{"id":50088,"date":"2019-10-08T00:00:00","date_gmt":"2019-10-08T00:00:00","guid":{"rendered":"https:\/\/www.cpr.cuhk.edu.hk\/press\/cuhk-united-college-distinguished-visiting-scholar-professor-stephen-figlewski-to-give-talks-on-investment-strategies-and-stock-index-options\/"},"modified":"2019-10-08T00:00:00","modified_gmt":"2019-10-08T00:00:00","slug":"cuhk-united-college-distinguished-visiting-scholar-professor-stephen-figlewski-to-give-talks-on-investment-strategies-and-stock-index-options","status":"publish","type":"press","link":"https:\/\/www.cpr.cuhk.edu.hk\/tc\/press\/cuhk-united-college-distinguished-visiting-scholar-professor-stephen-figlewski-to-give-talks-on-investment-strategies-and-stock-index-options\/","title":{"rendered":"\u4e2d\u5927\u806f\u5408\u66f8\u9662\u5230\u8a2a\u5091\u51fa\u5b78\u4eba\u53f2\u63d0\u82ac\u2022\u8cbb\u9ad8\u65af\u57fa\u6559\u6388\u5206\u4eab\u6709\u95dc\u6295\u8cc7\u884d\u751f\u7522\u54c1\u7b56\u7565\u548c\u80a1\u7968\u6307\u6578\u671f\u6b0a\u6ce2\u5e45\u7387"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","tags":[],"class_list":["post-50088","press","type-press","status-publish","hentry"],"acf":{"title_alt":"","sub_title_alt":"","press_date":"20191008","keep":false,"details":"

\u9999\u6e2f\u4e2d\u6587\u5927\u5b78\uff08\u4e2d\u5927\uff09\u806f\u5408\u66f8\u9662\u9080\u5f97\u7f8e\u570b\u7d10\u7d04\u5927\u5b78\u53f2\u767b\u5546\u5b78\u9662\u91d1\u878d\u5b78\u8b1b\u5ea7\u6559\u6388\u53f2\u63d0\u82ac•\u8cbb\u9ad8\u65af\u57fa\uff08Professor Stephen Figlewski\uff09\uff0c\u64d4\u4efb2019\u81f32020\u5e74\u5ea6\u7684\u300c\u5230\u8a2a\u5091\u51fa\u5b78\u4eba\u300d\u3002\u4ed6\u5c07\u65bc10\u670813\u65e5\u81f320\u65e5\u5230\u8a2a\u4e2d\u5927\u806f\u5408\u66f8\u9662\uff0c\u4e26\u4e3b\u6301\u5169\u5834\u8b1b\u5ea7\uff0c\u5206\u5225\u984c\u70ba\u300c\u6ce2<\/strong>\u5e45\u7387\u8207<\/strong>\u80a1\u7968\u671f\u6b0a<\/strong>\u300d\u53ca\u300c\u5f9e<\/strong>\u80a1\u7968<\/strong>\u6307\u671f\u6b0a\u4e2d<\/strong>\u63a2\u7d22<\/strong>\u5e02\u5834\u9810\u671f\u548c\u98a8\u96aa<\/strong>\u6ea2\u50f9<\/strong>\u300d\u3002\u53f2\u63d0\u82ac•\u8cbb\u9ad8\u65af\u57fa\u6559\u6388\u662f\u6b21\u8a2a\u554f\u7531\u806f\u5408\u66f8\u9662\u57fa\u91d1\u6703\u8cc7\u52a9\u3002 <\/p>

\u5169\u5834\u8b1b\u5ea7\u5747\u4ee5\u82f1\u8a9e\u9032\u884c\uff0c\u6b61\u8fce\u516c\u773e\u53c3\u52a0\uff0c\u8a73\u60c5\u5982\u4e0b\ufe30<\/p>

