{"id":316929,"date":"2025-07-20T17:12:07","date_gmt":"2025-07-20T17:12:07","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/smci-stock-split-2\/"},"modified":"2025-07-20T17:12:07","modified_gmt":"2025-07-20T17:12:07","slug":"smci-stock-split","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/smci-stock-split\/","title":{"rendered":"Ph\u00e2n T\u00e1ch C\u1ed5 Phi\u1ebfu SMCI: Ph\u00e2n T\u00edch To\u00e1n H\u1ecdc cho Quy\u1ebft \u0110\u1ecbnh \u0110\u1ea7u T\u01b0 Chi\u1ebfn L\u01b0\u1ee3c v\u00e0o n\u0103m 2024"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":219888,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[47,46,28],"class_list":["post-316929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-beginner","tag-how","tag-investment"],"acf":{"h1":"Khung Ph\u00e2n T\u00edch To\u00e1n H\u1ecdc Chia C\u1ed5 Phi\u1ebfu SMCI T\u1ed1i \u01afu c\u1ee7a Pocket Option","h1_source":{"label":"H1","type":"text","formatted_value":"Khung Ph\u00e2n T\u00edch To\u00e1n H\u1ecdc Chia C\u1ed5 Phi\u1ebfu SMCI T\u1ed1i \u01afu c\u1ee7a Pocket Option"},"description":"Kh\u00e1m ph\u00e1 c\u00e1ch chia t\u00e1ch c\u1ed5 phi\u1ebfu c\u1ee7a Super Micro Computer bi\u1ebfn \u0111\u1ed5i \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng th\u00f4ng qua m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ch\u00ednh x\u00e1c v\u00e0 gi\u00e0nh l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option.","description_source":{"label":"Description","type":"textarea","formatted_value":"Kh\u00e1m ph\u00e1 c\u00e1ch chia t\u00e1ch c\u1ed5 phi\u1ebfu c\u1ee7a Super Micro Computer bi\u1ebfn \u0111\u1ed5i \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng th\u00f4ng qua m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ch\u00ednh x\u00e1c v\u00e0 gi\u00e0nh l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option."},"intro":"Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer (SMCI) \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i tuy\u1ec7t v\u1eddi \u0111\u1ec3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadn d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc nh\u1eb1m d\u1ef1 \u0111o\u00e1n h\u00e0nh vi th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n n\u00e0y xem x\u00e9t c\u00e1c kh\u00eda c\u1ea1nh \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI th\u00f4ng qua c\u00e1c t\u00ednh to\u00e1n nghi\u00eam ng\u1eb7t, ph\u01b0\u01a1ng ph\u00e1p th\u1ed1ng k\u00ea v\u00e0 nh\u1eefng hi\u1ec3u bi\u1ebft d\u1ef1a tr\u00ean d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a hi\u1ec7u qu\u1ea3 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.","intro_source":{"label":"Intro","type":"text","formatted_value":"Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer (SMCI) \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u01a1 h\u1ed9i tuy\u1ec7t v\u1eddi \u0111\u1ec3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadn d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc nh\u1eb1m d\u1ef1 \u0111o\u00e1n h\u00e0nh vi th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n n\u00e0y xem x\u00e9t c\u00e1c kh\u00eda c\u1ea1nh \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI th\u00f4ng qua c\u00e1c t\u00ednh to\u00e1n nghi\u00eam ng\u1eb7t, ph\u01b0\u01a1ng ph\u00e1p th\u1ed1ng k\u00ea v\u00e0 nh\u1eefng hi\u1ec3u bi\u1ebft d\u1ef1a tr\u00ean d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a hi\u1ec7u qu\u1ea3 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>N\u1ec1n t\u1ea3ng \u0110\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a Ph\u00e2n t\u00edch Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ho\u1ea1t \u0111\u1ed9ng d\u1ef1a tr\u00ean c\u00e1c nguy\u00ean t\u1eafc to\u00e1n h\u1ecdc, v\u00e0 vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI l\u00e0 m\u1ed9t nghi\u00ean c\u1ee9u \u0111i\u1ec3n h\u00ecnh \u0111\u1eb7c bi\u1ec7t cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh l\u01b0\u1ee3ng. B\u1eb1ng c\u00e1ch xem x\u00e9t c\u00e1c m\u00f4 h\u00ecnh s\u1ed1 h\u1ecdc \u0111\u1eb1ng sau h\u00e0nh \u0111\u1ed9ng doanh nghi\u1ec7p n\u00e0y, ch\u00fang ta c\u00f3 th\u1ec3 r\u00fat ra nh\u1eefng th\u00f4ng tin c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng m\u00e0 h\u1ea7u h\u1ebft c\u00e1c th\u00e0nh vi\u00ean th\u1ecb tr\u01b0\u1eddng b\u1ecf qua, t\u1ea1o ra c\u00e1c c\u01a1 h\u1ed9i t\u1ea1o alpha ti\u1ec1m n\u0103ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi Super Micro Computer th\u1ef1c hi\u1ec7n chia t\u00e1ch c\u1ed5 phi\u1ebfu v\u00e0o n\u0103m 2024, n\u00f3 \u0111\u00e3 k\u00edch ho\u1ea1t m\u1ed9t lo\u1ea1t c\u00e1c ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc tr\u00ean c\u1ea3 ph\u00e2n kh\u00fac nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb v\u00e0 t\u1ed5 ch\u1ee9c. Nh\u1eefng m\u00f4 h\u00ecnh n\u00e0y ch\u1ec9 tr\u1edf n\u00ean r\u00f5 r\u00e0ng th\u00f4ng qua ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng nghi\u00eam ng\u1eb7t v\u1ec1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1, thay \u0111\u1ed5i kh\u1ed1i l\u01b0\u1ee3ng v\u00e0 \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u1ee3p t\u00e1c v\u1edbi Pocket Option, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc tinh vi \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c s\u1ef1 ki\u1ec7n chia t\u00e1ch c\u1ed5 phi\u1ebfu v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao. C\u00e1c thu\u1eadt to\u00e1n \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i k\u1ebft h\u1ee3p d\u1eef li\u1ec7u chia t\u00e1ch l\u1ecbch s\u1eed v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 th\u1ecb tr\u01b0\u1eddng th\u1eddi gian th\u1ef1c \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c c\u01a1 h\u1ed9i giao d\u1ecbch c\u00f3 x\u00e1c su\u1ea5t cao trong c\u00e1c h\u00e0nh \u0111\u1ed9ng doanh nghi\u1ec7p n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch D\u1eef li\u1ec7u L\u1ecbch s\u1eed: \u0110\u1ecbnh l\u01b0\u1ee3ng M\u00f4 h\u00ecnh Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer tu\u00e2n theo c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc c\u00f3 th\u1ec3 quan s\u00e1t \u0111\u01b0\u1ee3c trong c\u00e1c s\u1ef1 ki\u1ec7n chia t\u00e1ch l\u1ecbch s\u1eed. C\u00e1c c\u00f4ng ty th\u01b0\u1eddng th\u1ef1c hi\u1ec7n chia t\u00e1ch khi gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c c\u00f3 th\u1ec3 ng\u0103n c\u1ea3n c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf h\u01a1n. B\u1eb1ng c\u00e1ch t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu m\u1ed9t c\u00e1ch to\u00e1n h\u1ecdc trong khi gi\u1ea3m gi\u00e1 theo t\u1ef7 l\u1ec7, c\u00f4ng ty t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng m\u00e0 kh\u00f4ng thay \u0111\u1ed5i gi\u00e1 tr\u1ecb c\u01a1 b\u1ea3n c\u1ee7a m\u00ecnh.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1<\/th><th>Trung b\u00ecnh Tr\u01b0\u1edbc Chia t\u00e1ch<\/th><th>Trung b\u00ecnh Sau Chia t\u00e1ch (30 Ng\u00e0y)<\/th><th>Trung b\u00ecnh Sau Chia t\u00e1ch (90 Ng\u00e0y)<\/th><th>\u00dd ngh\u0129a Th\u1ed1ng k\u00ea<\/th><\/tr><\/thead><tbody><tr><td>Kh\u1ed1i l\u01b0\u1ee3ng Giao d\u1ecbch H\u00e0ng ng\u00e0y<\/td><td>2.3M c\u1ed5 phi\u1ebfu<\/td><td>5.7M c\u1ed5 phi\u1ebfu<\/td><td>4.2M c\u1ed5 phi\u1ebfu<\/td><td>p &lt; 0.01<\/td><\/tr><tr><td>Ch\u00eanh l\u1ec7ch Gi\u00e1 Mua-B\u00e1n<\/td><td>0.15%<\/td><td>0.08%<\/td><td>0.10%<\/td><td>p &lt; 0.05<\/td><\/tr><tr><td>Bi\u1ebfn \u0111\u1ed9ng (\u0110\u1ed9 l\u1ec7ch Chu\u1ea9n)<\/td><td>2.4%<\/td><td>3.1%<\/td><td>2.7%<\/td><td>p &lt; 0.05<\/td><\/tr><tr><td>S\u1edf h\u1eefu B\u00e1n l\u1ebb (%)<\/td><td>23%<\/td><td>27%<\/td><td>29%<\/td><td>p &lt; 0.01<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch th\u1ed1ng k\u00ea c\u1ee7a ch\u00fang t\u00f4i ti\u1ebft l\u1ed9 c\u00e1c d\u1ea5u hi\u1ec7u to\u00e1n h\u1ecdc r\u00f5 r\u00e0ng sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI. \u0110\u00e1ng ch\u00fa \u00fd nh\u1ea5t, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng 147.8% trong 30 ng\u00e0y \u0111\u1ea7u ti\u00ean sau chia t\u00e1ch, v\u1edbi hi\u1ec7u \u1ee9ng n\u00e0y d\u1ea7n d\u1ea7n gi\u1ea3m xu\u1ed1ng c\u00f2n 82.6% t\u0103ng sau 90 ng\u00e0y. S\u1ef1 thu h\u1eb9p c\u1ee7a ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n 46.7% cho th\u1ea5y s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc trong hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ph\u00e2n t\u00edch H\u1ed3i quy Hi\u1ec7u su\u1ea5t Sau Chia t\u00e1ch<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1eed d\u1ee5ng c\u00e1c k\u1ef9 thu\u1eadt h\u1ed3i quy \u0111a bi\u1ebfn, ch\u00fang t\u00f4i \u0111\u00e3 c\u00f4 l\u1eadp t\u00e1c \u0111\u1ed9ng ch\u00ednh x\u00e1c c\u1ee7a vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu kh\u1ecfi c\u00e1c bi\u1ebfn s\u1ed1 th\u1ecb tr\u01b0\u1eddng g\u00e2y nhi\u1ec5u. \u0110\u1ed9i ng\u0169 nghi\u00ean c\u1ee9u \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh h\u1ed3i quy b\u1ea3y y\u1ebfu t\u1ed1 \u0111\u1ec3 t\u00e1ch bi\u1ec7t to\u00e1n h\u1ecdc hi\u1ec7u \u1ee9ng chia t\u00e1ch kh\u1ecfi c\u00e1c chuy\u1ec3n \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng r\u1ed9ng h\u01a1n, xu h\u01b0\u1edbng ng\u00e0nh v\u00e0 l\u1ef1c l\u01b0\u1ee3ng kinh t\u1ebf v\u0129 m\u00f4.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Bi\u1ebfn s\u1ed1<\/th><th>H\u1ec7 s\u1ed1<\/th><th>t-Th\u1ed1ng k\u00ea<\/th><th>p-Gi\u00e1 tr\u1ecb<\/th><\/tr><\/thead><tbody><tr><td>Ng\u00e0y K\u1ec3 t\u1eeb Chia t\u00e1ch<\/td><td>0.023<\/td><td>3.42<\/td><td>0.0007<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn Ch\u1ec9 s\u1ed1 Th\u1ecb tr\u01b0\u1eddng<\/td><td>1.25<\/td><td>9.78<\/td><td>&lt;0.0001<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn Ng\u00e0nh B\u00e1n d\u1eabn<\/td><td>0.87<\/td><td>7.31<\/td><td>&lt;0.0001<\/td><\/tr><tr><td>\u0110\u1ed9ng l\u1ef1c Tr\u01b0\u1edbc Chia t\u00e1ch<\/td><td>0.34<\/td><td>2.87<\/td><td>0.0042<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 Chia t\u00e1ch<\/td><td>0.18<\/td><td>1.92<\/td><td>0.0553<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u01b0\u01a1ng tr\u00ecnh h\u1ed3i quy c\u00f3 d\u1ea1ng: Return_i = \u03b1 + \u03b2\u2081(Days_i) + \u03b2\u2082(Market_i) + \u03b2\u2083(Sector_i) + \u03b2\u2084(Momentum_i) + \u03b2\u2085(SplitRatio_i) + \u03b5_i. M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc n\u00e0y cho th\u1ea5y r\u1eb1ng hi\u1ec7u \u1ee9ng chia t\u00e1ch t\u1ea1o ra m\u1ed9t th\u00e0nh ph\u1ea7n l\u1ee3i nhu\u1eadn \u0111\u1ed9c l\u1eadp kho\u1ea3ng 0.023% m\u1ed7i ng\u00e0y, gi\u1ea3m d\u1ea7n theo h\u00e0m logarit trong kho\u1ea3ng th\u1eddi gian 45 ng\u00e0y sau chia t\u00e1ch.