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There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融领域有两个基本的概念：金钱的时间价值以及对期望的不确定性
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融估值的核心包括期货估值
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是给期货定价最广泛接受和使用的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种无套利定价模型
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	其核心思想是期货的定价应排除套利利润。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资者在现货市场和期货市场进行买卖时会无差别对待，因为他们获得的价格实际上是相同的
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	预期是会影响价格，但它们影响的是现货价格，并通过现货价格影响期货价格。
They do not directly influence the futures price.	预期不会直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格（Fp）的计算公式为：期货价格(Fp)=现货价格(Sp)+持有成本(Cc)−持有收益(Cr)（1）
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	持有成本（CC）是指在期货合约到期之前持有（在现货市场购买）标的资产的利息成本。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	持有收益（CR）是指在持有期间从标的资产中获得的收入（例如股息）。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	因此，期货价格（F）应等于现货价格（S）加上持有成本减去持有收益。
If it is otherwise, there will be arbitrage opportunities as follows	如果情况不是这样，将会有以下套利机会：
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当 F > (S + CC - CR) 时：卖出（被高估的）期货合约，在现货市场购买标的资产并持有到期货合约到期。
This is called "cash-and-carry" arbitrage.	这称为正向套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当 F < (S + CC - CR) 时：买入（被低估的）期货合约，在现货市场卖空标的资产并将卖空的收益进行投资直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这称为反向套利。

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