The fifth chapter introduces the Black-Scholes option pricing model, Prices one representative CB issued in 2003 and contracts the results with the market price.

第五章介绍了 Black-Scholes 期权定价模型， 同时运用 B-S 模型对 2003 年发行的 代表性的可转换债券——国电转债进行定价分析并与市场价格比较。

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Gaps between the depressed procurement price and the market-clearing price, however, create a second avenue: black marketeering.

但是，降低的收购价格和市场结算价格之间的差异，导致了另一条路径：操纵黑市价格。

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Remarkably, this may actually ease price pressures, because rationing, which had pushed the old black-market price up to 330 kyat a gallon, has been relaxed.

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But in 2009 attempts predictably missed their mark as producers hoarded stocks and the black-market price soared.

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That boosted their price in the black market, disrupting imports and supply chains across the country.

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