Dec
10
继上次投诉过网通以后，网通又有了新花样。
在某个网页稍微长一点的时间打不开的情况下，被重定向到http://218.57.242.45/index_bj.html
上面广告不少，而且假扮ＩＥ提示你网页无法打开，其实我用的是ｆｉｒｅｆｏｘ
而且网页上，屏蔽右键，屏蔽前进、后退，屏蔽Ｆ５刷新，屏蔽退格键
甚至还有一段统计代码
继续打电话投诉，讨说法！
在某个网页稍微长一点的时间打不开的情况下，被重定向到http://218.57.242.45/index_bj.html
上面广告不少，而且假扮ＩＥ提示你网页无法打开，其实我用的是ｆｉｒｅｆｏｘ
而且网页上，屏蔽右键，屏蔽前进、后退，屏蔽Ｆ５刷新，屏蔽退格键
甚至还有一段统计代码
继续打电话投诉，讨说法！
Nov
28
就算黄光裕现在放出来，国美也完蛋了。
立此存照
立此存照
Nov
6
假如当时丘处机没有路过牛家村。
那么，秘密跟踪他的那些金兵就不会死在郭，杨二人的院子里，同样，完颜洪烈也不会见到包惜弱而对她念念不忘。
那些金兵不会死在丘处机手里，而郭，杨两家以后不会受到牵连。
郭，杨两家不受波及，李萍不会流亡大漠，郭靖和杨康将会平平安安出生在牛家村。江南七怪自然也不会前往大漠。
而要是没有郭靖和七怪相助，铁木真就会死在扎木合他们手里，蒙古各部也就不能统一。
蒙古不能统一，也就不会有什么西征。火药就不会传入欧洲。
没有火药，铁甲士在欧洲的统治就不会动摇。因此，黑暗的中世纪将延长一千年，也就没有文艺复兴。
没有了文艺复兴，自然也没有大航海。北美洲将始终是游牧的印第安人的家园。
同样，西班牙人不会将铁炮传入日本。长筱会战是武田方面获胜，日本战国时代将一直持续不能统一。
在另一国度，完颜洪烈没有包惜弱，只能全力参加权力斗争。金国因此会内乱。
没有蒙古，金国又内乱，因此，宋不但不会灭亡，反而会统一。宋朝注重商贸，因此，资本主义萌芽将在中国出现。
如果发展到今天，中国将是最发达的国家，远远领先于日本，西班牙，西欧，美洲。。。。。。。
今天的金融危机也就不会出现，我的股票也不会跌得这么惨！所有的一切，都怪丘处机，你说你一道士，没事干嘛路过什么牛家村嘛？！
那么，秘密跟踪他的那些金兵就不会死在郭，杨二人的院子里，同样，完颜洪烈也不会见到包惜弱而对她念念不忘。
那些金兵不会死在丘处机手里，而郭，杨两家以后不会受到牵连。
郭，杨两家不受波及，李萍不会流亡大漠，郭靖和杨康将会平平安安出生在牛家村。江南七怪自然也不会前往大漠。
而要是没有郭靖和七怪相助，铁木真就会死在扎木合他们手里，蒙古各部也就不能统一。
蒙古不能统一，也就不会有什么西征。火药就不会传入欧洲。
没有火药，铁甲士在欧洲的统治就不会动摇。因此，黑暗的中世纪将延长一千年，也就没有文艺复兴。
没有了文艺复兴，自然也没有大航海。北美洲将始终是游牧的印第安人的家园。
同样，西班牙人不会将铁炮传入日本。长筱会战是武田方面获胜，日本战国时代将一直持续不能统一。
在另一国度，完颜洪烈没有包惜弱，只能全力参加权力斗争。金国因此会内乱。
没有蒙古，金国又内乱，因此，宋不但不会灭亡，反而会统一。宋朝注重商贸，因此，资本主义萌芽将在中国出现。
如果发展到今天，中国将是最发达的国家，远远领先于日本，西班牙，西欧，美洲。。。。。。。
今天的金融危机也就不会出现，我的股票也不会跌得这么惨！所有的一切，都怪丘处机，你说你一道士，没事干嘛路过什么牛家村嘛？！
Nov
5
可以关注
奥巴马板块：
002227奥特迅,
002231奥维通信
600741巴士股份,
600386北巴传媒,
600808马钢股份,
600993马应龙
坚决回避
麦凯恩板块：002012凯恩股份
奥巴马板块：
002227奥特迅,
002231奥维通信
600741巴士股份,
600386北巴传媒,
600808马钢股份,
600993马应龙
坚决回避
麦凯恩板块：002012凯恩股份
Oct
26
Delta is a measure of the sensitivity the calculated option value has to small changes in the share price.
