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问题 单项选择题

某股票当前价格为50元，一看涨期权的执行价格为45元，目前价格为10元，其隐含的股票收益率的标准差为20%，相应的N(d1)=0.87。假设1份看涨期权对应100股股票，投资者王先生相信未来该股票收益率的标准差为30%，并且经过计算得知，N(d1′)=0.83。那么他将通过______实现套利。

A．购买1份看涨期权，并买入100股股票
B．出售1份看涨期权，并买入87股股票
C．购买1份看涨期权，并卖空83股股票
D．出售1份看涨期权，并卖空87股股票

答案

参考答案：C

解析： 在王先生看来，由于未来该股票收益率的标准差为30%，隐含的股票收益率的标准差为20%，所以隐含波动率小于实际波动率，说明该看涨期权被低估，由此买入看涨期权，卖空股票。
数量：100×N(d1′)=83

多项选择题

下面哪几项是班集体建设目标的组成部分？（）

A.班集体组织管理目标

B.适应信息化时代的目标

C.集体全面发展的目标

D.小组与个人目标
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问答题

Passage 1 Honorable Ministers，Your Excellencies，Ladies and Gentlemen, It is a great pleasure to welcome you to the first session of the Conference of the Parties to the WHO Framework Convention on Tobacco Control. One hundred and twenty one countries are now contracting parties to the Convention. Of these, 110 are here today, with full powers of participation. You represent nearly three quarters of the world’s population. You represent nations at all levels of income and all stages of development. //In this powerful gathering, we have three of the five top tobacco-leaf exporting countries, and four of the five top cigarette-exporting countries. This group of countries represents 69% of the world’s cigarette consumption. It might seem astonishing that this group is also preparing to put into action the roadmap for countries to control tobacco. But this group has already changed history. // When the process began there was some skepticism over its success. The skeptics were wrong. You are driving change forward. To name some examples: India has introduced comprehensive tobacco advertising bans. Australia, Brazil, Canada, Singapore and Thailand have introduced highly visible graphic warnings on cigarette packets. The European Union is on its way to doing the same. In Ireland, Norway, and now in Spain, smoking has been banned in indoor public places. These, and other similar steps, will result in a major reduction in tobacco deaths. // New York State passed a smoking ban. It termed this act its "pest public health policy ever". Ironically, now it’s said that the only place you can smoke with impunity in New York City is the United Nations Building. Both Ann Veneman and I have said that this is wrong. // Smoking should be banned in all UN premises. Also, cigarette sales should be banned in all United Nations premises. After all, the people who are smoking in the UN building sometimes are the representatives of the same Member States who have signed up to the Framework Convention. But it can be hard to put agreements into practice. We will all face this. // Ladies and gentlemen, when we know that, in an Irish pub, a smoking ban can really work, then we know that anything is possible. Smoking is an advance contract. Those who smoke don’t pay now, but will do so 30 to 40 years later, when their health fails. They pay with lung cancer, with obstructive airways disorders, with cardiovascular diseases. One in two smokers pays with their life. We have to help them stop smoking. We have to prevent them from starting. // This convention is something that we all committed to. Its provisions are bold. They are based on knowledge of what is effective. We will make it work. Thank you. // (Speech by LEE Jong-wook, former Director-general of WHO, at the Conference of the Parties in Geneva on February 6, 2006)
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