English Abstract: The fundamental pricing theory of derivatives is based on the assumptions of arbitrage-free and …-free markets is a necessary condition for the legitimacy of risk-neutral pricing, and that a condition of complete markets is for …

English Abstract: Risk-neutral valuation is the foundation of modern derivative pricing theory. However, Chinese … demonstrates the core of the risk-neutral valuation - the fundamental theorem of asset pricing. Although there has been mature …

I first introduce the early-stage and modern classical asset pricing and portfolio theories. These include: the capital … asset pricing model (CAPM), the arbitrage pricing theory (APT), the consumption capital asset pricing model (CCAPM), the … intertemporal capital asset pricing model (ICAPM), and some other important modern concepts and techniques. Finally, I discuss the …

increasing information flow can be achieved simultaneously. …

discover a new pricing method, the semi-equilibrium pricing method, which first solves the optimal portfolios of investors …. This step is consistent with the equilibrium pricing method, but the second step of semi-equilibrium pricing method uses … Pricing Model) formula is not an equilibrium pricing formula, but a semi-equilibrium pricing formula: When the CAPM formula is …

English Abstract: The risk dogma believes that asset price is determined by a certain risk, while equilibrium pricing … time series betas and market betas, and that the risk dogma deviates from the wholeness thinking of equilibrium pricing and … treats the pricing of individual securities in isolation. Finally, by analyzing the impact of changes in asset's payoff on …

. The CAPM formula, which is a semi-equilibrium pricing formula, reveals that the market value of each primitive security …

English Abstract: We find out the general solution for the prices of primitive securities in the pricing formula by … capital asset pricing model (CAPM). Furthermore, considering the clearing condition of the total market value of risky assets …, we find out the equilibrium solution of the CAPM market, which reveals the overall thinking in equilibrium pricing. We …

, defuse the crisis of impossible frontier, present the negative price of European call option pricing by beta, and point out …