Understanding Arbitrage

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Understanding Arbitrage

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Author : Randall Billingsley
language : en
Publisher: Pearson Education
Release Date : 2005-10-05

Understanding Arbitrage written by Randall Billingsley and has been published by Pearson Education this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-10-05 with Business & Economics categories.

Arbitrage is central both to corporate risk management and to a wide range of investment strategies. Thousands of financial executives, managers, and sophisticated investors want to understand it, but most books on arbitrage are far too abstract and technical to serve their needs. Billingsley addresses this untapped market with the first accessible and realistic guide to the concepts and modern practice of arbitrage. It relies on intuition, not advanced math: readers will find basic algebra sufficient to understand it and begin using its methods. The author starts with a lucid introduction to the fundamentals of arbitrage, including the Laws of One Price and One Expected Return. Using realistic examples, he shows how to identify assets and portfolios ripe for exploitation: mispriced commodities, securities, misvalued currencies; interest rate differences; and more. You'll learn how to establish relative prices between underlying stock, puts, calls, and 'riskless' securities like Treasury bills -- and how these techniques support derivatives pricing and hedging. Billingsley then illuminates options pricing, the heart of modern risk management and financial engineering. He concludes with an accessible introduction to the Nobel-winning Modigliani-Miller theory, and its use in analyzing capital structure.

Understanding Arbitrage

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Author : Billingsley
language : en
Publisher:
Release Date : 2005

Understanding Arbitrage written by Billingsley and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Capturing Finance

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Author : Carolyn Hardin
language : en
Publisher: Duke University Press
Release Date : 2021-07-09

Capturing Finance written by Carolyn Hardin and has been published by Duke University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-09 with Business & Economics categories.

Arbitrage—the trading practice that involves buying assets in one market at a cheap price and immediately selling them in another market for a profit—is fundamental to the practice of financial trading and economic understandings of how financial markets function. Because traders complete transactions quickly and use other people's money, arbitrage is considered to be riskless. Yet, despite the rhetoric of riskless trading, the arbitrage in mortgage-backed securities led to the 2008 financial crisis. In Capturing Finance Carolyn Hardin offers a new way of understanding arbitrage as a means for capturing value in financial capitalism. She shows how arbitrage relies on a system of abstract domination built around risk. The commonsense beliefs that taking on debt is necessary for affording everyday life and that investing is necessary to secure retirement income compel individuals to assume risk while financial institutions amass profits. Hardin insists that mitigating financial capitalism's worst consequences, such as perpetuating class and racial inequities, requires challenging the narratives that naturalize risk as a necessary element of financial capitalism as well as social life writ large.

The Complete Arbitrage Deskbook

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Author : Stephane Reverre
language : en
Publisher: McGraw Hill Professional
Release Date : 2001-05-21

The Complete Arbitrage Deskbook written by Stephane Reverre and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-05-21 with Business & Economics categories.

The Complete Arbitrage Deskbook explains every aspect of the types, instruments, trading practices, and opportunities of modern equity arbitrage. It travels beyond U.S. borders to examine the worldwide opportunities inherent in arbitrage activities and demonstrates how to understand and practice equity arbitrage in the global professional environment. Written specifically for traders, risk managers, brokers, regulators, and anyone looking for a comprehensive overview of the field of equity arbitrage, this groundbreaking reference provides: Details of the financial instruments used in equity arbitrage—stocks, futures, money markets, and indices Explanations of financial valuation and risk analysis, tailored to the characteristics of the underlying position and market environment Examples of actual arbitrage situations—presenting a real-life snapshot of equity arbitrage in actionThe Complete Arbitrage Deskbook is the only book to combine operational details with practical analysis of modern equity arbitrage. Concise in explanation yet comprehensive in scope, it provides an integrated overview of both the practices and the possibilities of the modern equity arbitrage marketplace.

An Arbitrage Guide To Financial Markets

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Author : Robert Dubil
language : en
Publisher: John Wiley & Sons
Release Date : 2005-04-08

An Arbitrage Guide To Financial Markets written by Robert Dubil and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-04-08 with Business & Economics categories.