Gamma is a measure of the calculated delta's sensitivity to small changes in share price.
Theta measures the calculated option value's sensitivity to small changes in time till maturity.
Vega measures the calculated option value's sensitivity to small changes in volatility.
Rho measures the calculated option value’s sensitivity to risk-free interest rate.
Oct
24
PART II
(PART I see here)
Assumptions of the Black and Scholes Model
1) The stock pays no dividends during the option's life
Most companies pay dividends to their share holders, so this might seem a serious limitation to the model considering the observation that higher dividend yields elicit lower call premiums. A common way of adjusting the model for this situation is to subtract the discounted value of a future dividend from the stock price.
2) European exercise terms are used
European exercise terms dictate that the option can only be exercised on the expiration date. American exercise term allow the option to be exercised at any time during the life of the option, making american options more valuable due to their greater flexibility. This limitation is not a major concern because very few calls are ever exercised before the last few days of their life. This is true because when you exercise a call early, you forfeit the remaining time value on the call and collect the intrinsic value. Towards the end of the life of a call, the remaining time value is very small, but the intrinsic value is the same.
3) Markets are efficient
This assumption suggests that people cannot consistently predict the direction of the market or an individual stock. The market operates continuously with share prices following a continuous It? process. To understand what a continuous It? process is, you must first know that a Markov process is "one where the observation in time period t depends only on the preceding observation." An It? process is simply a Markov process in continuous time. If you were to draw a continuous process you would do so without picking the pen up from the piece of paper.
4) No commissions are charged
Usually market participants do have to pay a commission to buy or sell options. Even floor traders pay some kind of fee, but it is usually very small. The fees that Individual investor's pay is more substantial and can often distort the output of the model.
5) Interest rates remain constant and known
The Black and Scholes model uses the risk-free rate to represent this constant and known rate. In reality there is no such thing as the risk-free rate, but the discount rate on U.S. Government Treasury Bills with 30 days left until maturity is usually used to represent it. During periods of rapidly changing interest rates, these 30 day rates are often subject to change, thereby violating one of the assumptions of the model.
6) Returns are lognormally distributed
This assumption suggests, returns on the underlying stock are normally distributed, which is reasonable for most assets that offer options.
(PART I see here)
Assumptions of the Black and Scholes Model
1) The stock pays no dividends during the option's life
Most companies pay dividends to their share holders, so this might seem a serious limitation to the model considering the observation that higher dividend yields elicit lower call premiums. A common way of adjusting the model for this situation is to subtract the discounted value of a future dividend from the stock price.
2) European exercise terms are used
European exercise terms dictate that the option can only be exercised on the expiration date. American exercise term allow the option to be exercised at any time during the life of the option, making american options more valuable due to their greater flexibility. This limitation is not a major concern because very few calls are ever exercised before the last few days of their life. This is true because when you exercise a call early, you forfeit the remaining time value on the call and collect the intrinsic value. Towards the end of the life of a call, the remaining time value is very small, but the intrinsic value is the same.
3) Markets are efficient
This assumption suggests that people cannot consistently predict the direction of the market or an individual stock. The market operates continuously with share prices following a continuous It? process. To understand what a continuous It? process is, you must first know that a Markov process is "one where the observation in time period t depends only on the preceding observation." An It? process is simply a Markov process in continuous time. If you were to draw a continuous process you would do so without picking the pen up from the piece of paper.
4) No commissions are charged
Usually market participants do have to pay a commission to buy or sell options. Even floor traders pay some kind of fee, but it is usually very small. The fees that Individual investor's pay is more substantial and can often distort the output of the model.
5) Interest rates remain constant and known
The Black and Scholes model uses the risk-free rate to represent this constant and known rate. In reality there is no such thing as the risk-free rate, but the discount rate on U.S. Government Treasury Bills with 30 days left until maturity is usually used to represent it. During periods of rapidly changing interest rates, these 30 day rates are often subject to change, thereby violating one of the assumptions of the model.
6) Returns are lognormally distributed
This assumption suggests, returns on the underlying stock are normally distributed, which is reasonable for most assets that offer options.
