问题 单项选择题

某期权价格曲线如下图所示,则根据该图形曲线可以判定该期权为( )。

答案

参考答案:A

解析:

[分析]:
欧式看跌期权的上限为Xe-r(T-t),下限为max[Xer(T-t)-S,0]。当Xe3r(T-t)-S>0时,它就是欧式看跌期权的内在价值,也就是其价格下限;当Xer(T-t) -S<0时,欧式看跌期权内在价值为0,其期权价格等于时间价值;当Xer(T-t)-S=0时,时间价值最大。当S趋于0和∞时,期权价格分别趋于Xer(T-t)和0。特别地,当S=0时,p=Xer(T-t)。r越低,期权期限越长、标的资产价格波动率越大,则期权价格曲线以O点为中心,往右上方旋转,但基本形状不变,而且不会超过上限。因此,本题的正确选项为A。

阅读理解

Tragedy at the Circus

In yesterday’s circus(马戏团)show, a tiger suddenly attacked its trainer and had to be shot dead. As the circus packed up and left, circus officials said the show would go on, even without tigers.

However, the officials can’t simply turn a blind eye to the ethical problems left behind. Even before this tragedy(悲剧), animal rights activists protested against keeping wild animals in unnatural conditions and forcing them to suffer for the profit(利润) of circus organizers.

It is now time for us to take effective steps to make sure that circus animals are treated properly.

Circus Safe for Animals

Our circus recently suffered a most tragic event in its history. While we are thankful for the pity from the public, we are also astonished by the opinion expressed in “Tragedy at the Circus.”

First, our performing animals are not taken from the wild. As to the ethical problems. we always believe humans and animals can—and should—live together nicely. To us, the performing animals are representatives of their species(物种), and our circus is one of the only places left willing to support this special role of performing animals in the existence of the species. Those who argue that circus life is harmful to animals show little knowledge of these facts. Life in the “wild” is unsafe, but a continuous struggle for existence. To overlook these realities is the greatest fault against the animal kingdom.

This circus has proven that animals are stronger and smarter than we could imagine. Within the circus is a joyful atmosphere for both animals and humans: people are educated, and species saved.

1.What is the main purpose of the first passage?

A.To show pity for the performing animals. 

B.To express worries about animal trainers' safety. 

C.To deal with the difficult situations of the circus

D.To call for action to protect circus animals.

2.What will the circus most probably do?

A.Take no notice of the tragedy.

B.Continue its performances.

C.Use fewer wild animals.

D.Limit its profit.

3.What does the circus think of its performing animals?

A.They are as clever as human beings.

B.They struggle continuously with human beings for existence.

C.They are helpful in saving their species.

D.They have equally natural living conditions as wild animals.

4.What is the most probable relationship between the two passages?

A.A public request and a newspaper report.

B.A newspaper article and a reply to it.

C.Two parts of a newspaper article.

D.Two newspaper reports.

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