Among them, Merton (1977) first applied the Black-Scholes option pricing model to estimate risk-based bank-specific deposit insurance premiums.
许多学者均曾以选择权模式来评订存款保险费率（如Merton，1977，1975等），由於他们在其评价模式内均假定无风险报酬利率为固定，因而得到存保费率与利率并无直接相关之结果。
First, making use of martingale method, pricing formula on European contingent claim, price of call and put option were obtained
首先利用鞅方法给出欧式未定权益一般定价公式，并得到欧式买权、卖权价格的解析表达式及平价关系，推广了一般 Black- Scholes模型及 Merton模型的结果
First, making use of martingale method, pricing formula on European contingent claim, price of call and put option were obtained; Then the partial differential equation which price of European contingent claim satisfgied was deal with and hedging strategy for option was obtained. The sensitivity analysis was given.
首先利用鞅方法给出欧式未定权益一般定价公式，并得到欧式买权、卖权价格的解析表达式及平价关系，推广了一般Black-Scholes模型及Merton模型的结果；其次利用Ito公式给出欧式未定权益价格应满足的偏微分方程和套期保值策略；最后给出了欧式期权价格的灵敏度分析。
Now that volume is as worn and backless and hanging apart as my father's poor Sanford and Merton.
如今这册书已经跟父亲那本损坏的《桑福徳与默顿》一样，又破又旧，最后几页掉了，书页散了。
As the sociologist of science Robert K. Merton demonstrates, Clark assumes that scientists can be aware of the social forces conditioning and constraining their behavior and that conscious motivations are sufficient to explain the behavior of scientists.
作为科学社会学家的罗伯特·莫顿例证指出，克拉克假定科学家能够认识到社会因素限定并约束他们的行为，因此意识动机足以解释科学家的行为。
And it`s similar to Merton (1977) model, assumes that interest rates during the subsistence of option is fixing rate.
与Merton (1977)模型相似的，该模型假设利率在选择权存续期间是固定的。
They are the Myron Sikeersi of the Robert Merton of haing Buddha university and Stanford university.
他们是哈佛大学的罗伯特·默顿和斯坦福大学的迈伦·斯科尔斯。
In order to combine the reality of China with modern method, this thesis probes into a fitful modelling method of Chinese Treasury bond interest rate term structure.
不确定性下的均衡利率期限结构模型的概念最早是由Robert Merton于1973年提出的，现在这一分析方法得到了进一步的发展，并在理论分析中广为运用。
The girl he loved was Laura Merton, the daughter of a retired army officer who had lost his temper and his health in India, and had never found either of them again.
Laura的爸爸是名退休军官。当年陷在印度的日子毁他的身体也磨坏了他的脾气，导致如今他都药不离口，性格暴躁。
The unanticipated consequences of social action are unique to the human conduct. Sociologists Robert K. Merton, Anthony Giddens, and Ulrich Beck all made systematic discussions on the issue as a specialized theoretic question.
行动的意外后果是人类活动的独有现象，社会学家默顿、吉登斯和贝克把它作为一个专门的社会学理论问题作了系统的讨论。
This research used option-based structural model: Merton Model and the Implied Volatility Model which visualized an option on the firm`s equity that expired before the debt mature was a compound option and was proposed by Hull, Nelken and White in 2004. Then compare the fitting and ranking ability in the model implied credit spread of the two structural model to the observed bond credit spread between corporate bond yield and bond yield in Taiwan`s listed companies.
本研究运用选择权基础的信用风险模型：Merton(1974)模型与Hull，Nelken and White(2004)提出将个股选择权视为复合选择权的Implied Volatility模型，比较这两个结构式信用风险模型所计算出的隐含信用利差对台湾上市、柜公司之公司债殖利率与公债殖利率间实际的信用利差之配适能力与排序能力。
The 20 outer boroughs are Waltham Forest, Redbridge, Havering, Barking and Dagenham, Newham, Bexley, Bromley, Croydon, Sutton, Merton, Kingston upon Thames, Richmond upon Thames, Hounslow, Hillingdon, Ealing, Brent, Harrow, Barnet, Haringey, and Enfield.
20外区的沃尔瑟姆森林，Redbridge ，Havering ，门口和Dagenham ，纽汉，贝克斯利，布罗姆利，克罗伊登，萨顿，默顿，金士顿对泰晤士，里士满泰晤士河畔，Hounslow ，Hillingdon ，伊灵，布伦特，哈罗，巴尼特，Haringey ，和恩菲尔德。
Local services such as refuse disposal, housing grants and parking control are still run by the 32 boroughs: Barking, Barnet, Bexley, Brent, Bromley, Camden, Croydon, Ealing, Enfield, Greenwich, Hackney, Hammersmith and Fulham, Haringey, Harrow, Havering, Hillingdon, Hounslow, Islington, Kensington and Chelsea, Kingston-upon-Thames, Lambeth, Lewisham, Merton, Newham, Redbridge, Richmond-upon-Thames, Southwark, Sutton, Tower Hamlets, Waltham Forest, Wandsworth, and Westminster.
