Corporate Finance

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By Robert Dubil

A really transparent method of providing the advanced fabric. this can be my favourite e-book with complicated assurance. writer makes use of loads of examples with real numbers in order that it truly is more straightforward to appreciate what the numbers are and what they mean.

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Extra info for An Arbitrage Guide to Financial Markets (The Wiley Finance Series)

Example text

This would be quite inconvenient as they would have to buy and sell these ‘‘bulky’’ assets frequently to meet their normal living expenditures. From a retail customer’s perspective, the bank’s assets often have undesirably long maturity which entails price risk if they are sold quickly, and they are offered only in large denominations. In order to attract funding, the bank repackages its mortgage and business loan assets into liabilities, such as checking accounts and CDs, which have more palatable characteristics: immediate cash machine access, small denomination, short maturity, and deposit insurance.

They buy stocks, currencies, mortgage bonds, leases, etc. and they sell the same securities. As dealers they own them temporarily before they sell them, exposing themselves to temporary market risks. As brokers they simply match buyers and sellers. Broker-dealers participate in both primary sale and secondary resale transactions. They transfer securities from the original issuers to buyers as well as from existing owners to new owners. The first is known as investment banking or corporate finance, the latter as dealing or trading.

They also rely on the knowledge contained in the primers to further develop detailed arbitrage strategies that are considered ‘‘benchmark’’ trades in each market. These are presented mostly as pure arbitrages; their relative value cousins are not difficult to imagine and some are also described. In Chapter 3, we survey spot fixed income markets. We go over money markets securities (under 1 year in maturity) which enjoy the most liquidity and turnover. We cover government and corporate bond markets.

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