Dividend derivatives
研究了两种股票指数股息模型（跳跃扩散模型和随机逻辑扩散模型），并用道琼斯欧洲STOXX50股息指数期货和期权数据校准微笑曲线，对金融从业者和衍生品研究者有参考价值。
Dividend derivatives are not simply a by-product of equity derivatives. They constitute a distinct growing market and an entire suite of dividend derivatives are offered to investors. In this paper, we look at two potential models for equity index dividends and discuss their theoretical and practical merits. The main results emerge from a downward jump-diffusion model with beta distributed jumps and a stochastic logistic diffusion model, both able to capture the particular dynamics observed for dividends and cum-dividends, respectively, in the market. Smile calibration results are discussed with market data on the Dow Jones Euro STOXX50 DVP dividend index for futures and European call and put options.