\u7b2c\u4e00\u8b1b\uff1a\u6ce2\u5e45\u7387\u8207\u80a1\u7968\u671f\u6b0a<\/span><\/strong>
1973\u5e74\u63d0\u51fa\u7acb\u7684Black-Scholes\u671f\u6b0a\u5b9a\u50f9\u6a21\u578b\u5728\u904e\u53bb\u5e7e\u5341\u5e74\u9593\u6380\u8d77\u4e86\u884d\u751f\u7522\u54c1\u5927\u898f\u6a21\u589e\u9577\u7684\u71b1\u6f6e\u3002\u521d\u59cb\u6a21\u578b\u548c\u57fa\u65bc\u5b83\u800c\u5efa\u7acb\u7684\u6a21\u578b\u90fd\u4ee5\u80a1\u7968\u50f9\u683c\u7684\u6ce2\u5e45\u7387\u4f5c\u70ba\u91cd\u8981\u7684\u8f38\u5165\u53c3\u6578\u3002\u96d6\u7136\u6ce2\u5e45\u7387\u5728\u91d1\u878d\u6a21\u578b\u4e2d\u5177\u6709\u7279\u5b9a\u7684\u610f\u7fa9\uff0c\u4f46\u5927\u591a\u6578\u6295\u8cc7\u8005\u5f80\u5f80\u5c07\u6b64\u8853\u8a9e\u7528\u65bc\u8207\u80a1\u7968\u50f9\u683c\u7684\u5404\u500b\u65b9\u9762\uff0c\u4ee5\u53ca\u5f9e\u671f\u6b0a\u7684\u5e02\u5834\u50f9\u683c\u4e2d\u7372\u53d6\u7684\u96b1\u542b\u6ce2\u5e45\u7387\u3002\u662f\u6b21\u8b1b\u5ea7\u7684\u7b2c\u4e00\u500b\u76ee\u6a19\u662f\u91d0\u6e05\u300c\u6ce2\u5e45\u7387\u300d\u4e00\u8a5e\u5728\u5e38\u7528\u8a9e\u5883\u4e2d\u8ddf\u5728\u671f\u6b0a\u5b9a\u50f9\u6a21\u578b\u4e2d\u7684\u4e0d\u540c\u542b\u7fa9\u3002<\/p>

\u6ce2\u5e45\u7387\u6307\u6578\uff08VIX\uff09\u662f\u7528\u4f86\u91cf\u5ea6\u671f\u6b0a\u5e02\u5834\u50f9\u683c\u6240\u96b1\u542b\u7684\u6ce2\u5e45\u7387\u3002\u8d77\u521d\uff0cVIX\u53ea\u662f\u7528\u4f5c\u91cf\u5ea6\u671f\u6b0a\u7684\u76f8\u5c0d\u5b9a\u50f9\uff0c\u5230\u4e862004\u5e74\uff0c\u829d\u52a0\u54e5\u671f\u6b0a\u4ea4\u6613\u6240\u958b\u59cb\u63a8\u51fa\u57fa\u65bcVIX\u7684\u671f\u8ca8\u548c\u671f\u6b0a\u5408\u7d04\u3002\u9019\u4e9b\u884d\u751f\u7522\u54c1\u751a\u53d7\u5e02\u5834\u6b61\u8fce\uff0c\u7e7c\u800c\u4e16\u754c\u5404\u5730\u7684\u4ea4\u6613\u6240\u90fd\u63a8\u51fa\u4e86\u985e\u4f3c\u7684\u6307\u6578\uff0c\u5305\u62ec\u9999\u6e2f\u7684\u6052\u6307\u6ce2\u5e45\u6307\u6578\uff08VHSI\uff09\u3002\u6578\u4ee5\u767e\u8a08\u4ee5\u6ce2\u5e45\u7387\u70ba\u57fa\u790e\u7684\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\u548c\u7968\u64da\uff08ETF\u548cETN\uff09\u61c9\u904b\u800c\u751f\u3002\u7136\u800c\uff0c\u4f5c\u70ba\u4e00\u7a2e\u6a19\u7684\u8b8a\u91cf\uff0c\u6ce2\u5e45\u7387\u8207\u80a1\u7968\u50f9\u683c\u662f\u622a\u7136\u4e0d\u540c\u7684\u3002\u57fa\u65bc\u6ce2\u5e45\u7387\u7684\u884d\u751f\u54c1\u4ea6\u8207\u57fa\u65bc\u91d1\u878d\u8b49\u5238\u7684\u884d\u751f\u54c1\u6709\u5f88\u5927\u5340\u5225\u3002\u662f\u6b21\u8b1b\u5ea7\u7684\u7b2c\u4e8c\u90e8\u5206\u5c07\u96c6\u4e2d\u63a2\u8a0e\u9019\u4e9b\u5dee\u7570\uff0c\u53ca\u5176\u5c0d\u8207\u6d89\u53ca\u6ce2\u5e45\u7387\u884d\u751f\u54c1\u7684\u6295\u8cc7\u7b56\u7565\u4e4b\u91cd\u5927\u5f71\u97ff\u3002<\/p>