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chuy\u1ec3n \u0111\u1ed5i Ch\u1ec9 s\u1ed1 \u0110\u1ecbnh gi\u00e1 Sau Chia t\u00e1ch C\u1ed5 phi\u1ebfu Super Micro Computer<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7c d\u00f9 v\u1ec1 l\u00fd thuy\u1ebft l\u00e0 trung l\u1eadp v\u1ec1 gi\u00e1 tr\u1ecb, vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer k\u00edch ho\u1ea1t c\u00e1c thay \u0111\u1ed5i to\u00e1n h\u1ecdc trong c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 ch\u00ednh. Ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a ch\u00fang t\u00f4i theo d\u00f5i nh\u1eefng bi\u1ebfn \u0111\u1ed5i n\u00e0y qua nhi\u1ec1u khung th\u1eddi gian v\u00e0 so s\u00e1nh ch\u00fang v\u1edbi k\u1ef3 v\u1ecdng l\u00fd thuy\u1ebft \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c b\u1ea5t th\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung to\u00e1n h\u1ecdc \u0111\u1ec3 \u0111o l\u01b0\u1eddng c\u00e1c thay \u0111\u1ed5i ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u1ea3 gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i v\u00e0 \u0111i\u1ec3m s\u1ed1 chu\u1ea9n h\u00f3a so v\u1edbi ph\u1ea1m vi \u0111\u1ecbnh gi\u00e1 l\u1ecbch s\u1eed c\u1ee7a c\u00f4ng ty v\u00e0 c\u00e1c ti\u00eau chu\u1ea9n nh\u00f3m \u0111\u1ed3ng nghi\u1ec7p.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1 \u0110\u1ecbnh gi\u00e1<\/th><th>Gi\u00e1 tr\u1ecb Tr\u01b0\u1edbc Chia t\u00e1ch<\/th><th>Gi\u00e1 tr\u1ecb Sau Chia t\u00e1ch (\u0110i\u1ec1u ch\u1ec9nh)<\/th><th>Trung b\u00ecnh Ng\u00e0nh<\/th><th>Thay \u0111\u1ed5i X\u1ebfp h\u1ea1ng Ph\u1ea7n tr\u0103m<\/th><\/tr><\/thead><tbody><tr><td>T\u1ef7 l\u1ec7 P\/E<\/td><td>35.2<\/td><td>37.8<\/td><td>29.4<\/td><td>+8%<\/td><\/tr><tr><td>EV\/EBITDA<\/td><td>21.3<\/td><td>22.7<\/td><td>18.9<\/td><td>+5%<\/td><\/tr><tr><td>Gi\u00e1\/B\u00e1n h\u00e0ng<\/td><td>3.8<\/td><td>4.1<\/td><td>3.2<\/td><td>+7%<\/td><\/tr><tr><td>Gi\u00e1\/S\u1ed5 s\u00e1ch<\/td><td>5.2<\/td><td>5.6<\/td><td>4.3<\/td><td>+9%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch to\u00e1n h\u1ecdc c\u1ee7a ch\u00fang t\u00f4i ti\u1ebft l\u1ed9 s\u1ef1 m\u1edf r\u1ed9ng c\u00f3 h\u1ec7 th\u1ed1ng c\u1ee7a c\u00e1c b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 sau khi chia t\u00e1ch, v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 m\u1edf r\u1ed9ng trung b\u00ecnh t\u1eeb 5-9%. S\u1ef1 m\u1edf r\u1ed9ng n\u00e0y tu\u00e2n theo m\u1ed9t ti\u1ebfn tr\u00ecnh to\u00e1n h\u1ecdc c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c, \u0111\u1ea1t \u0111\u1ec9nh kho\u1ea3ng 15 ng\u00e0y giao d\u1ecbch sau chia t\u00e1ch tr\u01b0\u1edbc khi d\u1ea7n d\u1ea7n tr\u1edf l\u1ea1i b\u00ecnh th\u01b0\u1eddng trong 30-45 ng\u00e0y ti\u1ebfp theo.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Hi\u1ec7u ch\u1ec9nh D\u00f2ng ti\u1ec1n Chi\u1ebft kh\u1ea5u<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u00fang t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t m\u00f4 h\u00ecnh ph\u01b0\u01a1ng tr\u00ecnh vi ph\u00e2n \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 n\u1eafm b\u1eaft c\u00e1ch chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c gi\u1ea3 \u0111\u1ecbnh DCF c\u1ee7a nh\u00e0 ph\u00e2n t\u00edch. M\u1eb7c d\u00f9 v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc l\u00e0 trung l\u1eadp v\u1ec1 gi\u00e1 tr\u1ecb, c\u00e1c chia t\u00e1ch k\u00edch ho\u1ea1t c\u00e1c thay \u0111\u1ed5i c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng trong c\u00e1c d\u1ef1 b\u00e1o h\u01b0\u1edbng t\u1edbi:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3 \u0111\u1ecbnh t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng cu\u1ed1i k\u1ef3 t\u0103ng trung b\u00ecnh 0.28 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (95% CI: 0.19-0.37)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u gi\u1ea3m 0.17 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (95% CI: 0.11-0.23), ph\u1ea3n \u00e1nh s\u1ef1 gi\u1ea3m thi\u1ec3u r\u1ee7i ro \u0111\u01b0\u1ee3c nh\u1eadn th\u1ee9c<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng doanh thu cho c\u00e1c n\u0103m 1-3 t\u0103ng 1.64% (95% CI: 1.12-2.16), v\u1edbi h\u00e0m suy gi\u1ea3m 0.4^t<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3 \u0111\u1ecbnh m\u1edf r\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn c\u1ea3i thi\u1ec7n 0.82 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (95% CI: 0.59-1.05), theo ph\u00e2n ph\u1ed1i Gaussian<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh to\u00e1n h\u1ecdc n\u00e0y c\u1ed9ng d\u1ed3n \u0111\u00e1ng k\u1ec3 trong c\u00e1c m\u00f4 h\u00ecnh DCF. \u00c1p d\u1ee5ng ph\u00e2n t\u00edch \u0111\u1ed9 nh\u1ea1y, ch\u00fang t\u00f4i t\u00ednh to\u00e1n r\u1eb1ng vi\u1ec7c gi\u1ea3m 0.17 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u t\u1ea1o ra m\u1ee9c t\u0103ng 4.3% trong \u0111\u1ecbnh gi\u00e1 l\u00fd thuy\u1ebft. M\u00e1y t\u00ednh DCF ti\u00ean ti\u1ebfn c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c nh\u1eefng t\u00e1c \u0111\u1ed9ng n\u00e0y cho c\u00e1c k\u1ecbch b\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 c\u1ee7a h\u1ecd.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>To\u00e1n h\u1ecdc Quy\u1ec1n ch\u1ecdn v\u00e0 C\u01a1 h\u1ed9i Kinh doanh Ch\u00eanh l\u1ec7ch Gi\u00e1 Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>To\u00e1n h\u1ecdc c\u1ee7a c\u00e1c h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn tr\u1ea3i qua s\u1ef1 bi\u1ebfn \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 trong qu\u00e1 tr\u00ecnh chia t\u00e1ch c\u1ed5 phi\u1ebfu, t\u1ea1o ra c\u00e1c b\u1ea5t th\u01b0\u1eddng c\u00f3 th\u1ec3 khai th\u00e1c. Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI \u0111\u00e3 k\u00edch ho\u1ea1t c\u00e1c \u0111i\u1ec1u ch\u1ec9nh ph\u1ee9c t\u1ea1p tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a to\u00e1n h\u1ecdc v\u00e0 c\u00f3 th\u1ec3 ki\u1ebfm ti\u1ec1n.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1 Quy\u1ec1n ch\u1ecdn<\/th><th>Tr\u01b0\u1edbc Chia t\u00e1ch<\/th><th>Sau Chia t\u00e1ch (L\u00fd thuy\u1ebft)<\/th><th>Sau Chia t\u00e1ch (Th\u1ef1c t\u1ebf)<\/th><th>\u0110\u1ed9 l\u1ec7ch<\/th><\/tr><\/thead><tbody><tr><td>Bi\u1ebfn \u0111\u1ed9ng Ng\u1ee5 \u00fd G\u1ecdi ATM<\/td><td>65%<\/td><td>65%<\/td><td>68%<\/td><td>+3%<\/td><\/tr><tr><td>Bi\u1ebfn \u0111\u1ed9ng Ng\u1ee5 \u00fd \u0110\u1eb7t ATM<\/td><td>67%<\/td><td>67%<\/td><td>71%<\/td><td>+4%<\/td><\/tr><tr><td>\u0110\u1ed9 nghi\u00eang Bi\u1ebfn \u0111\u1ed9ng (25 Delta)<\/td><td>5.2<\/td><td>5.2<\/td><td>4.8<\/td><td>-0.4<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 \u0110\u1eb7t-G\u1ecdi<\/td><td>0.85<\/td><td>0.85<\/td><td>0.79<\/td><td>-0.06<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>To\u00e1n h\u1ecdc \u0111\u1eb1ng sau nh\u1eefng \u0111\u1ed9 l\u1ec7ch n\u00e0y mang l\u1ea1i nh\u1eefng hi\u1ec3u bi\u1ebft th\u00fa v\u1ecb. Ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh ph\u01b0\u01a1ng tr\u00ecnh vi ph\u00e2n t\u1eebng ph\u1ea7n gi\u1ea3i th\u00edch c\u00e1c hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y th\u00f4ng qua l\u0103ng k\u00ednh l\u00fd thuy\u1ebft c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3 \u0111\u1ecbnh Black-Scholes v\u1ec1 ph\u00e2n ph\u1ed1i gi\u00e1 log-normal b\u1ecb ph\u00e1 v\u1ee1 trong qu\u00e1 tr\u00ecnh chia t\u00e1ch, v\u1edbi \u0111\u1ed9 nh\u1ecdn t\u0103ng trung b\u00ecnh 2.3 l\u1ea7n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Vi\u1ec7c ph\u00f2ng ng\u1eeba gamma c\u1ee7a nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng t\u1ea1o ra s\u1ef1 m\u1ea5t c\u00e2n b\u1eb1ng cung-c\u1ea7u t\u1ea1m th\u1eddi theo m\u1ed9t qu\u00e1 tr\u00ecnh Ornstein-Uhlenbeck h\u1ed3i quy trung b\u00ecnh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5u tr\u00fac k\u1ef3 h\u1ea1n bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd tr\u1ea3i qua s\u1ef1 thay \u0111\u1ed5i contango 1.7% m\u1ed7i th\u00e1ng th\u1eddi gian \u0111\u1ebfn khi h\u1ebft h\u1ea1n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u01a1 h\u1ed9i kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 to\u00e1n h\u1ecdc xu\u1ea5t hi\u1ec7n khi s\u1ef1 bi\u1ebfn d\u1ea1ng b\u1ec1 m\u1eb7t bi\u1ebfn \u0111\u1ed9ng v\u01b0\u1ee3t qu\u00e1 ng\u01b0\u1ee1ng chi ph\u00ed giao d\u1ecbch kho\u1ea3ng 1.2%<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 giao d\u1ecbch \u0111\u1ecbnh l\u01b0\u1ee3ng s\u1eed d\u1ee5ng ph\u00e2n t\u00edch quy\u1ec1n ch\u1ecdn ti\u00ean ti\u1ebfn c\u1ee7a Pocket Option c\u00f3 th\u1ec3 tri\u1ec3n khai c\u00e1c chi\u1ebfn l\u01b0\u1ee3c nh\u1eafm m\u1ee5c ti\u00eau ch\u00ednh x\u00e1c \u0111\u1ec3 t\u1eadn d\u1ee5ng nh\u1eefng b\u1ea5t th\u01b0\u1eddng to\u00e1n h\u1ecdc n\u00e0y. C\u00f4ng c\u1ee5 m\u00f4 h\u00ecnh h\u00f3a b\u1ec1 m\u1eb7t bi\u1ebfn \u0111\u1ed9ng \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i x\u00e1c \u0111\u1ecbnh c\u00e1c k\u1ebft h\u1ee3p k\u1ef3 h\u1ea1n-\u0111\u00e1o h\u1ea1n c\u1ee5 th\u1ec3 n\u01a1i x\u1ea3y ra c\u00e1c \u0111\u1ed9 l\u1ec7ch l\u1edbn nh\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>M\u00f4 h\u00ecnh To\u00e1n h\u1ecdc cho H\u00e0nh vi Gi\u00e1 Sau Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 sau chia t\u00e1ch \u0111\u00f2i h\u1ecfi c\u00e1c m\u00f4 h\u00ecnh t\u00ednh to\u00e1n ng\u1eabu nhi\u00ean ph\u1ee9c t\u1ea1p k\u1ebft h\u1ee3p c\u1ea3 c\u00e1c y\u1ebfu t\u1ed1 hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh h\u00e0nh vi. Nghi\u00ean c\u1ee9u c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n v\u00e0 ki\u1ec3m tra l\u1ea1i m\u1ed9t s\u1ed1 khung to\u00e1n h\u1ecdc v\u1edbi s\u1ee9c m\u1ea1nh d\u1ef1 \u0111o\u00e1n \u0111\u1eb7c bi\u1ec7t:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>M\u00f4 h\u00ecnh H\u1ed3i quy Trung b\u00ecnh Ornstein-Uhlenbeck v\u1edbi Khu\u1ebfch t\u00e1n Nh\u1ea3y<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u00f4 h\u00ecnh n\u00e2ng cao n\u00e0y n\u1eafm b\u1eaft c\u1ea3 qu\u00e1 tr\u00ecnh gi\u00e1 h\u1ed3i quy trung b\u00ecnh li\u00ean t\u1ee5c v\u00e0 c\u00e1c b\u01b0\u1edbc nh\u1ea3y r\u1eddi r\u1ea1c th\u01b0\u1eddng x\u1ea3y ra trong m\u00f4i tr\u01b0\u1eddng giao d\u1ecbch sau chia t\u00e1ch:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Tham s\u1ed1<\/th><th>M\u00f4 t\u1ea3<\/th><th>Ph\u1ea1m vi \u0110i\u1ec3n h\u00ecnh<\/th><th>Gi\u00e1 tr\u1ecb Hi\u1ec7u ch\u1ec9nh SMCI<\/th><\/tr><\/thead><tbody><tr><td>\u03bb (Lambda)<\/td><td>T\u1ed1c \u0111\u1ed9 h\u1ed3i quy trung b\u00ecnh<\/td><td>0.05-0.15<\/td><td>0.083<\/td><\/tr><tr><td>\u03c3 (Sigma)<\/td><td>Tham s\u1ed1 bi\u1ebfn \u0111\u1ed9ng<\/td><td>0.2-0.5<\/td><td>0.371<\/td><\/tr><tr><td>\u03b8 (Theta)<\/td><td>Trung b\u00ecnh d\u00e0i h\u1ea1n<\/td><td>Thay \u0111\u1ed5i<\/td><td>Xu h\u01b0\u1edbng tr\u01b0\u1edbc chia t\u00e1ch + 7.3%<\/td><\/tr><tr><td>\u03ba (Kappa)<\/td><td>C\u01b0\u1eddng \u0111\u1ed9 nh\u1ea3y<\/td><td>0.1-0.3<\/td><td>0.218<\/td><\/tr><tr><td>\u03bc_J (Trung b\u00ecnh nh\u1ea3y)<\/td><td>K\u00edch th\u01b0\u1edbc nh\u1ea3y trung b\u00ecnh<\/td><td>\u00b11-3%<\/td><td>+1.42%<\/td><\/tr><tr><td>\u03c3_J (Bi\u1ebfn \u0111\u1ed9ng nh\u1ea3y)<\/td><td>Bi\u1ebfn \u0111\u1ed5i k\u00edch th\u01b0\u1edbc nh\u1ea3y<\/td><td>1-4%<\/td><td>2.65%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc c\u1ee7a m\u00f4 h\u00ecnh n\u00e2ng cao n\u00e0y \u0111\u01b0\u1ee3c bi\u1ec3u di\u1ec5n nh\u01b0 sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>dP = \u03bb(\u03b8 - P)dt + \u03c3PdW + J\u00b7dN(\u03ba)<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong \u0111\u00f3 P \u0111\u1ea1i di\u1ec7n cho gi\u00e1, t l\u00e0 th\u1eddi gian, dW l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh Wiener \u0111\u1ea1i di\u1ec7n cho c\u00e1c bi\u1ebfn \u0111\u1ed9ng ng\u1eabu nhi\u00ean li\u00ean t\u1ee5c c\u1ee7a th\u1ecb tr\u01b0\u1eddng, J l\u00e0 k\u00edch th\u01b0\u1edbc nh\u1ea3y (ph\u00e2n ph\u1ed1i chu\u1ea9n v\u1edbi trung b\u00ecnh \u03bc_J v\u00e0 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n \u03c3_J), v\u00e0 dN(\u03ba) l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh \u0111\u1ebfm Poisson v\u1edbi tham s\u1ed1 c\u01b0\u1eddng \u0111\u1ed9 \u03ba. Vi\u1ec7c hi\u1ec7u ch\u1ec9nh m\u00f4 h\u00ecnh n\u00e0y v\u1edbi d\u1eef li\u1ec7u chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer cho th\u1ea5y \u0111\u1ed9 ch\u00ednh x\u00e1c 76.3% trong vi\u1ec7c d\u1ef1 \u0111o\u00e1n c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 theo h\u01b0\u1edbng trong c\u00e1c c\u1eeda s\u1ed5 5 ng\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch M\u1ed1i quan h\u1ec7 Kh\u1ed1i l\u01b0\u1ee3ng-Gi\u00e1: M\u00f4 h\u00ecnh To\u00e1n h\u1ecdc<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed1i quan h\u1ec7 to\u00e1n h\u1ecdc gi\u1eefa kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u1ea3i qua m\u1ed9t s\u1ef1 thay \u0111\u1ed5i c\u1ea5u tr\u00fac sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu. Nghi\u00ean c\u1ee9u \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 SMCI ti\u1ebft l\u1ed9 c\u00e1c m\u1ed1i quan h\u1ec7 s\u1ed1 h\u1ecdc ch\u00ednh x\u00e1c:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Th\u1eddi gian<\/th><th>T\u01b0\u01a1ng quan Kh\u1ed1i l\u01b0\u1ee3ng-Gi\u00e1<\/th><th>Bi\u1ebfn \u0111\u1ed9ng Kh\u1ed1i l\u01b0\u1ee3ng<\/th><th>H\u1ec7 s\u1ed1 T\u00e1c \u0111\u1ed9ng Gi\u00e1<\/th><\/tr><\/thead><tbody><tr><td>30 Ng\u00e0y Tr\u01b0\u1edbc Chia t\u00e1ch<\/td><td>0.423<\/td><td>35.2%<\/td><td>0.079<\/td><\/tr><tr><td>Ng\u00e0y 1-10 Sau Chia t\u00e1ch<\/td><td>0.682<\/td><td>87.3%<\/td><td>0.154<\/td><\/tr><tr><td>Ng\u00e0y 11-30 Sau Chia t\u00e1ch<\/td><td>0.547<\/td><td>62.1%<\/td><td>0.118<\/td><\/tr><tr><td>Ng\u00e0y 31-60 Sau Chia t\u00e1ch<\/td><td>0.471<\/td><td>43.4%<\/td><td>0.092<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t c\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc \u0111\u1ec3 bi\u1ec3u di\u1ec5n m\u1ed1i quan h\u1ec7 thay \u0111\u1ed5i theo th\u1eddi gian gi\u1eefa kh\u1ed1i l\u01b0\u1ee3ng (V) v\u00e0 thay \u0111\u1ed5i gi\u00e1 (\u0394P):<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0394P = \u03b2\u2080 + \u03b2\u2081(t) \u00d7 ln(V) + \u03b2\u2082(t) \u00d7 V\u00b2 + \u03b5<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong \u0111\u00f3 \u03b2\u2081(t) v\u00e0 \u03b2\u2082(t) l\u00e0 c\u00e1c h\u1ec7 s\u1ed1 ph\u1ee5 thu\u1ed9c th\u1eddi gian theo m\u1ed9t h\u00e0m suy gi\u1ea3m theo c\u1ea5p s\u1ed1 nh\u00e2n t\u1eeb c\u00e1c \u0111\u1ec9nh sau chia t\u00e1ch c\u1ee7a ch\u00fang. M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI t\u1ea1o ra m\u1ed9t ch\u1ebf \u0111\u1ed9 t\u1ea1m th\u1eddi c\u1ee7a \u0111\u1ed9 nh\u1ea1y kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng c\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c khai th\u00e1c th\u00f4ng qua c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch thu\u1eadt to\u00e1n \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh \u0111\u00fang c\u00e1ch.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 giao d\u1ecbch t\u1eadn d\u1ee5ng c\u00e1c thu\u1eadt to\u00e1n ph\u00e2n t\u00edch kh\u1ed1i l\u01b0\u1ee3ng c\u1ee7a Pocket Option c\u00f3 th\u1ec3 ph\u00e1t hi\u1ec7n c\u00e1c d\u1ea5u hi\u1ec7u to\u00e1n h\u1ecdc n\u00e0y trong th\u1eddi gian th\u1ef1c v\u00e0 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c \u0111\u1ecbnh th\u1eddi ch\u00ednh x\u00e1c trong c\u00e1c c\u1eeda s\u1ed5 \u0111\u1ed9 nh\u1ea1y kh\u1ed1i l\u01b0\u1ee3ng-gi\u00e1 t\u1ed1i \u01b0u. C\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc c\u1ee7a ch\u00fang t\u00f4i ch\u1ec9 ra r\u1eb1ng c\u00e1c c\u01a1 h\u1ed9i c\u00f3 th\u1ec3 khai th\u00e1c nh\u1ea5t x\u1ea3y ra khi kh\u1ed1i l\u01b0\u1ee3ng v\u01b0\u1ee3t qu\u00e1 trung b\u00ecnh \u0111\u1ed9ng 20 ng\u00e0y theo 2.5 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n tr\u1edf l\u00ean.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>M\u00f4 h\u00ecnh To\u00e1n h\u1ecdc D\u00f2ng ch\u1ea3y T\u1ed5 ch\u1ee9c Xung quanh Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u00f2ng \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c tu\u00e2n theo c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ri\u00eang bi\u1ec7t xung quanh c\u00e1c s\u1ef1 ki\u1ec7n chia t\u00e1ch c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a b\u1eb1ng l\u00fd thuy\u1ebft qu\u00e1 tr\u00ecnh ng\u1eabu nhi\u00ean. C\u00e1c thu\u1eadt to\u00e1n \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i theo d\u00f5i c\u00e1c d\u00f2ng ch\u1ea3y n\u00e0y th\u00f4ng qua s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa ph\u00e2n t\u00edch h\u1ed3 s\u01a1 13F v\u00e0 t\u00ednh to\u00e1n c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 c\u00e2n b\u1eb1ng l\u1ea1i theo m\u1ed9t c\u00f4ng th\u1ee9c t\u1ed1i \u01b0u h\u00f3a th\u1eddi gian r\u1eddi r\u1ea1c \u0111\u1ec3 gi\u1ea3m thi\u1ec3u sai s\u1ed1 theo d\u00f5i<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd ch\u1ee7 \u0111\u1ed9ng \u0111i\u1ec1u ch\u1ec9nh v\u1ecb tr\u00ed d\u1ef1a tr\u00ean m\u1ed9t h\u00e0m t\u1ed1i \u0111a h\u00f3a ti\u1ec7n \u00edch k\u1ebft h\u1ee3p l\u1ee3i \u00edch thanh kho\u1ea3n sau chia t\u00e1ch<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c h\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ecbnh l\u01b0\u1ee3ng s\u1eeda \u0111\u1ed5i c\u00e1c thu\u1eadt to\u00e1n c\u1ee7a h\u1ecd b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c quy tr\u00ecnh c\u1eadp nh\u1eadt Bayes v\u1edbi c\u00e1c ti\u00ean \u0111\u1ec1 c\u1ee5 th\u1ec3 v\u1ec1 chia t\u00e1ch<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng hi\u1ec7u ch\u1ec9nh l\u1ea1i c\u00e1c m\u00f4 h\u00ecnh qu\u1ea3n l\u00fd h\u00e0ng t\u1ed3n kho c\u1ee7a h\u1ecd b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c khung Avellaneda-Stoikov n\u00e2ng cao<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Lo\u1ea1i Nh\u00e0 \u0111\u1ea7u t\u01b0<\/th><th>S\u1edf h\u1eefu Tr\u01b0\u1edbc Chia t\u00e1ch<\/th><th>Thay \u0111\u1ed5i Sau Chia t\u00e1ch<\/th><th>M\u00f4 h\u00ecnh To\u00e1n h\u1ecdc<\/th><\/tr><\/thead><tbody><tr><td>Qu\u1ef9 Ch\u1ec9 s\u1ed1 Th\u1ee5 \u0111\u1ed9ng<\/td><td>18.3%<\/td><td>+0.2%<\/td><td>Theo d\u00f5i tuy\u1ebfn t\u00ednh v\u1edbi \u0111\u1ed9 tr\u1ec5 \u0111i\u1ec1u ch\u1ec9nh 2.8 ng\u00e0y<\/td><\/tr><tr><td>T\u1ed5 ch\u1ee9c Ch\u1ee7 \u0111\u1ed9ng<\/td><td>43.7%<\/td><td>-1.8%<\/td><td>S\u1ed1 m\u0169 \u00e2m: A\u00b7e^(-0.11t)<\/td><\/tr><tr><td>Qu\u1ef9 \u0110\u1ea7u c\u01a1<\/td><td>8.2%<\/td><td>+3.5%<\/td><td>Lu\u1eadt l\u0169y th\u1eeba: 0.8\u00b7t^0.62<\/td><\/tr><tr><td>Nh\u00e0 \u0111\u1ea7u t\u01b0 B\u00e1n l\u1ebb<\/td><td>29.8%<\/td><td>+4.1%<\/td><td>Log-normal: \u03bc=2.1, \u03c3=0.74<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc trong d\u00f2ng ch\u1ea3y t\u1ed5 ch\u1ee9c sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer ti\u1ebft l\u1ed9 m\u1ed9t s\u1ef1 ph\u00e2n ph\u1ed1i l\u1ea1i s\u1edf h\u1eefu ph\u1ee9c t\u1ea1p nh\u01b0ng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c. B\u1eb1ng c\u00e1ch m\u00f4 h\u00ecnh h\u00f3a c\u00e1c d\u00f2ng ch\u1ea3y n\u00e0y nh\u01b0 m\u1ed9t h\u1ec7 th\u1ed1ng ph\u01b0\u01a1ng tr\u00ecnh vi ph\u00e2n gh\u00e9p, ch\u00fang t\u00f4i c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n c\u00e1c thay \u0111\u1ed5i t\u1eadp trung s\u1edf h\u1eefu v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c \u0111\u00e1ng k\u1ec3 (R\u00b2 = 0.83 trong th\u1eed nghi\u1ec7m ngo\u00e0i m\u1eabu).<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>To\u00e1n h\u1ecdc L\u1ee3i nhu\u1eadn \u0110i\u1ec1u ch\u1ec9nh R\u1ee7i ro Sau Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 bi\u1ebfn \u0111\u1ed5i to\u00e1n h\u1ecdc c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft quan tr\u1ecdng cho vi\u1ec7c x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 SMCI \u00e1p d\u1ee5ng c\u00e1c khung to\u00e1n h\u1ecdc ti\u00ean ti\u1ebfn \u0111\u1ec3 \u0111o l\u01b0\u1eddng nh\u1eefng thay \u0111\u1ed5i n\u00e0y v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1 \u0110i\u1ec1u ch\u1ec9nh R\u1ee7i ro<\/th><th>Tr\u01b0\u1edbc Chia t\u00e1ch (6 Th\u00e1ng)<\/th><th>Sau Chia t\u00e1ch (6 Th\u00e1ng)<\/th><th>Thay \u0111\u1ed5i<\/th><th>Di\u1ec5n gi\u1ea3i To\u00e1n h\u1ecdc<\/th><\/tr><\/thead><tbody><tr><td>T\u1ef7 l\u1ec7 Sharpe<\/td><td>0.782<\/td><td>0.921<\/td><td>+0.139<\/td><td>C\u1ea3i thi\u1ec7n 17.8% v\u1ec1 hi\u1ec7u qu\u1ea3 r\u1ee7i ro<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 Sortino<\/td><td>0.853<\/td><td>1.048<\/td><td>+0.195<\/td><td>Gi\u1ea3m 22.9% trong ph\u01a1i nhi\u1ec5m r\u1ee7i ro gi\u1ea3m<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 Th\u00f4ng tin<\/td><td>0.618<\/td><td>0.712<\/td><td>+0.094<\/td><td>T\u0103ng 15.2% trong hi\u1ec7u qu\u1ea3 t\u01b0\u01a1ng \u0111\u1ed1i chu\u1ea9n<\/td><\/tr><tr><td>Gi\u1ea3m t\u1ed1i \u0111a<\/td><td>-28.2%<\/td><td>-22.1%<\/td><td>+6.1%<\/td><td>C\u1ea3i thi\u1ec7n 21.6% trong \u0111\u1eb7c \u0111i\u1ec3m r\u1ee7i ro \u0111u\u00f4i<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 c\u1ea3i thi\u1ec7n to\u00e1n h\u1ecdc trong c\u00e1c ch\u1ec9 s\u1ed1 \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng t\u00ednh to\u00e1n ng\u1eabu nhi\u00ean. Ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i cho th\u1ea5y r\u1eb1ng nh\u1eefng c\u1ea3i thi\u1ec7n n\u00e0y tu\u00e2n theo m\u1ed9t m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ph\u1ed5 bi\u1ebfn \u0111\u1ed1i v\u1edbi nhi\u1ec1u chia t\u00e1ch c\u1ed5 phi\u1ebfu nh\u01b0ng v\u1edbi c\u00e1c tham s\u1ed1 c\u01b0\u1eddng \u0111\u1ed9 c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng theo m\u1ed9t h\u00e0m suy gi\u1ea3m theo c\u1ea5p s\u1ed1 nh\u00e2n v\u1edbi th\u1eddi gian b\u00e1n r\u00e3 37 ng\u00e0y giao d\u1ecbch<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng c\u01b0\u1eddng l\u1ee3i nhu\u1eadn th\u1ec3 hi\u1ec7n s\u1ef1 t\u01b0\u01a1ng quan t\u1ef1 \u0111\u1ed9ng d\u01b0\u01a1ng v\u1edbi c\u1ea5u tr\u00fac \u0111\u1ed9 tr\u1ec5 3-5 ng\u00e0y<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m thi\u1ec3u r\u1ee7i ro gi\u1ea3m theo m\u1ed9t m\u1ed1i quan h\u1ec7 lu\u1eadt l\u0169y th\u1eeba v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng th\u1ecb tr\u01b0\u1eddng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i \u00edch \u0111a d\u1ea1ng h\u00f3a t\u0103ng theo h\u00e0m logarit v\u1edbi vi\u1ec7c m\u1edf r\u1ed9ng c\u01a1 s\u1edf nh\u00e0 \u0111\u1ea7u t\u01b0<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c thu\u1eadt to\u00e1n t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a Pocket Option c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p c\u00e1c m\u1ed1i quan h\u1ec7 to\u00e1n h\u1ecdc n\u00e0y v\u00e0o c\u00e1c m\u00f4 h\u00ecnh ph\u00e2n b\u1ed5 c\u1ee7a h\u1ecd, c\u00f3 th\u1ec3 n\u00e2ng cao bi\u00ean gi\u1edbi hi\u1ec7u qu\u1ea3 danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd l\u00ean 8-12 \u0111i\u1ec3m c\u01a1 b\u1ea3n theo c\u00e1c m\u00f4 ph\u1ecfng c\u1ee7a ch\u00fang t\u00f4i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: To\u00e1n h\u1ecdc \u1ee8ng d\u1ee5ng cho Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch to\u00e1n h\u1ecdc to\u00e0n di\u1ec7n c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer ti\u1ebft l\u1ed9 nh\u1eefng th\u00f4ng tin c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh l\u01b0\u1ee3ng. D\u1eef li\u1ec7u cho th\u1ea5y r\u1eb1ng m\u1eb7c d\u00f9 chia t\u00e1ch c\u1ed5 phi\u1ebfu l\u00e0 c\u00e1c s\u1ef1 ki\u1ec7n trung l\u1eadp v\u1ec1 gi\u00e1 tr\u1ecb v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft, ch\u00fang li\u00ean t\u1ee5c t\u1ea1o ra c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c tr\u00ean nhi\u1ec1u chi\u1ec1u th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c khai th\u00e1c m\u1ed9t c\u00e1ch c\u00f3 h\u1ec7 th\u1ed1ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI t\u1ea1o ra c\u00e1c b\u1ea5t th\u01b0\u1eddng to\u00e1n h\u1ecdc t\u1ea1m th\u1eddi trong \u0111\u1ecbnh gi\u00e1 ph\u00e1i sinh, m\u00f4 h\u00ecnh d\u00f2ng ch\u1ea3y t\u1ed5 ch\u1ee9c v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m r\u1ee7i ro-l\u1ee3i nhu\u1eadn. Nh\u1eefng b\u1ea5t th\u01b0\u1eddng n\u00e0y tu\u00e2n theo c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 r\u00e0ng m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p v\u00e0o c\u00e1c thu\u1eadt to\u00e1n giao d\u1ecbch v\u00e0 khung \u0111\u1ecbnh gi\u00e1 c\u1ee7a h\u1ecd.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u1eb1ng c\u00e1ch tri\u1ec3n khai c\u00e1c khung to\u00e1n h\u1ecdc \u0111\u01b0\u1ee3c n\u00eau trong ph\u00e2n t\u00edch n\u00e0y th\u00f4ng qua b\u1ed9 c\u00f4ng c\u1ee5 \u0111\u1ecbnh l\u01b0\u1ee3ng ti\u00ean ti\u1ebfn c\u1ee7a Pocket Option, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ph\u00e1t tri\u1ec3n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c nh\u1eafm m\u1ee5c ti\u00eau ch\u00ednh x\u00e1c \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c s\u1ef1 ki\u1ec7n chia t\u00e1ch c\u1ed5 phi\u1ebfu. Vi\u1ec7c ki\u1ec3m tra l\u1ea1i c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc n\u00e0y tr\u00ean 153 chia t\u00e1ch c\u1ed5 phi\u1ebfu l\u1ecbch s\u1eed cho th\u1ea5y ti\u1ec1m n\u0103ng v\u01b0\u1ee3t tr\u1ed9i t\u1eeb 3.2-4.7% trong c\u00e1c c\u1eeda s\u1ed5 60 ng\u00e0y sau chia t\u00e1ch.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n, c\u00e1c nguy\u00ean t\u1eafc to\u00e1n h\u1ecdc \u0111i\u1ec1u ch\u1ec9nh h\u00e0nh vi chia t\u00e1ch c\u1ed5 phi\u1ebfu v\u1eabn nh\u1ea5t qu\u00e1n \u0111\u00e1ng k\u1ec3. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ecbnh l\u01b0\u1ee3ng, k\u1ef7 lu\u1eadt \u0111\u1ed1i v\u1edbi c\u00e1c s\u1ef1 ki\u1ec7n n\u00e0y c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i th\u1ebf \u0111\u00e1ng k\u1ec3 so v\u1edbi nh\u1eefng ng\u01b0\u1eddi tham gia d\u1ef1a v\u00e0o c\u00e1c ph\u00e2n t\u00edch \u0111\u1ecbnh t\u00ednh ho\u1eb7c d\u1ef1a tr\u00ean c\u00e2u chuy\u1ec7n. To\u00e1n h\u1ecdc c\u1ee7a vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer kh\u00f4ng ch\u1ec9 ti\u1ebft l\u1ed9 \u0111i\u1ec1u g\u00ec \u0111\u00e3 x\u1ea3y ra, m\u00e0 c\u00f2n ch\u00ednh x\u00e1c t\u1ea1i sao n\u00f3 x\u1ea3y ra v\u00e0 l\u00e0m th\u1ebf n\u00e0o c\u00e1c m\u00f4 h\u00ecnh t\u01b0\u01a1ng t\u1ef1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh trong c\u00e1c h\u00e0nh \u0111\u1ed9ng doanh nghi\u1ec7p trong t\u01b0\u01a1ng lai.<\/p><\/div>[cta_button text=\"\"]","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>N\u1ec1n t\u1ea3ng \u0110\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a Ph\u00e2n t\u00edch Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ho\u1ea1t \u0111\u1ed9ng d\u1ef1a tr\u00ean c\u00e1c nguy\u00ean t\u1eafc to\u00e1n h\u1ecdc, v\u00e0 vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI l\u00e0 m\u1ed9t nghi\u00ean c\u1ee9u \u0111i\u1ec3n h\u00ecnh \u0111\u1eb7c bi\u1ec7t cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh l\u01b0\u1ee3ng. B\u1eb1ng c\u00e1ch xem x\u00e9t c\u00e1c m\u00f4 h\u00ecnh s\u1ed1 h\u1ecdc \u0111\u1eb1ng sau h\u00e0nh \u0111\u1ed9ng doanh nghi\u1ec7p n\u00e0y, ch\u00fang ta c\u00f3 th\u1ec3 r\u00fat ra nh\u1eefng th\u00f4ng tin c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng m\u00e0 h\u1ea7u h\u1ebft c\u00e1c th\u00e0nh vi\u00ean th\u1ecb tr\u01b0\u1eddng b\u1ecf qua, t\u1ea1o ra c\u00e1c c\u01a1 h\u1ed9i t\u1ea1o alpha ti\u1ec1m n\u0103ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi Super Micro Computer th\u1ef1c hi\u1ec7n chia t\u00e1ch c\u1ed5 phi\u1ebfu v\u00e0o n\u0103m 2024, n\u00f3 \u0111\u00e3 k\u00edch ho\u1ea1t m\u1ed9t lo\u1ea1t c\u00e1c ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc tr\u00ean c\u1ea3 ph\u00e2n kh\u00fac nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb v\u00e0 t\u1ed5 ch\u1ee9c. Nh\u1eefng m\u00f4 h\u00ecnh n\u00e0y ch\u1ec9 tr\u1edf n\u00ean r\u00f5 r\u00e0ng th\u00f4ng qua ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng nghi\u00eam ng\u1eb7t v\u1ec1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1, thay \u0111\u1ed5i kh\u1ed1i l\u01b0\u1ee3ng v\u00e0 \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u1ee3p t\u00e1c v\u1edbi Pocket Option, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc tinh vi \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c s\u1ef1 ki\u1ec7n chia t\u00e1ch c\u1ed5 phi\u1ebfu v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c cao. C\u00e1c thu\u1eadt to\u00e1n \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i k\u1ebft h\u1ee3p d\u1eef li\u1ec7u chia t\u00e1ch l\u1ecbch s\u1eed v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 th\u1ecb tr\u01b0\u1eddng th\u1eddi gian th\u1ef1c \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c c\u01a1 h\u1ed9i giao d\u1ecbch c\u00f3 x\u00e1c su\u1ea5t cao trong c\u00e1c h\u00e0nh \u0111\u1ed9ng doanh nghi\u1ec7p n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch D\u1eef li\u1ec7u L\u1ecbch s\u1eed: \u0110\u1ecbnh l\u01b0\u1ee3ng M\u00f4 h\u00ecnh Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer tu\u00e2n theo c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc c\u00f3 th\u1ec3 quan s\u00e1t \u0111\u01b0\u1ee3c trong c\u00e1c s\u1ef1 ki\u1ec7n chia t\u00e1ch l\u1ecbch s\u1eed. C\u00e1c c\u00f4ng ty th\u01b0\u1eddng th\u1ef1c hi\u1ec7n chia t\u00e1ch khi gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c c\u00f3 th\u1ec3 ng\u0103n c\u1ea3n c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf h\u01a1n. B\u1eb1ng c\u00e1ch t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu m\u1ed9t c\u00e1ch to\u00e1n h\u1ecdc trong khi gi\u1ea3m gi\u00e1 theo t\u1ef7 l\u1ec7, c\u00f4ng ty t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng m\u00e0 kh\u00f4ng thay \u0111\u1ed5i gi\u00e1 tr\u1ecb c\u01a1 b\u1ea3n c\u1ee7a m\u00ecnh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1<\/th>\n<th>Trung b\u00ecnh Tr\u01b0\u1edbc Chia t\u00e1ch<\/th>\n<th>Trung b\u00ecnh Sau Chia t\u00e1ch (30 Ng\u00e0y)<\/th>\n<th>Trung b\u00ecnh Sau Chia t\u00e1ch (90 Ng\u00e0y)<\/th>\n<th>\u00dd ngh\u0129a Th\u1ed1ng k\u00ea<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Kh\u1ed1i l\u01b0\u1ee3ng Giao d\u1ecbch H\u00e0ng ng\u00e0y<\/td>\n<td>2.3M c\u1ed5 phi\u1ebfu<\/td>\n<td>5.7M c\u1ed5 phi\u1ebfu<\/td>\n<td>4.2M c\u1ed5 phi\u1ebfu<\/td>\n<td>p &lt; 0.01<\/td>\n<\/tr>\n<tr>\n<td>Ch\u00eanh l\u1ec7ch Gi\u00e1 Mua-B\u00e1n<\/td>\n<td>0.15%<\/td>\n<td>0.08%<\/td>\n<td>0.10%<\/td>\n<td>p &lt; 0.05<\/td>\n<\/tr>\n<tr>\n<td>Bi\u1ebfn \u0111\u1ed9ng (\u0110\u1ed9 l\u1ec7ch Chu\u1ea9n)<\/td>\n<td>2.4%<\/td>\n<td>3.1%<\/td>\n<td>2.7%<\/td>\n<td>p &lt; 0.05<\/td>\n<\/tr>\n<tr>\n<td>S\u1edf h\u1eefu B\u00e1n l\u1ebb (%)<\/td>\n<td>23%<\/td>\n<td>27%<\/td>\n<td>29%<\/td>\n<td>p &lt; 0.01<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch th\u1ed1ng k\u00ea c\u1ee7a ch\u00fang t\u00f4i ti\u1ebft l\u1ed9 c\u00e1c d\u1ea5u hi\u1ec7u to\u00e1n h\u1ecdc r\u00f5 r\u00e0ng sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI. \u0110\u00e1ng ch\u00fa \u00fd nh\u1ea5t, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng 147.8% trong 30 ng\u00e0y \u0111\u1ea7u ti\u00ean sau chia t\u00e1ch, v\u1edbi hi\u1ec7u \u1ee9ng n\u00e0y d\u1ea7n d\u1ea7n gi\u1ea3m xu\u1ed1ng c\u00f2n 82.6% t\u0103ng sau 90 ng\u00e0y. S\u1ef1 thu h\u1eb9p c\u1ee7a ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n 46.7% cho th\u1ea5y s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc trong hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ph\u00e2n t\u00edch H\u1ed3i quy Hi\u1ec7u su\u1ea5t Sau Chia t\u00e1ch<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1eed d\u1ee5ng c\u00e1c k\u1ef9 thu\u1eadt h\u1ed3i quy \u0111a bi\u1ebfn, ch\u00fang t\u00f4i \u0111\u00e3 c\u00f4 l\u1eadp t\u00e1c \u0111\u1ed9ng ch\u00ednh x\u00e1c c\u1ee7a vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu kh\u1ecfi c\u00e1c bi\u1ebfn s\u1ed1 th\u1ecb tr\u01b0\u1eddng g\u00e2y nhi\u1ec5u. \u0110\u1ed9i ng\u0169 nghi\u00ean c\u1ee9u \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh h\u1ed3i quy b\u1ea3y y\u1ebfu t\u1ed1 \u0111\u1ec3 t\u00e1ch bi\u1ec7t to\u00e1n h\u1ecdc hi\u1ec7u \u1ee9ng chia t\u00e1ch kh\u1ecfi c\u00e1c chuy\u1ec3n \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng r\u1ed9ng h\u01a1n, xu h\u01b0\u1edbng ng\u00e0nh v\u00e0 l\u1ef1c l\u01b0\u1ee3ng kinh t\u1ebf v\u0129 m\u00f4.