便利收益

两篇文章利用EUETS第一阶段的数据来分析欧盟排放配额期货的便利收益。

Both papers study the convenience yield of EUA futures using data available during the first phase of the EU ETS .

本文根据国外便利收益理论，深入研究便利收益的期权性质及其定价，并采用修正的Black-Scholes期权定价模型对中国期货便利收益进行分析。

This article applies an extension of the Black-Scholes option pricing model , which is based on the foreign theory of convenience yield , to portray the character of convenience yield in Chinese futures market .

商品日便利收益的期权定价及实证分析

Option Pricing of Daily Convenience Yield for Commodity and Its Empirical Analysis

在考虑商品的便利收益情况下，探讨了商品互换及其期权的定价.对价格是随机的情形建立了单因素模型；

This paper explores the pricing of commodity swaps and options on commodity swaps in the presence of convenience yields .

我们也发现便利收益跟现金价格有显著的正相关关系但是跟波动率却有显著的负相关关系。

We also found that the convenience yield was positively correlated to the spot price but negatively correlated to spot volatility .

因此关于商品市场的便利收益的实证研究很少，而关于碳市场的情况更甚。

Moreover , empirical studies on the convenience yield in commodity markets , and even more in the carbon market , remain scant .

由此得到远期便利收益率漂移项的无套利约束，并利用此结论得到了商品互换的价格。我们证明了在远期模型中利率的随机性对商品互换的定价是有影响的。

From the pricing formulas , we can get the conclusion that the randomness of interest rate can affect the price of commodity swap .

第二，我们通过对欧盟排放配额便利收益的实证分析，发现现金价格和波动率是其重要的影响因素。

Second , we provided an empirical analysis of the EUA convenience yield in the EU ETS and studied its dependence on factors such as the spot price level and volatility .

分析了油价波动率、无风险利率和便利收益三个经济参数变化对油气田开发工程、生产改造工程和废弃工程投资决策的影响情况。最后是期权应用环境分析。

This dissertation also analyzes the effect on investment decision-making due to oil price volatility , risk-free interest rate and dividend yield for PDP , PRP and PAP . Finally , an applicable environment is discussed .

本文首先通过运用回归分析法检验了便利收益均值回复性，实证结果符合之前所提出的假设预期，说明便利收益确实存在均值回复性，这也表明市场上的现货价格可能存在均值回复性。

We first examined the mean reversion of convenience yield by regression analysis , the empirical results in line with our expectations , indicating there truly exist of mean reversion , it shows that spot market may also exist of mean reversion .

衷心希望我们的产品与服务能为您带来便利和收益！

Devout wishes for our products and services can bring convenient and profit to you !

网络银行在带给我们种种便利、收益的同时，也产生了包括道德问题在内的各种新问题。

Network Bank brings us all kinds of convenience , income , but also all kinds of new risks , including moral issues .

随着金融消费理念的盛行，现代金融服务和各种金融商品日益深入人心，金融已经不再是机构的专利，普通百姓也可以享受金融时代带来的便利和收益。

With the popularity of the concept of financial consumption and various modern financial services and products , finance has no longer been monopolized by institutions , but also common people could enjoy the convenience and benefits it yields .

最后，为准确量化贸易便利化的经济收益，介绍了四种评估方法及其具体应用。

Finally , to precisely evaluate the economic gains of trade Facilitation , four kinds of models and their applications are presented .