于资产组合的管理与期权策略的调整，具有重要参考价值。2．研究市场行为。可以利用定价模型对市场效率的高低进行考察，这对于深化期权市场的研究也具有一定意义。

5. 麻烦英语好的盆友帮忙翻译成英文。不要用电脑翻译的。谢谢

This paper mainly introduces the theory of option pricing, and two kinds of option pricing models: two binomial tree model and the Black - Scholes model, and the European stock option as an example, the application of the two binomial tree model, the calculation of the option value.

The trading floor of standardized options only thirty years of history, but because the option with good risk avoidance, risk investment, found that the value of the function, showing the characteristics of flexibility and diversity, the option to become the most dynamic financial derivative product, has been rapidly developed and widely used. Options research from the pioneer Bachelier in the sixty's of last century into the real scholars, from the B-S-M model to the neural network and other kinds of differential equation, dynamic programming and simulation, these achievements have been widely used to study the pricing of options and the economic and financial fields.

Has the important significance of a comprehensive understanding of application of option theory in reality. Use the options on the adverse uncertainty has a cost. But in reality some implicit shift costs often overlooked. Reasonable use of uncertainty can create value for the enterprise, but this concept is not most people recognize. The understanding of these can be attributed to the real application of the option theory is not complete. Research and development continues to the theories and methods of option pricing theory and method, research on computer, mathematics, and new technology of behavior and psychology are rapidly and widely used in the field of pricing due. Nobel Prize in economics from every second billion-dollar derivatives, option pricing in this area such as options, young and full of vitality, will attract more attention and research, access to greater development.

6. 本人英语较差。有没有人帮我翻译下这个英文摘要。50分封上，小弟只有60算是全投入了。

Convertible bonds as a kind of financial instruments for financing of listed companies in our country has a history of more than 20 years of development. Since it has the issue of low threshold, at the beginning of the issue is less than the cost of financing bonds, when the listed company financial leverage is too large or the beginning do not want to bear larger interest cash outflows, at the same time, the financial situation of the company itself, profitability and capital structure does not fit to raise equity when required by the relevant constraints, choose convertible bonds listed financing became this kind of company is an ideal way of indirect financing.
Can an accurate evaluation of the convertible bond value not only for distribution companies, also has the vital significance for investors. This paper enumerates the current several common pricing model of convertible bond option value, and compares the advantages and disadvantages of each model, and the analysis of the degree of each model to adapt to the Chinese securities market, select binary tree model is currently in circulation in China all of the pricing of convertible bonds is studied.
In this paper, first of all for the convertible bond value is analyzed, then illustrates the convertible bond pricing model, for the convertible bond value is the most important part of the current option value in several kinds of pricing methods are introduced. Then starting from the actual situation of the convertible bond market in China, is selected to circulate on the market all of the convertible bonds as a samples, collected from each convertible bonds issuing initial to March 20, 2012 at the close of business this period of time data, using the binary tree model for convertible bonds pricing analysis. Using the matlab software to programming model, and the related parameters calculated using excel corresponding function. Finish with a comparative analysis of the research results, summarizes the result of the analysis and the corresponding countermeasures are presented.