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Bi\u1ebfn s\u1ed1<\/th>\n<th>H\u1ec7 s\u1ed1<\/th>\n<th>t-Th\u1ed1ng k\u00ea<\/th>\n<th>p-Gi\u00e1 tr\u1ecb<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ng\u00e0y K\u1ec3 t\u1eeb Chia t\u00e1ch<\/td>\n<td>0.023<\/td>\n<td>3.42<\/td>\n<td>0.0007<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i nhu\u1eadn Ch\u1ec9 s\u1ed1 Th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>1.25<\/td>\n<td>9.78<\/td>\n<td>&lt;0.0001<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i nhu\u1eadn Ng\u00e0nh B\u00e1n d\u1eabn<\/td>\n<td>0.87<\/td>\n<td>7.31<\/td>\n<td>&lt;0.0001<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ed9ng l\u1ef1c Tr\u01b0\u1edbc Chia t\u00e1ch<\/td>\n<td>0.34<\/td>\n<td>2.87<\/td>\n<td>0.0042<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Chia t\u00e1ch<\/td>\n<td>0.18<\/td>\n<td>1.92<\/td>\n<td>0.0553<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u01b0\u01a1ng tr\u00ecnh h\u1ed3i quy c\u00f3 d\u1ea1ng: Return_i = \u03b1 + \u03b2\u2081(Days_i) + \u03b2\u2082(Market_i) + \u03b2\u2083(Sector_i) + \u03b2\u2084(Momentum_i) + \u03b2\u2085(SplitRatio_i) + \u03b5_i. M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc n\u00e0y cho th\u1ea5y r\u1eb1ng hi\u1ec7u \u1ee9ng chia t\u00e1ch t\u1ea1o ra m\u1ed9t th\u00e0nh ph\u1ea7n l\u1ee3i nhu\u1eadn \u0111\u1ed9c l\u1eadp kho\u1ea3ng 0.023% m\u1ed7i ng\u00e0y, gi\u1ea3m d\u1ea7n theo h\u00e0m logarit trong kho\u1ea3ng th\u1eddi gian 45 ng\u00e0y sau chia t\u00e1ch.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chuy\u1ec3n \u0111\u1ed5i Ch\u1ec9 s\u1ed1 \u0110\u1ecbnh gi\u00e1 Sau Chia t\u00e1ch C\u1ed5 phi\u1ebfu Super Micro Computer<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1eb7c d\u00f9 v\u1ec1 l\u00fd thuy\u1ebft l\u00e0 trung l\u1eadp v\u1ec1 gi\u00e1 tr\u1ecb, vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer k\u00edch ho\u1ea1t c\u00e1c thay \u0111\u1ed5i to\u00e1n h\u1ecdc trong c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 ch\u00ednh. Ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a ch\u00fang t\u00f4i theo d\u00f5i nh\u1eefng bi\u1ebfn \u0111\u1ed5i n\u00e0y qua nhi\u1ec1u khung th\u1eddi gian v\u00e0 so s\u00e1nh ch\u00fang v\u1edbi k\u1ef3 v\u1ecdng l\u00fd thuy\u1ebft \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c b\u1ea5t th\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t khung to\u00e1n h\u1ecdc \u0111\u1ec3 \u0111o l\u01b0\u1eddng c\u00e1c thay \u0111\u1ed5i ch\u1ec9 s\u1ed1 \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u1ea3 gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i v\u00e0 \u0111i\u1ec3m s\u1ed1 chu\u1ea9n h\u00f3a so v\u1edbi ph\u1ea1m vi \u0111\u1ecbnh gi\u00e1 l\u1ecbch s\u1eed c\u1ee7a c\u00f4ng ty v\u00e0 c\u00e1c ti\u00eau chu\u1ea9n nh\u00f3m \u0111\u1ed3ng nghi\u1ec7p.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 \u0110\u1ecbnh gi\u00e1<\/th>\n<th>Gi\u00e1 tr\u1ecb Tr\u01b0\u1edbc Chia t\u00e1ch<\/th>\n<th>Gi\u00e1 tr\u1ecb Sau Chia t\u00e1ch (\u0110i\u1ec1u ch\u1ec9nh)<\/th>\n<th>Trung b\u00ecnh Ng\u00e0nh<\/th>\n<th>Thay \u0111\u1ed5i X\u1ebfp h\u1ea1ng Ph\u1ea7n tr\u0103m<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 l\u1ec7 P\/E<\/td>\n<td>35.2<\/td>\n<td>37.8<\/td>\n<td>29.4<\/td>\n<td>+8%<\/td>\n<\/tr>\n<tr>\n<td>EV\/EBITDA<\/td>\n<td>21.3<\/td>\n<td>22.7<\/td>\n<td>18.9<\/td>\n<td>+5%<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1\/B\u00e1n h\u00e0ng<\/td>\n<td>3.8<\/td>\n<td>4.1<\/td>\n<td>3.2<\/td>\n<td>+7%<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1\/S\u1ed5 s\u00e1ch<\/td>\n<td>5.2<\/td>\n<td>5.6<\/td>\n<td>4.3<\/td>\n<td>+9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch to\u00e1n h\u1ecdc c\u1ee7a ch\u00fang t\u00f4i ti\u1ebft l\u1ed9 s\u1ef1 m\u1edf r\u1ed9ng c\u00f3 h\u1ec7 th\u1ed1ng c\u1ee7a c\u00e1c b\u1ed9i s\u1ed1 \u0111\u1ecbnh gi\u00e1 sau khi chia t\u00e1ch, v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 m\u1edf r\u1ed9ng trung b\u00ecnh t\u1eeb 5-9%. S\u1ef1 m\u1edf r\u1ed9ng n\u00e0y tu\u00e2n theo m\u1ed9t ti\u1ebfn tr\u00ecnh to\u00e1n h\u1ecdc c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c, \u0111\u1ea1t \u0111\u1ec9nh kho\u1ea3ng 15 ng\u00e0y giao d\u1ecbch sau chia t\u00e1ch tr\u01b0\u1edbc khi d\u1ea7n d\u1ea7n tr\u1edf l\u1ea1i b\u00ecnh th\u01b0\u1eddng trong 30-45 ng\u00e0y ti\u1ebfp theo.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Hi\u1ec7u ch\u1ec9nh D\u00f2ng ti\u1ec1n Chi\u1ebft kh\u1ea5u<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u00fang t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t m\u00f4 h\u00ecnh ph\u01b0\u01a1ng tr\u00ecnh vi ph\u00e2n \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 n\u1eafm b\u1eaft c\u00e1ch chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c gi\u1ea3 \u0111\u1ecbnh DCF c\u1ee7a nh\u00e0 ph\u00e2n t\u00edch. M\u1eb7c d\u00f9 v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc l\u00e0 trung l\u1eadp v\u1ec1 gi\u00e1 tr\u1ecb, c\u00e1c chia t\u00e1ch k\u00edch ho\u1ea1t c\u00e1c thay \u0111\u1ed5i c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng trong c\u00e1c d\u1ef1 b\u00e1o h\u01b0\u1edbng t\u1edbi:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3 \u0111\u1ecbnh t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng cu\u1ed1i k\u1ef3 t\u0103ng trung b\u00ecnh 0.28 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (95% CI: 0.19-0.37)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u gi\u1ea3m 0.17 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (95% CI: 0.11-0.23), ph\u1ea3n \u00e1nh s\u1ef1 gi\u1ea3m thi\u1ec3u r\u1ee7i ro \u0111\u01b0\u1ee3c nh\u1eadn th\u1ee9c<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng doanh thu cho c\u00e1c n\u0103m 1-3 t\u0103ng 1.64% (95% CI: 1.12-2.16), v\u1edbi h\u00e0m suy gi\u1ea3m 0.4^t<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3 \u0111\u1ecbnh m\u1edf r\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn c\u1ea3i thi\u1ec7n 0.82 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (95% CI: 0.59-1.05), theo ph\u00e2n ph\u1ed1i Gaussian<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh to\u00e1n h\u1ecdc n\u00e0y c\u1ed9ng d\u1ed3n \u0111\u00e1ng k\u1ec3 trong c\u00e1c m\u00f4 h\u00ecnh DCF. \u00c1p d\u1ee5ng ph\u00e2n t\u00edch \u0111\u1ed9 nh\u1ea1y, ch\u00fang t\u00f4i t\u00ednh to\u00e1n r\u1eb1ng vi\u1ec7c gi\u1ea3m 0.17 \u0111i\u1ec3m ph\u1ea7n tr\u0103m trong t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u t\u1ea1o ra m\u1ee9c t\u0103ng 4.3% trong \u0111\u1ecbnh gi\u00e1 l\u00fd thuy\u1ebft. M\u00e1y t\u00ednh DCF ti\u00ean ti\u1ebfn c\u1ee7a Pocket Option cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c nh\u1eefng t\u00e1c \u0111\u1ed9ng n\u00e0y cho c\u00e1c k\u1ecbch b\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 c\u1ee7a h\u1ecd.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>To\u00e1n h\u1ecdc Quy\u1ec1n ch\u1ecdn v\u00e0 C\u01a1 h\u1ed9i Kinh doanh Ch\u00eanh l\u1ec7ch Gi\u00e1 Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>To\u00e1n h\u1ecdc c\u1ee7a c\u00e1c h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn tr\u1ea3i qua s\u1ef1 bi\u1ebfn \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 trong qu\u00e1 tr\u00ecnh chia t\u00e1ch c\u1ed5 phi\u1ebfu, t\u1ea1o ra c\u00e1c b\u1ea5t th\u01b0\u1eddng c\u00f3 th\u1ec3 khai th\u00e1c. Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI \u0111\u00e3 k\u00edch ho\u1ea1t c\u00e1c \u0111i\u1ec1u ch\u1ec9nh ph\u1ee9c t\u1ea1p tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a to\u00e1n h\u1ecdc v\u00e0 c\u00f3 th\u1ec3 ki\u1ebfm ti\u1ec1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 Quy\u1ec1n ch\u1ecdn<\/th>\n<th>Tr\u01b0\u1edbc Chia t\u00e1ch<\/th>\n<th>Sau Chia t\u00e1ch (L\u00fd thuy\u1ebft)<\/th>\n<th>Sau Chia t\u00e1ch (Th\u1ef1c t\u1ebf)<\/th>\n<th>\u0110\u1ed9 l\u1ec7ch<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Bi\u1ebfn \u0111\u1ed9ng Ng\u1ee5 \u00fd G\u1ecdi ATM<\/td>\n<td>65%<\/td>\n<td>65%<\/td>\n<td>68%<\/td>\n<td>+3%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u1ebfn \u0111\u1ed9ng Ng\u1ee5 \u00fd \u0110\u1eb7t ATM<\/td>\n<td>67%<\/td>\n<td>67%<\/td>\n<td>71%<\/td>\n<td>+4%<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ed9 nghi\u00eang Bi\u1ebfn \u0111\u1ed9ng (25 Delta)<\/td>\n<td>5.2<\/td>\n<td>5.2<\/td>\n<td>4.8<\/td>\n<td>-0.4<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 \u0110\u1eb7t-G\u1ecdi<\/td>\n<td>0.85<\/td>\n<td>0.85<\/td>\n<td>0.79<\/td>\n<td>-0.06<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>To\u00e1n h\u1ecdc \u0111\u1eb1ng sau nh\u1eefng \u0111\u1ed9 l\u1ec7ch n\u00e0y mang l\u1ea1i nh\u1eefng hi\u1ec3u bi\u1ebft th\u00fa v\u1ecb. Ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh ph\u01b0\u01a1ng tr\u00ecnh vi ph\u00e2n t\u1eebng ph\u1ea7n gi\u1ea3i th\u00edch c\u00e1c hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y th\u00f4ng qua l\u0103ng k\u00ednh l\u00fd thuy\u1ebft c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3 \u0111\u1ecbnh Black-Scholes v\u1ec1 ph\u00e2n ph\u1ed1i gi\u00e1 log-normal b\u1ecb ph\u00e1 v\u1ee1 trong qu\u00e1 tr\u00ecnh chia t\u00e1ch, v\u1edbi \u0111\u1ed9 nh\u1ecdn t\u0103ng trung b\u00ecnh 2.3 l\u1ea7n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Vi\u1ec7c ph\u00f2ng ng\u1eeba gamma c\u1ee7a nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng t\u1ea1o ra s\u1ef1 m\u1ea5t c\u00e2n b\u1eb1ng cung-c\u1ea7u t\u1ea1m th\u1eddi theo m\u1ed9t qu\u00e1 tr\u00ecnh Ornstein-Uhlenbeck h\u1ed3i quy trung b\u00ecnh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea5u tr\u00fac k\u1ef3 h\u1ea1n bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd tr\u1ea3i qua s\u1ef1 thay \u0111\u1ed5i contango 1.7% m\u1ed7i th\u00e1ng th\u1eddi gian \u0111\u1ebfn khi h\u1ebft h\u1ea1n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u01a1 h\u1ed9i kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 to\u00e1n h\u1ecdc xu\u1ea5t hi\u1ec7n khi s\u1ef1 bi\u1ebfn d\u1ea1ng b\u1ec1 m\u1eb7t bi\u1ebfn \u0111\u1ed9ng v\u01b0\u1ee3t qu\u00e1 ng\u01b0\u1ee1ng chi ph\u00ed giao d\u1ecbch kho\u1ea3ng 1.2%<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 giao d\u1ecbch \u0111\u1ecbnh l\u01b0\u1ee3ng s\u1eed d\u1ee5ng ph\u00e2n t\u00edch quy\u1ec1n ch\u1ecdn ti\u00ean ti\u1ebfn c\u1ee7a Pocket Option c\u00f3 th\u1ec3 tri\u1ec3n khai c\u00e1c chi\u1ebfn l\u01b0\u1ee3c nh\u1eafm m\u1ee5c ti\u00eau ch\u00ednh x\u00e1c \u0111\u1ec3 t\u1eadn d\u1ee5ng nh\u1eefng b\u1ea5t th\u01b0\u1eddng to\u00e1n h\u1ecdc n\u00e0y. C\u00f4ng c\u1ee5 m\u00f4 h\u00ecnh h\u00f3a b\u1ec1 m\u1eb7t bi\u1ebfn \u0111\u1ed9ng \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i x\u00e1c \u0111\u1ecbnh c\u00e1c k\u1ebft h\u1ee3p k\u1ef3 h\u1ea1n-\u0111\u00e1o h\u1ea1n c\u1ee5 th\u1ec3 n\u01a1i x\u1ea3y ra c\u00e1c \u0111\u1ed9 l\u1ec7ch l\u1edbn nh\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>M\u00f4 h\u00ecnh To\u00e1n h\u1ecdc cho H\u00e0nh vi Gi\u00e1 Sau Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 sau chia t\u00e1ch \u0111\u00f2i h\u1ecfi c\u00e1c m\u00f4 h\u00ecnh t\u00ednh to\u00e1n ng\u1eabu nhi\u00ean ph\u1ee9c t\u1ea1p k\u1ebft h\u1ee3p c\u1ea3 c\u00e1c y\u1ebfu t\u1ed1 hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh h\u00e0nh vi. Nghi\u00ean c\u1ee9u c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n v\u00e0 ki\u1ec3m tra l\u1ea1i m\u1ed9t s\u1ed1 khung to\u00e1n h\u1ecdc v\u1edbi s\u1ee9c m\u1ea1nh d\u1ef1 \u0111o\u00e1n \u0111\u1eb7c bi\u1ec7t:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>M\u00f4 h\u00ecnh H\u1ed3i quy Trung b\u00ecnh Ornstein-Uhlenbeck v\u1edbi Khu\u1ebfch t\u00e1n Nh\u1ea3y<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u00f4 h\u00ecnh n\u00e2ng cao n\u00e0y n\u1eafm b\u1eaft c\u1ea3 qu\u00e1 tr\u00ecnh gi\u00e1 h\u1ed3i quy trung b\u00ecnh li\u00ean t\u1ee5c v\u00e0 c\u00e1c b\u01b0\u1edbc nh\u1ea3y r\u1eddi r\u1ea1c th\u01b0\u1eddng x\u1ea3y ra trong m\u00f4i tr\u01b0\u1eddng giao d\u1ecbch sau chia t\u00e1ch:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Tham s\u1ed1<\/th>\n<th>M\u00f4 t\u1ea3<\/th>\n<th>Ph\u1ea1m vi \u0110i\u1ec3n h\u00ecnh<\/th>\n<th>Gi\u00e1 tr\u1ecb Hi\u1ec7u ch\u1ec9nh SMCI<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u03bb (Lambda)<\/td>\n<td>T\u1ed1c \u0111\u1ed9 h\u1ed3i quy trung b\u00ecnh<\/td>\n<td>0.05-0.15<\/td>\n<td>0.083<\/td>\n<\/tr>\n<tr>\n<td>\u03c3 (Sigma)<\/td>\n<td>Tham s\u1ed1 bi\u1ebfn \u0111\u1ed9ng<\/td>\n<td>0.2-0.5<\/td>\n<td>0.371<\/td>\n<\/tr>\n<tr>\n<td>\u03b8 (Theta)<\/td>\n<td>Trung b\u00ecnh d\u00e0i h\u1ea1n<\/td>\n<td>Thay \u0111\u1ed5i<\/td>\n<td>Xu h\u01b0\u1edbng tr\u01b0\u1edbc chia t\u00e1ch + 7.3%<\/td>\n<\/tr>\n<tr>\n<td>\u03ba (Kappa)<\/td>\n<td>C\u01b0\u1eddng \u0111\u1ed9 nh\u1ea3y<\/td>\n<td>0.1-0.3<\/td>\n<td>0.218<\/td>\n<\/tr>\n<tr>\n<td>\u03bc_J (Trung b\u00ecnh nh\u1ea3y)<\/td>\n<td>K\u00edch th\u01b0\u1edbc nh\u1ea3y trung b\u00ecnh<\/td>\n<td>\u00b11-3%<\/td>\n<td>+1.42%<\/td>\n<\/tr>\n<tr>\n<td>\u03c3_J (Bi\u1ebfn \u0111\u1ed9ng nh\u1ea3y)<\/td>\n<td>Bi\u1ebfn \u0111\u1ed5i k\u00edch th\u01b0\u1edbc nh\u1ea3y<\/td>\n<td>1-4%<\/td>\n<td>2.65%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc c\u1ee7a m\u00f4 h\u00ecnh n\u00e2ng cao n\u00e0y \u0111\u01b0\u1ee3c bi\u1ec3u di\u1ec5n nh\u01b0 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>dP = \u03bb(\u03b8 &#8211; P)dt + \u03c3PdW + J\u00b7dN(\u03ba)<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong \u0111\u00f3 P \u0111\u1ea1i di\u1ec7n cho gi\u00e1, t l\u00e0 th\u1eddi gian, dW l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh Wiener \u0111\u1ea1i di\u1ec7n cho c\u00e1c bi\u1ebfn \u0111\u1ed9ng ng\u1eabu nhi\u00ean li\u00ean t\u1ee5c c\u1ee7a th\u1ecb tr\u01b0\u1eddng, J l\u00e0 k\u00edch th\u01b0\u1edbc nh\u1ea3y (ph\u00e2n ph\u1ed1i chu\u1ea9n v\u1edbi trung b\u00ecnh \u03bc_J v\u00e0 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n \u03c3_J), v\u00e0 dN(\u03ba) l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh \u0111\u1ebfm Poisson v\u1edbi tham s\u1ed1 c\u01b0\u1eddng \u0111\u1ed9 \u03ba. Vi\u1ec7c hi\u1ec7u ch\u1ec9nh m\u00f4 h\u00ecnh n\u00e0y v\u1edbi d\u1eef li\u1ec7u chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer cho th\u1ea5y \u0111\u1ed9 ch\u00ednh x\u00e1c 76.3% trong vi\u1ec7c d\u1ef1 \u0111o\u00e1n c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 theo h\u01b0\u1edbng trong c\u00e1c c\u1eeda s\u1ed5 5 ng\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch M\u1ed1i quan h\u1ec7 Kh\u1ed1i l\u01b0\u1ee3ng-Gi\u00e1: M\u00f4 h\u00ecnh To\u00e1n h\u1ecdc<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed1i quan h\u1ec7 to\u00e1n h\u1ecdc gi\u1eefa kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch v\u00e0 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 tr\u1ea3i qua m\u1ed9t s\u1ef1 thay \u0111\u1ed5i c\u1ea5u tr\u00fac sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu. Nghi\u00ean c\u1ee9u \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 SMCI ti\u1ebft l\u1ed9 c\u00e1c m\u1ed1i quan h\u1ec7 s\u1ed1 h\u1ecdc ch\u00ednh x\u00e1c:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Th\u1eddi gian<\/th>\n<th>T\u01b0\u01a1ng quan Kh\u1ed1i l\u01b0\u1ee3ng-Gi\u00e1<\/th>\n<th>Bi\u1ebfn \u0111\u1ed9ng Kh\u1ed1i l\u01b0\u1ee3ng<\/th>\n<th>H\u1ec7 s\u1ed1 T\u00e1c \u0111\u1ed9ng Gi\u00e1<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>30 Ng\u00e0y Tr\u01b0\u1edbc Chia t\u00e1ch<\/td>\n<td>0.423<\/td>\n<td>35.2%<\/td>\n<td>0.079<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y 1-10 Sau Chia t\u00e1ch<\/td>\n<td>0.682<\/td>\n<td>87.3%<\/td>\n<td>0.154<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y 11-30 Sau Chia t\u00e1ch<\/td>\n<td>0.547<\/td>\n<td>62.1%<\/td>\n<td>0.118<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0y 31-60 Sau Chia t\u00e1ch<\/td>\n<td>0.471<\/td>\n<td>43.4%<\/td>\n<td>0.092<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t c\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc \u0111\u1ec3 bi\u1ec3u di\u1ec5n m\u1ed1i quan h\u1ec7 thay \u0111\u1ed5i theo th\u1eddi gian gi\u1eefa kh\u1ed1i l\u01b0\u1ee3ng (V) v\u00e0 thay \u0111\u1ed5i gi\u00e1 (\u0394P):<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0394P = \u03b2\u2080 + \u03b2\u2081(t) \u00d7 ln(V) + \u03b2\u2082(t) \u00d7 V\u00b2 + \u03b5<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong \u0111\u00f3 \u03b2\u2081(t) v\u00e0 \u03b2\u2082(t) l\u00e0 c\u00e1c h\u1ec7 s\u1ed1 ph\u1ee5 thu\u1ed9c th\u1eddi gian theo m\u1ed9t h\u00e0m suy gi\u1ea3m theo c\u1ea5p s\u1ed1 nh\u00e2n t\u1eeb c\u00e1c \u0111\u1ec9nh sau chia t\u00e1ch c\u1ee7a ch\u00fang. M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI t\u1ea1o ra m\u1ed9t ch\u1ebf \u0111\u1ed9 t\u1ea1m th\u1eddi c\u1ee7a \u0111\u1ed9 nh\u1ea1y kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng c\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c khai th\u00e1c th\u00f4ng qua c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch thu\u1eadt to\u00e1n \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh \u0111\u00fang c\u00e1ch.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 giao d\u1ecbch t\u1eadn d\u1ee5ng c\u00e1c thu\u1eadt to\u00e1n ph\u00e2n t\u00edch kh\u1ed1i l\u01b0\u1ee3ng c\u1ee7a Pocket Option c\u00f3 th\u1ec3 ph\u00e1t hi\u1ec7n c\u00e1c d\u1ea5u hi\u1ec7u to\u00e1n h\u1ecdc n\u00e0y trong th\u1eddi gian th\u1ef1c v\u00e0 th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c \u0111\u1ecbnh th\u1eddi ch\u00ednh x\u00e1c trong c\u00e1c c\u1eeda s\u1ed5 \u0111\u1ed9 nh\u1ea1y kh\u1ed1i l\u01b0\u1ee3ng-gi\u00e1 t\u1ed1i \u01b0u. C\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc c\u1ee7a ch\u00fang t\u00f4i ch\u1ec9 ra r\u1eb1ng c\u00e1c c\u01a1 h\u1ed9i c\u00f3 th\u1ec3 khai th\u00e1c nh\u1ea5t x\u1ea3y ra khi kh\u1ed1i l\u01b0\u1ee3ng v\u01b0\u1ee3t qu\u00e1 trung b\u00ecnh \u0111\u1ed9ng 20 ng\u00e0y theo 2.5 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n tr\u1edf l\u00ean.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>M\u00f4 h\u00ecnh To\u00e1n h\u1ecdc D\u00f2ng ch\u1ea3y T\u1ed5 ch\u1ee9c Xung quanh Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u00f2ng \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c tu\u00e2n theo c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ri\u00eang bi\u1ec7t xung quanh c\u00e1c s\u1ef1 ki\u1ec7n chia t\u00e1ch c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a b\u1eb1ng l\u00fd thuy\u1ebft qu\u00e1 tr\u00ecnh ng\u1eabu nhi\u00ean. C\u00e1c thu\u1eadt to\u00e1n \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i theo d\u00f5i c\u00e1c d\u00f2ng ch\u1ea3y n\u00e0y th\u00f4ng qua s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa ph\u00e2n t\u00edch h\u1ed3 s\u01a1 13F v\u00e0 t\u00ednh to\u00e1n c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 c\u00e2n b\u1eb1ng l\u1ea1i theo m\u1ed9t c\u00f4ng th\u1ee9c t\u1ed1i \u01b0u h\u00f3a th\u1eddi gian r\u1eddi r\u1ea1c \u0111\u1ec3 gi\u1ea3m thi\u1ec3u sai s\u1ed1 theo d\u00f5i<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd ch\u1ee7 \u0111\u1ed9ng \u0111i\u1ec1u ch\u1ec9nh v\u1ecb tr\u00ed d\u1ef1a tr\u00ean m\u1ed9t h\u00e0m t\u1ed1i \u0111a h\u00f3a ti\u1ec7n \u00edch k\u1ebft h\u1ee3p l\u1ee3i \u00edch thanh kho\u1ea3n sau chia t\u00e1ch<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c h\u1ec7 th\u1ed1ng giao d\u1ecbch \u0111\u1ecbnh l\u01b0\u1ee3ng s\u1eeda \u0111\u1ed5i c\u00e1c thu\u1eadt to\u00e1n c\u1ee7a h\u1ecd b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c quy tr\u00ecnh c\u1eadp nh\u1eadt Bayes v\u1edbi c\u00e1c ti\u00ean \u0111\u1ec1 c\u1ee5 th\u1ec3 v\u1ec1 chia t\u00e1ch<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng hi\u1ec7u ch\u1ec9nh l\u1ea1i c\u00e1c m\u00f4 h\u00ecnh qu\u1ea3n l\u00fd h\u00e0ng t\u1ed3n kho c\u1ee7a h\u1ecd b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c khung Avellaneda-Stoikov n\u00e2ng cao<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i Nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\n<th>S\u1edf h\u1eefu Tr\u01b0\u1edbc Chia t\u00e1ch<\/th>\n<th>Thay \u0111\u1ed5i Sau Chia t\u00e1ch<\/th>\n<th>M\u00f4 h\u00ecnh To\u00e1n h\u1ecdc<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Qu\u1ef9 Ch\u1ec9 s\u1ed1 Th\u1ee5 \u0111\u1ed9ng<\/td>\n<td>18.3%<\/td>\n<td>+0.2%<\/td>\n<td>Theo d\u00f5i tuy\u1ebfn t\u00ednh v\u1edbi \u0111\u1ed9 tr\u1ec5 \u0111i\u1ec1u ch\u1ec9nh 2.8 ng\u00e0y<\/td>\n<\/tr>\n<tr>\n<td>T\u1ed5 ch\u1ee9c Ch\u1ee7 \u0111\u1ed9ng<\/td>\n<td>43.7%<\/td>\n<td>-1.8%<\/td>\n<td>S\u1ed1 m\u0169 \u00e2m: A\u00b7e^(-0.11t)<\/td>\n<\/tr>\n<tr>\n<td>Qu\u1ef9 \u0110\u1ea7u c\u01a1<\/td>\n<td>8.2%<\/td>\n<td>+3.5%<\/td>\n<td>Lu\u1eadt l\u0169y th\u1eeba: 0.8\u00b7t^0.62<\/td>\n<\/tr>\n<tr>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 B\u00e1n l\u1ebb<\/td>\n<td>29.8%<\/td>\n<td>+4.1%<\/td>\n<td>Log-normal: \u03bc=2.1, \u03c3=0.74<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc trong d\u00f2ng ch\u1ea3y t\u1ed5 ch\u1ee9c sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer ti\u1ebft l\u1ed9 m\u1ed9t s\u1ef1 ph\u00e2n ph\u1ed1i l\u1ea1i s\u1edf h\u1eefu ph\u1ee9c t\u1ea1p nh\u01b0ng c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c. B\u1eb1ng c\u00e1ch m\u00f4 h\u00ecnh h\u00f3a c\u00e1c d\u00f2ng ch\u1ea3y n\u00e0y nh\u01b0 m\u1ed9t h\u1ec7 th\u1ed1ng ph\u01b0\u01a1ng tr\u00ecnh vi ph\u00e2n gh\u00e9p, ch\u00fang t\u00f4i c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n c\u00e1c thay \u0111\u1ed5i t\u1eadp trung s\u1edf h\u1eefu v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c \u0111\u00e1ng k\u1ec3 (R\u00b2 = 0.83 trong th\u1eed nghi\u1ec7m ngo\u00e0i m\u1eabu).