当地服务如垃圾处理，住房补助及停车管制，仍是由以下32个区县管辖：巴金，巴奈特，贝克思雷，布伦特，布罗摩里，坎登，克罗伊登，伊令，埃菲尔德，格林威治，哈克尼，汉莫史密斯和富勒姆，哈林盖，耙，海沃林，惠灵顿，洪斯洛，伊斯林顿，金斯顿和切尔西，金斯顿在泰晤士，朗伯斯，琉易舍姆，墨顿，纽汉，雷德布里奇，里士满在泰晤士，南华克，萨顿，哈姆雷特塔，沃尔瑟姆福雷斯特，旺兹沃思，威斯敏斯特。
American scholars Bodi and Merton suggested the new method to analyze and observe finance system is function view.
因此随着国家宏观经济环境的变化，对财务公司的政策定位几经变化，且前后变化较大。
Based on the concept background, modeling basis and mathematical formation, a systematic comparision among KMV, CreditMetrics, CreditRisk and PortfolioView is carried out, which are the worldwide models for credit risk management. It is found that the mentioned models are endowed with the same concept background of the pricing theory of Black-scholes and the structural foundation of Meton's pricing model, they even can be described by the unified Bernoulli mixed model, and each of the models is compatible with the distribution composed of the Bernoulli random variables.
从概念背景、建模基础及数学表达方式上对现今国际上信用风险管理实践中应用最为广泛的KMV、CreditMetrics、CreditRisk、Portfolio View模型进行了比较研究，发现其不仅有相同的概念背景－Black-scholes的定价理论和相同的模型构建基础－Merton定价模型，而且还可以用统一的Bernoulli混合模型来表示，即各个模型均遵循由独立Bernoulli随机变量构成的违约分布，表明了现代风险模型的内在统一性。
Finally we propose two improvements to the Monte Carlo model, on one hand we assume price changes follows jump-diffusion process in order to capture the fat-tail feather of the yields sequence.
最后，针对蒙特卡洛模型的上述缺陷我们提出了的两点改进方案，一、假设合约价格变化服从Merton提出的跳跃扩散过程，以便捕捉收益率序列的厚尾特征。
Finally, we sketch some aspects in measuring credit risk concerning the correlation of defaultThis thesis mainly probes some academic models, and proves classical and fundamental Merton model and first-passage-time model, and then makes an analysis of empirical comparison on traditional models forecasting default rate with findings that the probit model taking account of the heteroskedasticity has the stronger explanatory power than discrimant and homoskedastic models. We calculate the rating transition frequencies matrix with datasets from a state-owned commercial bank, and make a study on LGD, to find out factors to determine LGD include debt agreement characteristics, firm-specific characteristics, industry effects and macroeconomic factors. Meanwhile we give several pricing paradigms on risk of defaultable bonds and loans, and present the program written in Matlab language to simulate the VaR of loan portfolios, in the end we skillfully obtain the portfolio set constrained by VaR.
本文致力于对信用风险度量的理论模型作一些探讨，引入等价概率测度和违约距离的概念后，求解了经典的莫顿模型和首越边界时间模型；用商业银行的数据表对传统的违约预测模型进行了实证对比检验，发现考虑了异方差的概率单位模型有比判别分析和同方差probitt和logit模型更好的预测力；本文还用重庆市某商业银行的数据表计算了转移概率矩阵：对LGD的特征进行了理论和实证研究，发现决定LGD的因素有合约特征、公司因素、产业特征和宏观经济因素；本文较全面地总结了定价可违约债券风险的几种范式；给出了组合VaR的Matlab仿真程序；本文最后巧妙地得出了VaR约束下的组合边界的解。
With CAPM disposal about systematic risk, this paper presents new expression of cost of capital and gives relationship of levered equity Bata and all-equity Bata; after pointing out equity and debt option character, this dissertation gives mathematical expressions of cost of equity and cost of risky debt by using OPM and continuous-time version of CAPM, and gives relationship about cost of equity, cost of risky debt and capital structure.
借助于CAPM对系统性风险的处理，给出了CAPM关于资本成本的新的表达式，得到了股权资本β系数与无负债企业股权资本β系数之间的关系式；在指出股权与债务的期权特征后，运用OPM与Merton给出的连续时间CAPM，分别给出了股权资本成本与风险债务资本成本的数学表达式，分别说明了股权资本成本、风险债务资本成本与资本结构的关系。
Bernal and Merton: Social Formation of Base Alloisomerism of Sociology of Science
贝尔纳与默顿：科学社会学同基异构现象的社会形成
Third, the paper gives the optimal consumption and investment tactics with feed-back form, based on the value function of the stochastic optimal control problem, and it compare with classical Merton problem.
其次，基于最优控制问题的值函数给出了具有反馈形式的最优消费和投资策略，并与经典Merton问题进行了比较分析；