complete markets, which is equivalent to the unique existence of a risk-neutral measure. A single-period binomial-tree model …-free markets is a necessary condition for the legitimacy of risk-neutral pricing, and that a condition of complete markets is for … the uniqueness of a risk-neutral measure. The objective of this paper is to provide an intuitive interpretation of …

English Abstract: Risk-neutral valuation is the foundation of modern derivative pricing theory. However, Chinese … textbooks do not clarify the fact that no-arbitrage conditions implies the existence of risk-neutral probability. This paper … demonstrates the core of the risk-neutral valuation - the fundamental theorem of asset pricing. Although there has been mature …

。债券平均规模与债券剩余期限的网络节点效应对债券未来风险溢价也有较大影响。从实证结果的政策含义上来看：一方面，准确、全面地披露城投债信息、管控城投债系统性风险，有助于维系债券市场价格信号的有效性，稳定债券市场；另一方面，在控制城投债风险溢价的过程中，政府需要重点关注风险溢价波动较高、债券发行数量较多的省份，同时也需要时刻关注债券的平均规模与剩余期限，在各省实行差异化的适应性金融政策，对深化金融供给侧结构性改革，维护脱贫攻坚成果具有重要意义。English abstract: As a barometer to measure the risk, the risk premia of bonds imply the risk of the bond market. When using the … parametric model to predict the risk premia, the external policies and the real-time changes of the economy not only will lead to … a more reasonable parameter modeling method to predict the future trend of bond risk premia. We find that, ①in the …

mistake that the return of market portfolio is assumed to be exogenous, the risk-return characteristics is a concept from the …

the evolution on the understanding of arbitrage, the breakthrough from a deterministic world into a world of uncertainty …