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通过商业银行次级债看成以银行价值为基础资产的期权组合,通过波动率微笑方法修正,应用实物期权模型对其进行定价。
Through the subordinated debt of commercial banks, it can be regarded as the portfolio of options based on the bank value of assets, amended with the method of volatility and smile, and applied real option model to price it.