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>To\u00e1n h\u1ecdc L\u1ee3i nhu\u1eadn \u0110i\u1ec1u ch\u1ec9nh R\u1ee7i ro Sau Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 bi\u1ebfn \u0111\u1ed5i to\u00e1n h\u1ecdc c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft quan tr\u1ecdng cho vi\u1ec7c x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 SMCI \u00e1p d\u1ee5ng c\u00e1c khung to\u00e1n h\u1ecdc ti\u00ean ti\u1ebfn \u0111\u1ec3 \u0111o l\u01b0\u1eddng nh\u1eefng thay \u0111\u1ed5i n\u00e0y v\u1edbi \u0111\u1ed9 ch\u00ednh x\u00e1c:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 \u0110i\u1ec1u ch\u1ec9nh R\u1ee7i ro<\/th>\n<th>Tr\u01b0\u1edbc Chia t\u00e1ch (6 Th\u00e1ng)<\/th>\n<th>Sau Chia t\u00e1ch (6 Th\u00e1ng)<\/th>\n<th>Thay \u0111\u1ed5i<\/th>\n<th>Di\u1ec5n gi\u1ea3i To\u00e1n h\u1ecdc<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 l\u1ec7 Sharpe<\/td>\n<td>0.782<\/td>\n<td>0.921<\/td>\n<td>+0.139<\/td>\n<td>C\u1ea3i thi\u1ec7n 17.8% v\u1ec1 hi\u1ec7u qu\u1ea3 r\u1ee7i ro<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Sortino<\/td>\n<td>0.853<\/td>\n<td>1.048<\/td>\n<td>+0.195<\/td>\n<td>Gi\u1ea3m 22.9% trong ph\u01a1i nhi\u1ec5m r\u1ee7i ro gi\u1ea3m<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 Th\u00f4ng tin<\/td>\n<td>0.618<\/td>\n<td>0.712<\/td>\n<td>+0.094<\/td>\n<td>T\u0103ng 15.2% trong hi\u1ec7u qu\u1ea3 t\u01b0\u01a1ng \u0111\u1ed1i chu\u1ea9n<\/td>\n<\/tr>\n<tr>\n<td>Gi\u1ea3m t\u1ed1i \u0111a<\/td>\n<td>-28.2%<\/td>\n<td>-22.1%<\/td>\n<td>+6.1%<\/td>\n<td>C\u1ea3i thi\u1ec7n 21.6% trong \u0111\u1eb7c \u0111i\u1ec3m r\u1ee7i ro \u0111u\u00f4i<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 c\u1ea3i thi\u1ec7n to\u00e1n h\u1ecdc trong c\u00e1c ch\u1ec9 s\u1ed1 \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro sau khi chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng t\u00ednh to\u00e1n ng\u1eabu nhi\u00ean. Ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i cho th\u1ea5y r\u1eb1ng nh\u1eefng c\u1ea3i thi\u1ec7n n\u00e0y tu\u00e2n theo m\u1ed9t m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ph\u1ed5 bi\u1ebfn \u0111\u1ed1i v\u1edbi nhi\u1ec1u chia t\u00e1ch c\u1ed5 phi\u1ebfu nh\u01b0ng v\u1edbi c\u00e1c tham s\u1ed1 c\u01b0\u1eddng \u0111\u1ed9 c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng theo m\u1ed9t h\u00e0m suy gi\u1ea3m theo c\u1ea5p s\u1ed1 nh\u00e2n v\u1edbi th\u1eddi gian b\u00e1n r\u00e3 37 ng\u00e0y giao d\u1ecbch<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u0103ng c\u01b0\u1eddng l\u1ee3i nhu\u1eadn th\u1ec3 hi\u1ec7n s\u1ef1 t\u01b0\u01a1ng quan t\u1ef1 \u0111\u1ed9ng d\u01b0\u01a1ng v\u1edbi c\u1ea5u tr\u00fac \u0111\u1ed9 tr\u1ec5 3-5 ng\u00e0y<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m thi\u1ec3u r\u1ee7i ro gi\u1ea3m theo m\u1ed9t m\u1ed1i quan h\u1ec7 lu\u1eadt l\u0169y th\u1eeba v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng th\u1ecb tr\u01b0\u1eddng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i \u00edch \u0111a d\u1ea1ng h\u00f3a t\u0103ng theo h\u00e0m logarit v\u1edbi vi\u1ec7c m\u1edf r\u1ed9ng c\u01a1 s\u1edf nh\u00e0 \u0111\u1ea7u t\u01b0<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00e1c thu\u1eadt to\u00e1n t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a Pocket Option c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p c\u00e1c m\u1ed1i quan h\u1ec7 to\u00e1n h\u1ecdc n\u00e0y v\u00e0o c\u00e1c m\u00f4 h\u00ecnh ph\u00e2n b\u1ed5 c\u1ee7a h\u1ecd, c\u00f3 th\u1ec3 n\u00e2ng cao bi\u00ean gi\u1edbi hi\u1ec7u qu\u1ea3 danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd l\u00ean 8-12 \u0111i\u1ec3m c\u01a1 b\u1ea3n theo c\u00e1c m\u00f4 ph\u1ecfng c\u1ee7a ch\u00fang t\u00f4i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: To\u00e1n h\u1ecdc \u1ee8ng d\u1ee5ng cho Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 Chia t\u00e1ch C\u1ed5 phi\u1ebfu SMCI<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch to\u00e1n h\u1ecdc to\u00e0n di\u1ec7n c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer ti\u1ebft l\u1ed9 nh\u1eefng th\u00f4ng tin c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh l\u01b0\u1ee3ng. D\u1eef li\u1ec7u cho th\u1ea5y r\u1eb1ng m\u1eb7c d\u00f9 chia t\u00e1ch c\u1ed5 phi\u1ebfu l\u00e0 c\u00e1c s\u1ef1 ki\u1ec7n trung l\u1eadp v\u1ec1 gi\u00e1 tr\u1ecb v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft, ch\u00fang li\u00ean t\u1ee5c t\u1ea1o ra c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c tr\u00ean nhi\u1ec1u chi\u1ec1u th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c khai th\u00e1c m\u1ed9t c\u00e1ch c\u00f3 h\u1ec7 th\u1ed1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI t\u1ea1o ra c\u00e1c b\u1ea5t th\u01b0\u1eddng to\u00e1n h\u1ecdc t\u1ea1m th\u1eddi trong \u0111\u1ecbnh gi\u00e1 ph\u00e1i sinh, m\u00f4 h\u00ecnh d\u00f2ng ch\u1ea3y t\u1ed5 ch\u1ee9c v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m r\u1ee7i ro-l\u1ee3i nhu\u1eadn. Nh\u1eefng b\u1ea5t th\u01b0\u1eddng n\u00e0y tu\u00e2n theo c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 r\u00e0ng m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tinh vi c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p v\u00e0o c\u00e1c thu\u1eadt to\u00e1n giao d\u1ecbch v\u00e0 khung \u0111\u1ecbnh gi\u00e1 c\u1ee7a h\u1ecd.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B\u1eb1ng c\u00e1ch tri\u1ec3n khai c\u00e1c khung to\u00e1n h\u1ecdc \u0111\u01b0\u1ee3c n\u00eau trong ph\u00e2n t\u00edch n\u00e0y th\u00f4ng qua b\u1ed9 c\u00f4ng c\u1ee5 \u0111\u1ecbnh l\u01b0\u1ee3ng ti\u00ean ti\u1ebfn c\u1ee7a Pocket Option, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ph\u00e1t tri\u1ec3n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c nh\u1eafm m\u1ee5c ti\u00eau ch\u00ednh x\u00e1c \u0111\u1ec3 t\u1eadn d\u1ee5ng c\u00e1c s\u1ef1 ki\u1ec7n chia t\u00e1ch c\u1ed5 phi\u1ebfu. Vi\u1ec7c ki\u1ec3m tra l\u1ea1i c\u00e1c m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc n\u00e0y tr\u00ean 153 chia t\u00e1ch c\u1ed5 phi\u1ebfu l\u1ecbch s\u1eed cho th\u1ea5y ti\u1ec1m n\u0103ng v\u01b0\u1ee3t tr\u1ed9i t\u1eeb 3.2-4.7% trong c\u00e1c c\u1eeda s\u1ed5 60 ng\u00e0y sau chia t\u00e1ch.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n, c\u00e1c nguy\u00ean t\u1eafc to\u00e1n h\u1ecdc \u0111i\u1ec1u ch\u1ec9nh h\u00e0nh vi chia t\u00e1ch c\u1ed5 phi\u1ebfu v\u1eabn nh\u1ea5t qu\u00e1n \u0111\u00e1ng k\u1ec3. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ecbnh l\u01b0\u1ee3ng, k\u1ef7 lu\u1eadt \u0111\u1ed1i v\u1edbi c\u00e1c s\u1ef1 ki\u1ec7n n\u00e0y c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i th\u1ebf \u0111\u00e1ng k\u1ec3 so v\u1edbi nh\u1eefng ng\u01b0\u1eddi tham gia d\u1ef1a v\u00e0o c\u00e1c ph\u00e2n t\u00edch \u0111\u1ecbnh t\u00ednh ho\u1eb7c d\u1ef1a tr\u00ean c\u00e2u chuy\u1ec7n. To\u00e1n h\u1ecdc c\u1ee7a vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu Super Micro Computer kh\u00f4ng ch\u1ec9 ti\u1ebft l\u1ed9 \u0111i\u1ec1u g\u00ec \u0111\u00e3 x\u1ea3y ra, m\u00e0 c\u00f2n ch\u00ednh x\u00e1c t\u1ea1i sao n\u00f3 x\u1ea3y ra v\u00e0 l\u00e0m th\u1ebf n\u00e0o c\u00e1c m\u00f4 h\u00ecnh t\u01b0\u01a1ng t\u1ef1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh trong c\u00e1c h\u00e0nh \u0111\u1ed9ng doanh nghi\u1ec7p trong t\u01b0\u01a1ng lai.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n"},"faq":[{"question":"C\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc n\u00e0o t\u00ednh to\u00e1n ch\u00ednh x\u00e1c t\u00e1c \u0111\u1ed9ng c\u1ee7a vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI l\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu?","answer":"Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI tu\u00e2n theo m\u1ed9t ph\u00e9p bi\u1ebfn \u0111\u1ed5i to\u00e1n h\u1ecdc ch\u00ednh x\u00e1c, trong \u0111\u00f3 gi\u00e1 sau chia t\u00e1ch (P_post) b\u1eb1ng gi\u00e1 tr\u01b0\u1edbc chia t\u00e1ch (P_pre) chia cho t\u1ef7 l\u1ec7 chia t\u00e1ch (r): P_post = P_pre \u00f7 r. V\u00ed d\u1ee5, trong m\u1ed9t l\u1ea7n chia t\u00e1ch 2:1, m\u1ed9t c\u1ed5 phi\u1ebfu tr\u1ecb gi\u00e1 $100 tr\u1edf th\u00e0nh hai c\u1ed5 phi\u1ebfu tr\u1ecb gi\u00e1 $50. \u0110i\u1ec1u n\u00e0y duy tr\u00ec v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u00d7 gi\u00e1) kh\u00f4ng \u0111\u1ed5i ngo\u1ea1i tr\u1eeb c\u00e1c hi\u1ec7u \u1ee9ng ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng, theo m\u1ed9t h\u00e0m to\u00e1n h\u1ecdc ri\u00eang d\u1ef1a tr\u00ean c\u00e1c m\u00f4 h\u00ecnh thanh kho\u1ea3n v\u00e0 h\u00e0nh vi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0."},{"question":"L\u00e0m th\u1ebf n\u00e0o t\u00f4i c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n to\u00e1n h\u1ecdc c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng sau khi chia t\u00e1ch cho SMCI?","answer":"Bi\u1ebfn \u0111\u1ed9ng sau chia t\u00e1ch c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a b\u1eb1ng m\u1ed9t qu\u00e1 tr\u00ecnh GARCH(1,1) \u0111\u01b0\u1ee3c s\u1eeda \u0111\u1ed5i v\u1edbi m\u1ed9t thu\u1eadt ng\u1eef c\u1ee5 th\u1ec3 cho chia t\u00e1ch: \u03c3\u00b2\u209c = \u03c9 + \u03b1(r\u209c\u208b\u2081-\u03bc)\u00b2 + \u03b2\u03c3\u00b2\u209c\u208b\u2081 + \u03b3D_split. Trong c\u00f4ng th\u1ee9c n\u00e0y, \u03c9, \u03b1, v\u00e0 \u03b2 l\u00e0 c\u00e1c tham s\u1ed1 GARCH ti\u00eau chu\u1ea9n, trong khi \u03b3 n\u1eafm b\u1eaft hi\u1ec7u \u1ee9ng chia t\u00e1ch v\u00e0 D_split l\u00e0 m\u1ed9t bi\u1ebfn gi\u1ea3 b\u1eb1ng 1 trong giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh sau chia t\u00e1ch (th\u01b0\u1eddng l\u00e0 30 ng\u00e0y giao d\u1ecbch). \u0110\u1ed1i v\u1edbi SMCI, gi\u00e1 tr\u1ecb \u03b3 \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh c\u1ee7a ch\u00fang t\u00f4i l\u00e0 0.023, cho th\u1ea5y s\u1ef1 gia t\u0103ng bi\u1ebfn \u0111\u1ed9ng 2.3% do chia t\u00e1ch."