她也在攻读经济学博士学位,目前正在研究"期权微笑",也就是,期权隐含波动率微笑现象中的价格变动趋势,她现在正对我微笑呢
She is also a PhD candidate in Economics and is doing research on the behavior of options prices in a phenomenon called the "Options smile," as she's smiling at me right now.
这一现象在期权的隐含波动率中显示出来，隐含波动率正是狂乱的投资者们所预见的市场波动的反映。
This shows up in the "implied volatility" of the option, which indicates how wild investors expect market swings to be.
确切的说，对于某一天的期权报价，隐含波动率是执行价格和存续期的二元函数，呈现曲面的形态。
More precisely, for one day 'quote, the implied volatility is a function of two parameters: the strike price and the time to maturity, exhibiting a surfaced shape.
在定价上主要的改变是，与实现波动率相关的隐含波动率急剧下降，这在芝加哥期权交易所之后立刻变得相当明显。
The major change in pricing is the sharp decline in implied volatility relative to realized volatility, evident immediately upon the opening of the CBOE.
在定价上主要的改变是，与实现波动率相关的隐含波动率急剧下降，这在芝加哥期权交易所之后立刻变得相当明显。
The major change in pricing is the sharp decline in implied volatility relative to realized volatility, evident immediately upon the opening of the CBOE.
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