\u65e5\u671f\uff1a<\/p><\/td>

2019\u5e7410\u670815\u65e5\uff08\u661f\u671f\u4e8c\uff09<\/p><\/td><\/tr>

\u6642\u9593\uff1a<\/p><\/td>

\u4e0b\u53484\u664230\u5206\u81f36\u6642<\/p><\/td><\/tr>

\u5730\u9ede\uff1a<\/p><\/td>

\u4e2d\u5927\u5eb7\u672c\u570b\u969b\u5b78\u8853\u5712\u5730\u4e0b\u5289\u4f50\u5fb7\u6f14\u8b1b\u5ef3<\/p><\/td><\/tr><\/tbody><\/table>

\u7b2c\u4e8c\u8b1b\uff1a\u5f9e\u80a1\u7968\u6307\u671f\u6b0a\u4e2d\u63a2\u7d22\u5e02\u5834\u9810\u671f\u548c\u98a8\u96aa\u6ea2\u50f9<\/strong><\/span>
\u671f\u6b0a\u50f9\u683c\u53cd\u6620\u4e86\u5e02\u5834\u5c0d\u6a19\u7684\u80a1\u7968\u7684\u6ce2\u52d5\u6027\u7684\u9810\u671f\u3002\u53ef\u662f\uff0c\u5c31\u7b97\u662f\u540c\u4e00\u96bb\u80a1\u7968\u7684\u671f\u6b0a\uff0c\u56e0\u70ba\u57f7\u884c\u50f9\u683c\u7684\u5dee\u7570\uff0c\u4ea6\u6709\u4e0d\u4e00\u6a23\u7684\u96b1\u542b\u6ce2\u5e45\u7387\uff0c\u5373\u6240\u8b02\u7684\u300c\u6ce2\u5e45\u7387\u5fae\u7b11\u300d\u66f2\u7dda\u3002\u96d6\u7136\u300c\u5fae\u7b11\u300d\u66f2\u7dda\u986f\u793a\u671f\u6b0a\u7684\u5e02\u5834\u50f9\u683c\u8207\u7406\u8ad6\u4e26\u4e0d\u4e00\u81f4\uff0c\u4f46\u4e00\u822c\u4ecd\u6703\u5617\u8a66\u4f7f\u7528Black-Scholes\u6a21\u578b\u7684\u6ce2\u5e45\u7387\u9032\u884c\u5efa\u6a21\u3002\u53c8\u6216\u8005\u5728\u540c\u4e00\u6642\u9593\uff0c\u900f\u904e\u6536\u96c6\u4e0d\u540c\u57f7\u884c\u50f9\u683c\u7684\u671f\u6b0a\u7684\u6ce2\u5e45\u7387\uff0c\u53ef\u4ee5\u9810\u6e2c\u5728\u671f\u6b0a\u5230\u671f\u65e5\u6642\u80a1\u7968\u50f9\u683c\u6574\u9ad4\u96b1\u542b\u6982\u7387\u7684\u5206\u5e03\u60c5\u6cc1\uff0c\u800c\u7121\u9808\u4f7f\u7528\u7406\u8ad6\u5b9a\u50f9\u6a21\u578b\u3002\u73fe\u6642\u7684VIX\u5c31\u662f\u4ee5\u9019\u500b\u53bb\u6a21\u578b\u5316\u7684\u65b9\u6cd5\u8a08\u7b97\u51fa\u4f86\u7684\u3002\u53ef\u662f\uff0c\u8ddf\u53c3\u6578\u5316\u5b9a\u50f9\u6a21\u578b\u4e00\u6a23\uff0c\u6b64\u6a21\u578b\u5c07\u6295\u8cc7\u8005\u8996\u70ba\u5b8c\u5168\u76f8\u540c\u3002\u9019\u5c31\u51fa\u73fe\u4e86\u4e00\u500b\u5927\u554f\u984c\uff0c\u56e0\u70ba\u500b\u5225\u6295\u8cc7\u8005\u5728\u540c\u4e00\u7a2e\u671f\u6b0a\u5408\u7d04\u4e0a\uff0c\u662f\u6c38\u4e0d\u6703\u5169\u9762\u90fd\u540c\u6642\u6295\u8cc7\u7684\u3002\u5728\u73fe\u5be6\u4e16\u754c\u7684\u671f\u6b0a\u5e02\u5834\uff0c\u6295\u8cc7\u8005\u4e4b\u6240\u4ee5\u6703\u4e92\u76f8\u4ea4\u6613\uff0c\u662f\u56e0\u70ba\u4ed6\u5011\u5c0d\u672a\u4f86\u80a1\u7968\u50f9\u683c\u7684\u6f32\u8dcc\u548c\u6240\u627f\u64d4\u7684\u98a8\u96aa\u610f\u9858\u6709\u4e0d\u540c\u7684\u770b\u6cd5\u3002<\/p>

