Dimensions of risk involved in taking a position in an option (or other derivative). Each risk variable is a result of an imperfect assumption or relationship of the option with another underlying variable. Various sophisticated hedging strategies are used to neutralize or decrease the effects of each variable of risk. Neutralizing the effect of each variable requires substantial buying and selling and, as a result of such high transactions costs, many traders only make periodic attempts to rebalance their options portfolios.With the exception of vega (which is not a Greek letter), each measure of risk is represented by a different letter of the Greek alphabet:Δ(Delta) represents the rate of change between the option's price and the underlying asset's price - in other words, price sensitivity.Θ(Theta) represents the rate of change between an option portfolio and time, or time sensitivity.Γ(Gamma) represents the rate of change between an option portfolio's delta and the underlying asset's price - in other words, second-order time price sensitivity. ϒ(Vega) represents the rate of change between an option portfolio's value and the underlying asset's volatility - in other words, sensitivity to volatility.ρ (Rho) represents the rate of change between an option portfolio's value and the interest rate, or sensitivity to the interest rate.
股票估价(Stock Valuation) 目录 1什么是股票估价 2股票估价的方法 3股票估价的模型 什么是股票估价 股票估价是通过一个特定技术指标与数学模型，估算出股票在未来一段时期的相对价格，也叫股票预期价格。 股票估价的方法 第一种是根据市盈率估值.比如钢铁业世界上发达国家股市里一般是8-13倍的市盈率.所以通过这种估值方法可以得出一般钢铁企业的估值=业绩*此行业的一般市盈率. 第二种是根据市净率估值.比如一个资源类企业的每股净资产是4块,那么我们就可以看这类企业在资本市场中一般市净率是多少,其估价=净资产*此行业一般市净率.这种估价方法适合于制造业这类主要靠生产资料生产的企业.象IT业这类企业就明显不合适用此方法估值了. 股票估价的模型 股票估价的基本模型 计算公式为： 股票价值 估价 R——投资者要求的必要收益率 Dt——第t期的预计股利 n——预计股票的持有期数 零增长股票的估价模型 零成长股是指发行公司每年支付的每股股利额相等，也就是假设每年每股股利增长率为零。每股股利额表现为永续年金形式。零成长股估价模型为： 股票价值=D/Rs 例：某公司股票预计每年每股股利为1.8元，市场利率为10%，则该公司股票内在价值为： 股票价值=1.8/10%=18元 若购入价格为16元，因此在不考虑风险的前提下，投资该股票是可行的 固定增长股票的估价模型 设最近一期支付的股利为D0，预计第一期支付的股利为D1，股利增长率为g，则： 价值 若购入价格为46元，在不考虑风险的前提下，投资该股票是可行的。 阶段性增长股票的估价模型 P/E比率估价分析' P/E比率：即股票的每股市价与每股收益的比率，又称市盈率。 价值 股票价格＝该股票市盈率×该股票每股收益 股票价值＝行业平均市盈率×该股票每股收益
The negative impact of a company's new product on the sales performance of its existing related products. If a company is practicing market cannibalization, it is eating its own market. For example, say Coca Cola puts out a new product called Coke2, and customers buy Coke2 instead of regular Coke. Although sales may be up for the new product, these sales may be eating into Coke's original market, in which case the overall company sales would not be increasing. Because of the possibility of market cannibalization, investors should always dig deeper, analyzing the source and impact of the success of a company's new but similar product.
An estate planning tool used to freeze certain assets of an individual for estate tax purposes, but not for income tax purposes. The intentionally defective trust is created as a grantor trust with a purposeful flaw that ensures that the individual continues to pay income taxes, as income tax laws will not recognize that assets have been transferred away from the individual. For estate tax purposes, however, the value of the grantor's estate is reduced by the amount of the asset transfer. The individual will "sell" assets to the trust in exchange for a promissory note of some length, such as 10 or 15 years. The note will pay enough interest to classify the trust as above market, but the underlying assets are expected to appreciate at a faster rate. |||The beneficiary of an IGDT is typically children or grandchildren, who will receive assets that have been able to grow without reductions for income taxes (which have been paid by the grantor). The IDT can be a very effective estate planning tool if structured properly, allowing a person to lower his or her taxable estate while gifting assets to beneficiaries at a locked in value. The grantor (creator) of the trust can also lower his or her taxable estate by paying income taxes on the trust assets, essentially gifting extra wealth to beneficiaries. An IDT should be structured with the assistance of a certified financial planner and/or estate planning attorney.
A mutual fund that invests in securities from several different countries, including the United States. World funds typically have a significant portion of their capital invested in U.S.-listed securities, but also spread their investment capital among securities from several other countries. This structure limits exposure to any specific country and limits exchange rate risks. It's important to not confuse "international funds" with "world funds". International funds invest exclusively in securities from countries outside of the United States, while world funds can have up to 75% of their capital invested in U.S. securities.In contrast, "country funds" are mutual funds that limit their investments to securities from one particular country. The common argument for the benefits of world funds is that, while still based on the U.S. market, world funds allow their managers to select the best securities out of the global marketplace, instead of being limited to selecting only from a given country and missing out on potentially better investments.
A currency with value that has depreciated significantly over time against other currencies. The long-term outlook for a weak currency is that it will continue to lose value due to fundamental weaknesses in the nation that issues this currency. |||Weak currency nations generally have poor economic fundamentals, which may include a high rate of inflation, chronic current account and budget deficits and sluggish economic growth. Nations with weak currencies usually have much higher levels of imports, compared with their exports, resulting in more supply than demand for such currencies on international foreign exchange markets if they are freely-traded currencies. While a temporarily weak phase in a major currency provides a pricing advantage to its exporters, such a benefit seldom accrues to exporters in weak currency nations, since other factors such as high input costs and bureaucratic red tape may offset this advantage.
资产负债率， 又称举债经营比率，是负债总额与资产总额的比率，它反映了在总资产中气多大比例的资金来源是通过借债筹集的，也可以衡量企业在清算时保护债权人利益的程度。其计算公式为： 资产负债率=负债总额/资产总额*100% 资产负债率30%以下资本运作能力不高，应该加强。 资产负债率50%资产运作高手。 资产负债率70%以上很危险。
Margin creep refers to the behavior of a company that chooses to focus only on the high-end, high-margin products, even if customers show an inclination towards more value-oriented products and/or services. A product's margin is the difference between the cost of the good or service and the retail price; the greater the difference, the higher the margin. While any products or services that are successfully marketed and sold may result in a solid margin, other potential sales will be lost if value-minded consumers are price-sensitive. The tendency for margin creep within a company can have long-term implications on its sustainability.
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