下列关于B-S-M模型的无红利标的资产欧式期权定价公式的说法，正_爱下问搜题

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问题多项选择题

下列关于B-S-M模型的无红利标的资产欧式期权定价公式的说法，正确的有（）。

A.N（d2）表示欧式看涨期权被执行的概率

B.N（d1）表示看涨期权价格对资产价格的导数

C.在风险中性的前提下，投资者的预期收益率μ用无风险利率r替代

D.资产的价格波动率σ用于度量资产所提供收益的不确定性

答案

参考答案：A, B, C, D

解析：从B-S-M模型中可以得出以下几点提示：①从公式可以看出，在风险中性的前提下，投资者的预期收益率μ用无风险利率r替代；②N（d2）表示在风险中性市场中ST大于K的概率，或者说是欧式看涨期权被执行的概率；③N（d1）是看涨期权价格对资产价格的导数，它反映了很短时间内期权价格变动与其标的资产价格变动的比率，所以说，如果要抵消标的资产价格变化给期权价格带来的影响，一个单位的看涨期权多头就需要N（d1）单位的标的资产的空头加以对冲；④资产的价格波动率σ用于度量资产所提供收益的不确定性，人们经常采用历史数据和隐含波动率来估计。

单项选择题

订立委托合同应以委托方与受托方具有的（）为基础。

A.代理关系

B.授权关系

C.诚信关系

D.合作关系

完形填空

It was always thought that Treasure Island(金银岛) was the product（产物） of Robert Stevenson’s imagination（想像）. 36 ，recent research has found the true story of this exciting work .
Stevenson, a Scotsman, had lived 37 for many years .In 1881 he returned to Scotland to spend 38 .With him were his American wife Fanny and his son 39 .
Each morning they would go out for a 40 over the hills .They had been 41 this for several days before the weather suddenly took a turn for the worse. Kept indoors by the heavy rain, Lloyd, Stevenson’s son, felt the days 42 .To keep the boy happy, Robert asked the boy to do some 43 .
One morning, the boy came to Robert with a beautiful map of an island. Robert 44 that the boy had drawn a large cross in the middle of 45 . “What’s that?” he asked “That’s the 46 treasure”, said the boy. Robert suddenly 47 something of an adventure(冒险) story in the boy’s 48 .While the rain was pouring ,Robert sat down by the fire to write a story. He would make the 49 a twelve-year-old boy just like Lloyd .But who would be molded(塑造) into the hero — a pirate(海盗)?
Robert had a good friend named Henley, who walked with the 50 of a wooden leg , Robert had always wanted to 51 such a man in a story. 52 Long John Silver, the pirate with a wooden leg, was 53 .
So thanks to a 54 September in Scotland, a friend with a wooden leg and the imagination of a twelve-year-old boy, we have one of the greatest 55 stories in the English language.