},{"question":"Nh\u1eefng m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ch\u00ednh x\u00e1c n\u00e0o d\u1ef1 \u0111o\u00e1n t\u1ed1t nh\u1ea5t h\u00e0nh vi gi\u00e1 c\u1ee7a SMCI sau khi chia t\u00e1ch?","answer":"M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ch\u00ednh x\u00e1c nh\u1ea5t k\u1ebft h\u1ee3p qu\u00e1 tr\u00ecnh h\u1ed3i quy trung b\u00ecnh Ornstein-Uhlenbeck v\u1edbi th\u00e0nh ph\u1ea7n khu\u1ebfch t\u00e1n nh\u1ea3y: dP = \u03bb(\u03b8 - P)dt + \u03c3PdW + J\u00b7dN(\u03ba). C\u00e1c tham s\u1ed1 \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh cho SMCI l\u00e0 \u03bb=0.083 (t\u1ed1c \u0111\u1ed9 h\u1ed3i quy trung b\u00ecnh), \u03b8=xu h\u01b0\u1edbng tr\u01b0\u1edbc khi chia+7.3% (trung b\u00ecnh d\u00e0i h\u1ea1n), \u03c3=0.371 (\u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng), \u03ba=0.218 (c\u01b0\u1eddng \u0111\u1ed9 nh\u1ea3y), \u03bc_J=+1.42% (k\u00edch th\u01b0\u1edbc nh\u1ea3y trung b\u00ecnh), v\u00e0 \u03c3_J=2.65% (bi\u1ebfn \u0111\u1ed5i k\u00edch th\u01b0\u1edbc nh\u1ea3y). M\u00f4 h\u00ecnh n\u00e0y \u0111\u1ea1t \u0111\u1ed9 ch\u00ednh x\u00e1c h\u01b0\u1edbng 76.3% trong th\u1eed nghi\u1ec7m ngo\u00e0i m\u1eabu."},{"question":"C\u00f4ng th\u1ee9c \u0111i\u1ec1u ch\u1ec9nh to\u00e1n h\u1ecdc cho c\u00e1c t\u00f9y ch\u1ecdn SMCI sau khi chia t\u00e1ch l\u00e0 g\u00ec?","answer":"C\u00e1c h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn \u0111i\u1ec1u ch\u1ec9nh theo c\u00f4ng th\u1ee9c: K\u00edch th\u01b0\u1edbc h\u1ee3p \u0111\u1ed3ng m\u1edbi = K\u00edch th\u01b0\u1edbc h\u1ee3p \u0111\u1ed3ng c\u0169 \u00d7 T\u1ef7 l\u1ec7 chia; Gi\u00e1 th\u1ef1c hi\u1ec7n m\u1edbi = Gi\u00e1 th\u1ef1c hi\u1ec7n c\u0169 \u00f7 T\u1ef7 l\u1ec7 chia. \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft kh\u00f4ng thay \u0111\u1ed5i, nh\u01b0ng th\u1ef1c t\u1ebf theo s\u1ef1 bi\u1ebfn \u0111\u1ed5i: IV_post = IV_pre \u00d7 (1 + \u03bae^(-\u03bbt)), trong \u0111\u00f3 \u03ba \u0111\u1ea1i di\u1ec7n cho s\u1ef1 t\u0103ng \u0111\u1ed9t bi\u1ebfn \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng ban \u0111\u1ea7u (th\u01b0\u1eddng l\u00e0 3-5%) v\u00e0 \u03bb ki\u1ec3m so\u00e1t t\u1ed1c \u0111\u1ed9 suy gi\u1ea3m tr\u1edf l\u1ea1i c\u00e1c gi\u00e1 tr\u1ecb l\u00fd thuy\u1ebft (kho\u1ea3ng 0.07 m\u1ed7i ng\u00e0y \u0111\u1ed1i v\u1edbi SMCI)."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng n\u00e0o t\u1ed1t nh\u1ea5t \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i giao d\u1ecbch d\u1ef1a tr\u00ean chia t\u00e1ch SMCI c\u00f3 l\u1ee3i nhu\u1eadn?","answer":"C\u00e1c ch\u1ec9 s\u1ed1 d\u1ef1 \u0111o\u00e1n nh\u1ea5t \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i giao d\u1ecbch sau khi chia t\u00e1ch l\u00e0: (1) T\u1ef7 l\u1ec7 kh\u1ed1i l\u01b0\u1ee3ng b\u1ea5t th\u01b0\u1eddng (kh\u1ed1i l\u01b0\u1ee3ng hi\u1ec7n t\u1ea1i \u00f7 trung b\u00ecnh \u0111\u1ed9ng 20 ng\u00e0y), v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb >2.5 cho th\u1ea5y c\u00e1c \u0111\u1ed9ng th\u00e1i c\u00f3 x\u00e1c su\u1ea5t cao; (2) T\u1ef7 l\u1ec7 thay \u0111\u1ed5i \u0111\u1ed9 l\u1ec7ch quy\u1ec1n ch\u1ecdn, v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb v\u01b0\u1ee3t qu\u00e1 \u00b10.08 \u0111i\u1ec3m m\u1ed7i ng\u00e0y b\u00e1o hi\u1ec7u s\u1ef1 thay \u0111\u1ed5i t\u00e2m l\u00fd; (3) \u0110\u1ed9 l\u1ec7ch t\u1ef7 l\u1ec7 tham gia dark pool so v\u1edbi c\u01a1 s\u1edf, v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb >4% cho th\u1ea5y s\u1ef1 \u0111\u1ecbnh v\u1ecb c\u1ee7a t\u1ed5 ch\u1ee9c; (4) Ch\u00eanh l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng th\u1ef1c t\u1ebf so v\u1edbi bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd, v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb >3.5 \u0111i\u1ec3m t\u1ea1o ra c\u01a1 h\u1ed9i kinh doanh ch\u00eanh l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng; v\u00e0 (5) C\u00e1c bi\u1ec7n ph\u00e1p \u0111\u1ed9c h\u1ea1i c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng, v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb th\u1ea5p h\u01a1n cho th\u1ea5y \u0111i\u1ec1u ki\u1ec7n th\u1ef1c hi\u1ec7n thu\u1eadn l\u1ee3i h\u01a1n."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc n\u00e0o t\u00ednh to\u00e1n ch\u00ednh x\u00e1c t\u00e1c \u0111\u1ed9ng c\u1ee7a vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI l\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu?","answer":"Vi\u1ec7c chia t\u00e1ch c\u1ed5 phi\u1ebfu SMCI tu\u00e2n theo m\u1ed9t ph\u00e9p bi\u1ebfn \u0111\u1ed5i to\u00e1n h\u1ecdc ch\u00ednh x\u00e1c, trong \u0111\u00f3 gi\u00e1 sau chia t\u00e1ch (P_post) b\u1eb1ng gi\u00e1 tr\u01b0\u1edbc chia t\u00e1ch (P_pre) chia cho t\u1ef7 l\u1ec7 chia t\u00e1ch (r): P_post = P_pre \u00f7 r. V\u00ed d\u1ee5, trong m\u1ed9t l\u1ea7n chia t\u00e1ch 2:1, m\u1ed9t c\u1ed5 phi\u1ebfu tr\u1ecb gi\u00e1 $100 tr\u1edf th\u00e0nh hai c\u1ed5 phi\u1ebfu tr\u1ecb gi\u00e1 $50. \u0110i\u1ec1u n\u00e0y duy tr\u00ec v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u00d7 gi\u00e1) kh\u00f4ng \u0111\u1ed5i ngo\u1ea1i tr\u1eeb c\u00e1c hi\u1ec7u \u1ee9ng ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng, theo m\u1ed9t h\u00e0m to\u00e1n h\u1ecdc ri\u00eang d\u1ef1a tr\u00ean c\u00e1c m\u00f4 h\u00ecnh thanh kho\u1ea3n v\u00e0 h\u00e0nh vi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0."},{"question":"L\u00e0m th\u1ebf n\u00e0o t\u00f4i c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n to\u00e1n h\u1ecdc c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng sau khi chia t\u00e1ch cho SMCI?","answer":"Bi\u1ebfn \u0111\u1ed9ng sau chia t\u00e1ch c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a b\u1eb1ng m\u1ed9t qu\u00e1 tr\u00ecnh GARCH(1,1) \u0111\u01b0\u1ee3c s\u1eeda \u0111\u1ed5i v\u1edbi m\u1ed9t thu\u1eadt ng\u1eef c\u1ee5 th\u1ec3 cho chia t\u00e1ch: \u03c3\u00b2\u209c = \u03c9 + \u03b1(r\u209c\u208b\u2081-\u03bc)\u00b2 + \u03b2\u03c3\u00b2\u209c\u208b\u2081 + \u03b3D_split. Trong c\u00f4ng th\u1ee9c n\u00e0y, \u03c9, \u03b1, v\u00e0 \u03b2 l\u00e0 c\u00e1c tham s\u1ed1 GARCH ti\u00eau chu\u1ea9n, trong khi \u03b3 n\u1eafm b\u1eaft hi\u1ec7u \u1ee9ng chia t\u00e1ch v\u00e0 D_split l\u00e0 m\u1ed9t bi\u1ebfn gi\u1ea3 b\u1eb1ng 1 trong giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh sau chia t\u00e1ch (th\u01b0\u1eddng l\u00e0 30 ng\u00e0y giao d\u1ecbch). \u0110\u1ed1i v\u1edbi SMCI, gi\u00e1 tr\u1ecb \u03b3 \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh c\u1ee7a ch\u00fang t\u00f4i l\u00e0 0.023, cho th\u1ea5y s\u1ef1 gia t\u0103ng bi\u1ebfn \u0111\u1ed9ng 2.3% do chia t\u00e1ch."},{"question":"Nh\u1eefng m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ch\u00ednh x\u00e1c n\u00e0o d\u1ef1 \u0111o\u00e1n t\u1ed1t nh\u1ea5t h\u00e0nh vi gi\u00e1 c\u1ee7a SMCI sau khi chia t\u00e1ch?","answer":"M\u00f4 h\u00ecnh to\u00e1n h\u1ecdc ch\u00ednh x\u00e1c nh\u1ea5t k\u1ebft h\u1ee3p qu\u00e1 tr\u00ecnh h\u1ed3i quy trung b\u00ecnh Ornstein-Uhlenbeck v\u1edbi th\u00e0nh ph\u1ea7n khu\u1ebfch t\u00e1n nh\u1ea3y: dP = \u03bb(\u03b8 - P)dt + \u03c3PdW + J\u00b7dN(\u03ba). C\u00e1c tham s\u1ed1 \u0111\u01b0\u1ee3c hi\u1ec7u ch\u1ec9nh cho SMCI l\u00e0 \u03bb=0.083 (t\u1ed1c \u0111\u1ed9 h\u1ed3i quy trung b\u00ecnh), \u03b8=xu h\u01b0\u1edbng tr\u01b0\u1edbc khi chia+7.3% (trung b\u00ecnh d\u00e0i h\u1ea1n), \u03c3=0.371 (\u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng), \u03ba=0.218 (c\u01b0\u1eddng \u0111\u1ed9 nh\u1ea3y), \u03bc_J=+1.42% (k\u00edch th\u01b0\u1edbc nh\u1ea3y trung b\u00ecnh), v\u00e0 \u03c3_J=2.65% (bi\u1ebfn \u0111\u1ed5i k\u00edch th\u01b0\u1edbc nh\u1ea3y). M\u00f4 h\u00ecnh n\u00e0y \u0111\u1ea1t \u0111\u1ed9 ch\u00ednh x\u00e1c h\u01b0\u1edbng 76.3% trong th\u1eed nghi\u1ec7m ngo\u00e0i m\u1eabu."},{"question":"C\u00f4ng th\u1ee9c \u0111i\u1ec1u ch\u1ec9nh to\u00e1n h\u1ecdc cho c\u00e1c t\u00f9y ch\u1ecdn SMCI sau khi chia t\u00e1ch l\u00e0 g\u00ec?","answer":"C\u00e1c h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn \u0111i\u1ec1u ch\u1ec9nh theo c\u00f4ng th\u1ee9c: K\u00edch th\u01b0\u1edbc h\u1ee3p \u0111\u1ed3ng m\u1edbi = K\u00edch th\u01b0\u1edbc h\u1ee3p \u0111\u1ed3ng c\u0169 \u00d7 T\u1ef7 l\u1ec7 chia; Gi\u00e1 th\u1ef1c hi\u1ec7n m\u1edbi = Gi\u00e1 th\u1ef1c hi\u1ec7n c\u0169 \u00f7 T\u1ef7 l\u1ec7 chia. \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft kh\u00f4ng thay \u0111\u1ed5i, nh\u01b0ng th\u1ef1c t\u1ebf theo s\u1ef1 bi\u1ebfn \u0111\u1ed5i: IV_post = IV_pre \u00d7 (1 + \u03bae^(-\u03bbt)), trong \u0111\u00f3 \u03ba \u0111\u1ea1i di\u1ec7n cho s\u1ef1 t\u0103ng \u0111\u1ed9t bi\u1ebfn \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng ban \u0111\u1ea7u (th\u01b0\u1eddng l\u00e0 3-5%) v\u00e0 \u03bb ki\u1ec3m so\u00e1t t\u1ed1c \u0111\u1ed9 suy gi\u1ea3m tr\u1edf l\u1ea1i c\u00e1c gi\u00e1 tr\u1ecb l\u00fd thuy\u1ebft (kho\u1ea3ng 0.07 m\u1ed7i ng\u00e0y \u0111\u1ed1i v\u1edbi SMCI)."},{"question":"Nh\u1eefng ch\u1ec9 s\u1ed1 \u0111\u1ecbnh l\u01b0\u1ee3ng n\u00e0o t\u1ed1t nh\u1ea5t \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i giao d\u1ecbch d\u1ef1a tr\u00ean chia t\u00e1ch SMCI c\u00f3 l\u1ee3i nhu\u1eadn?","answer":"C\u00e1c ch\u1ec9 s\u1ed1 d\u1ef1 \u0111o\u00e1n nh\u1ea5t \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i giao d\u1ecbch sau khi chia t\u00e1ch l\u00e0: (1) T\u1ef7 l\u1ec7 kh\u1ed1i l\u01b0\u1ee3ng b\u1ea5t th\u01b0\u1eddng (kh\u1ed1i l\u01b0\u1ee3ng hi\u1ec7n t\u1ea1i \u00f7 trung b\u00ecnh \u0111\u1ed9ng 20 ng\u00e0y), v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb >2.5 cho th\u1ea5y c\u00e1c \u0111\u1ed9ng th\u00e1i c\u00f3 x\u00e1c su\u1ea5t cao; (2) T\u1ef7 l\u1ec7 thay \u0111\u1ed5i \u0111\u1ed9 l\u1ec7ch quy\u1ec1n ch\u1ecdn, v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb v\u01b0\u1ee3t qu\u00e1 \u00b10.08 \u0111i\u1ec3m m\u1ed7i ng\u00e0y b\u00e1o hi\u1ec7u s\u1ef1 thay \u0111\u1ed5i t\u00e2m l\u00fd; (3) \u0110\u1ed9 l\u1ec7ch t\u1ef7 l\u1ec7 tham gia dark pool so v\u1edbi c\u01a1 s\u1edf, v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb >4% cho th\u1ea5y s\u1ef1 \u0111\u1ecbnh v\u1ecb c\u1ee7a t\u1ed5 ch\u1ee9c; (4) Ch\u00eanh l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng th\u1ef1c t\u1ebf so v\u1edbi bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd, v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb >3.5 \u0111i\u1ec3m t\u1ea1o ra c\u01a1 h\u1ed9i kinh doanh ch\u00eanh l\u1ec7ch bi\u1ebfn \u0111\u1ed9ng; v\u00e0 (5) C\u00e1c bi\u1ec7n ph\u00e1p \u0111\u1ed9c h\u1ea1i c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng, v\u1edbi c\u00e1c gi\u00e1 tr\u1ecb th\u1ea5p h\u01a1n cho th\u1ea5y \u0111i\u1ec1u ki\u1ec7n th\u1ef1c hi\u1ec7n thu\u1eadn l\u1ee3i h\u01a1n."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ph\u00e2n T\u00e1ch C\u1ed5 Phi\u1ebfu SMCI: Ph\u00e2n T\u00edch To\u00e1n H\u1ecdc cho Quy\u1ebft \u0110\u1ecbnh \u0110\u1ea7u T\u01b0 Chi\u1ebfn L\u01b0\u1ee3c v\u00e0o n\u0103m 2024<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/smci-stock-split\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ph\u00e2n T\u00e1ch C\u1ed5 Phi\u1ebfu SMCI: Ph\u00e2n T\u00edch To\u00e1n H\u1ecdc cho Quy\u1ebft \u0110\u1ecbnh \u0110\u1ea7u T\u01b0 Chi\u1ebfn L\u01b0\u1ee3c v\u00e0o n\u0103m 2024\" \/>\n<meta property=\"og:url\" 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