\u4eca\u6642\u4eca\u65e5\uff0c\u5f88\u591a\u7a2e\u884d\u751f\u7522\u54c1\u3001\u671f\u8ca8\u3001\u671f\u6b0a\u548c\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\u90fd\u4ee5\u540c\u4e00\u500b\u80a1\u7968\u5e02\u5834\u6307\u6578\u70ba\u6a19\u7684\uff0c\u5982\u6a19\u6e96\u666e\u723e500\u6307\u6578\u53ca\u6046\u751f\u6307\u6578\u3002\u627f\u64d4\u7684\u98a8\u96aa\u6709\u8cb7\u7a7a\u8ce3\u7a7a\uff0c\u4ea6\u6709\u4e0d\u540c\u7a0b\u5ea6\u7684\u69d3\u687f\u6548\u61c9\u3002\u4f86\u81ea\u591a\u500b\u5e02\u5834\u6240\u96b1\u542b\u7684\u6982\u7387\u5206\u5e03\uff0c\u4f7f\u6211\u5011\u80fd\u5920\u63a2\u7d22\u6295\u8cc7\u8005\u4e4b\u9593\u7684\u5dee\u7570\uff0c\u9019\u662f\u4ee5\u524d\u672a\u80fd\u505a\u5230\u7684\u3002\u6f14\u8b1b\u7684\u7b2c\u4e00\u90e8\u5206\u5c07\u56de\u9867\u6211\u5011\u5c0d\u96b1\u542b\u6ce2\u5e45\u7387\u548c\u6ce2\u5e45\u7387\u66f2\u9762\u7684\u7406\u89e3\u3002\u7b2c\u4e8c\u90e8\u5206\u662f\u4ee5\u4e00\u4e9b\u5bc6\u5207\u76f8\u95dc\u4f46\u53c8\u4e0d\u540c\u7684\u80a1\u6b0a\u884d\u751f\u5de5\u5177\u7684\u6982\u7387\u5206\u5e03\u6578\u64da\uff0c\u4f86\u5448\u73fe\u6295\u8cc7\u8005\u7570\u8cea\u6027\u7684\u65b0\u767c\u73fe\u3002<\/p>

\u65e5\u671f\uff1a<\/p><\/td>

2019\u5e7410\u670816\u65e5\uff08\u661f\u671f\u4e09\uff09<\/p><\/td><\/tr>

\u6642\u9593\uff1a<\/p><\/td>

\u4e0b\u53484\u664230\u5206\u81f36\u6642<\/p><\/td><\/tr>

\u5730\u9ede\uff1a<\/p><\/td>

\u4e2d\u5927\u5eb7\u672c\u570b\u969b\u5b78\u8853\u5712\u5730\u4e0b\u5289\u4f50\u5fb7\u6f14\u8b1b\u5ef3<\/p><\/td><\/tr><\/tbody><\/table>

\u8b1b\u5ea7\u7c21\u4ecb\uff1ahttp:\/\/www.cuhk.edu.hk\/uc\/dvs\/2019-20<\/a>
\u7db2\u4e0a\u767b\u8a18\uff1ahttps:\/\/cloud.itsc.cuhk.edu.hk\/webform\/view.php?id=6231331<\/a>

\u67e5\u8a62\ufe30\u4e2d\u5927\u806f\u5408\u66f8\u9662\u5b78\u751f\u8f14\u5c0e\u8655\u6797\u5049\u6e90\u5148\u751f\uff083943 7598\uff09\u6216\u694a\u980c\u598d\u5c0f\u59d0\uff083943 7455\uff09<\/p>

\u53f2\u63d0\u82ac•\u8cbb\u9ad8\u65af\u57fa\u6559\u6388\u7c21\u4ecb<\/strong><\/p>

