Download e-book for iPad: An Arbitrage Guide to Financial Markets (The Wiley Finance by Robert Dubil

By Robert Dubil

ISBN-10: 0470853328

ISBN-13: 9780470853320

A truly transparent manner of offering the advanced fabric. this can be my favourite e-book with complicated insurance. writer makes use of loads of examples with genuine numbers in order that it really 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

Rates vs. yields Throughout the text, we use the word rate to denote the interest percentage that is typically explicitly stated and is used in a convention to compute the actual monetary amount of interest paid to the holder of a security. We will use the word yield to denote the interest percentage earned on the amount invested. The market sometimes uses the two interchangeably, but they should not be. A bond with a 5% coupon rate selling at par (price equal to 100% of the face value) yields 5%.

This book clarifies the essence of such trades by emphasizing common elements. It also explains why most institutions rely on the interaction of dealers on large trading floors to take advantage of intermarket arbitrages. The principle of arbitrage is exploited not only to show what motivates traders to participate in each market (program trading of stock index futures vs. ). Many readers view no-arbitrage conditions found in finance textbooks as strict mathematical constructs. It should be clear from the above discussion that they are not mathematical at all.

Yield to maturity A holding period return (HPR) is a theoretical single yield earned on purchasing an investment for a given price, receiving cash flows from it, if any, over some known holding period and selling it at some known price at the end of that period. That is, the knowns are: . Purchase price. Intermediate cash flows. Sale price. In computing a yield over a holding horizon, one could make an assumption that the cash flows obtained from the investment have been re-invested at different rates.

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An Arbitrage Guide to Financial Markets (The Wiley Finance Series) by Robert Dubil

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