\u8cbb\u9ad8\u65af\u57fa\u6559\u6388\u5728\u666e\u6797\u65af\u9813\u5927\u5b78\u4ee5\u6700\u9ad8\u69ae\u8b7d\u5b8c\u6210\u7d93\u6fdf\u5b78\u5b78\u58eb\u8ab2\u7a0b\u5f8c\uff0c\u65bc1976\u5e74\u53d6\u5f97\u9ebb\u7701\u7406\u5de5\u5b78\u9662\u7d93\u6fdf\u5b78\u54f2\u5b78\u535a\u58eb\u5b78\u4f4d\u3002\u4ed6\u662f\u7d10\u7d04\u5927\u5b78\u53f2\u767b\u884d\u751f\u7522\u54c1\u7814\u7a76\u9805\u76ee\u7684\u7e3d\u76e3\uff0c\u4e3b\u8981\u7814\u7a76\u8208\u8da3\u5305\u62ec\u884d\u751f\u5de5\u5177\uff0c\u98a8\u96aa\u7ba1\u7406\u548c\u91d1\u878d\u5e02\u5834\u7b49\u3002\u9664\u4e86\u7d10\u7d04\u5927\u5b78\u7684\u6559\u5b78\u7814\u7a76\u5de5\u4f5c\u5916\uff0c\u8cbb\u9ad8\u65af\u57fa\u6559\u6388\u66fe\u64d4\u4efb\u7b2c\u4e00\u6ce2\u58eb\u9813\u516c\u53f8\u526f\u7e3d\u88c1\uff0c\u8ca0\u8cac\u80a1\u7968\u884d\u751f\u7522\u54c1\u7684\u7814\u7a76\uff0c\u4ea6\u64d4\u4efb\u904e\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u80a1\u6307\u671f\u6b0a\u4ea4\u6613\u7684\u505a\u5e02\u5546\u3002<\/p>

\u8cbb\u9ad8\u65af\u57fa\u6559\u6388\u5728\u8457\u540d\u5b78\u8853\u671f\u520a\u4e0a\u767c\u8868\u4e86\u5927\u91cf\u6587\u7ae0\uff0c\u7279\u5225\u662f\u5728\u91d1\u878d\u671f\u8ca8\u548c\u671f\u6b0a\u7b49\u9818\u57df\u3002\u4ed6\u7684\u5927\u90e8\u5206\u8457\u4f5c\u520a\u767b\u5728\u9802\u7d1a\u671f\u520a\u4e0a\uff0c\u5982\u300aJournal of Finance\u300b\u3001\u300aJournal of Financial Economics\u300b\u53ca\u300aThe Review of Financial Studies\u300b\u7b49\u3002\u4ed6\u767c\u8868\u4e86\u904e\u767e\u7bc7\u8ad6\u6587\uff0cH\u6307\u6578\u8d85\u65bc30\u3002<\/p>","show_as_achievement":false,"achievement_category":[],"show_as_clarification":false,"show_as_announcement":false,"photos":null,"attachments":null,"video_source":null,"video_file":null,"add_play_button":false,"video_caption":"","show_migration":false,"original_id":"3131","photos_original":[{"photo":"5d9c5a28a9b8a.jpg","caption":"\u53f2\u63d0\u82ac\u2022\u8cbb\u9ad8\u65af\u57fa\u6559\u6388"},{"photo":"5d9c5a293ae28.jpg","caption":"\u4e2d\u5927\u806f\u5408\u66f8\u9662\u5230\u8a2a\u5091\u51fa\u5b78\u4eba\u8b1b\u5ea7\u7cfb\u5217 2019-20"}],"attachments_original":null},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.cpr.cuhk.edu.hk\/tc\/wp-json\/wp\/v2\/press\/50088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cpr.cuhk.edu.hk\/tc\/wp-json\/wp\/v2\/press"}],"about":[{"href":"https:\/\/www.cpr.cuhk.edu.hk\/tc\/wp-json\/wp\/v2\/types\/press"}],"version-history":[{"count":0,"href":"https:\/\/www.cpr.cuhk.edu.hk\/tc\/wp-json\/wp\/v2\/press\/50088\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.cpr.cuhk.edu.hk\/tc\/wp-json\/wp\/v2\/media?parent=50088"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cpr.cuhk.edu.hk\/tc\/wp-json\/wp\/v2\/tags?post=50088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}