An Arbitrage Guide to Financial Markets is the first book to explicitly show the linkages of markets for equities, currencies, fixed income and commodities. Using a unique structural approach, it dissects all markets the same way: into spot, forward and contingent dimensions, bringing out the simplicity and the commonalities of all markets. The book shuns stochastic calculus in favor of cash flow details of arbitrage trades. All math is simple, but there is lots of it. The book reflects the relative value mentality of an institutional trader seeking profit from misalignments of various market segments. The book is aimed at entrants into investment banking and dealing businesses, existing personnel in non-trading jobs, and people outside of the financial services industry trying to gain a view into what drives dealers in today’s highly integrated marketplace. A committed reader is guaranteed to leave with a deep understanding of all current issues. "This is an excellent introduction to the financial markets by an author with a strong academic approach and practical insights from trading experience. At a time when the proliferation of financial instruments and the increased use of sophisticated mathematics in their analysis, makes an introduction to financial markets intimidating to most, this book is very useful. It provides an insight into the core concepts across markets and uses mathematics at an accessible level. It equips readers to understand the fundamentals of markets, valuation and trading. I would highly recommend it to anyone looking to understand the essentials of successfully trading, structuring or using the entire range of financial instruments available today." —Varun Gosain, Principal, Constellation Capital Management, New York "Robert Dubil, drawing from his extensive prior trading experience, has made a significant contribution by writing an easy to understand book about the complex world of today’s financial markets, using basic mathematical concepts. The book is filled with insights and real life examples about how traders approach the market and is required reading for anyone with an interest in understanding markets or a career in trading." —George Handjinicolaou, Partner, Etolian Capital, New York "This book provides an excellent guide to the current state of the financial markets. It combines academic rigour with the author’s practical experience of the financial sector, giving both students and practitioners an insight into the arbitrage pricing mechanism." —Zenji Nakamura, Managing Director, Europe Fixed Income Division, Nomura International plc, London

Financial Engineering And Arbitrage In The Financial Markets

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Author : Robert Dubil
language : en
Publisher: John Wiley & Sons
Release Date : 2011-10-13

Financial Engineering And Arbitrage In The Financial Markets written by Robert Dubil and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-13 with Business & Economics categories.

A whole is worth the sum of its parts. Even the most complex structured bond, credit arbitrage strategy or hedge trade can be broken down into its component parts, and if we understand the elemental components, we can then value the whole as the sum of its parts. We can quantify the risk that is hedged and the risk that is left as the residual exposure. If we learn to view all financial trades and securities as engineered packages of building blocks, then we can analyze in which structures some parts may be cheap and some may be rich. It is this relative value arbitrage principle that drives all modern trading and investment. This book is an easy-to-understand guide to the complex world of today’s financial markets teaching you what money and capital markets are about through a sequence of arbitrage-based numerical illustrations and exercises enriched with institutional detail. Filled with insights and real life examples from the trading floor, it is essential reading for anyone starting out in trading. Using a unique structural approach to teaching the mechanics of financial markets, the book dissects markets into their common building blocks: spot (cash), forward/futures, and contingent (options) transactions. After explaining how each of these is valued and settled, it exploits the structural uniformity across all markets to introduce the difficult subjects of financially engineered products and complex derivatives. The book avoids stochastic calculus in favour of numeric cash flow calculations, present value tables, and diagrams, explaining options, swaps and credit derivatives without any use of differential equations.

Convertible Arbitrage

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Author : Nick P. Calamos
language : en
Publisher: John Wiley & Sons
Release Date : 2011-01-19

Convertible Arbitrage written by Nick P. Calamos and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-19 with Business & Economics categories.

Minimize risk and maximize profits with convertible arbitrage Convertible arbitrage involves purchasing a portfolio of convertible securities-generally convertible bonds-and hedging a portion of the equity risk by selling short the underlying common stock. This increasingly popular strategy, which is especially useful during times of market volatility, allows individuals to increase their returns while decreasing their risks. Convertible Arbitrage offers a thorough explanation of this unique investment strategy. Filled with in-depth insights from an expert in the field, this comprehensive guide explores a wide range of convertible topics. Readers will be introduced to a variety of models for convertible analysis, "the Greeks," as well as the full range of hedges, including titled and leveraged hedges, as well as swaps, nontraditional hedges, and option hedging. They will also gain a firm understanding of alternative convertible structures, the use of foreign convertibles in hedging, risk management at the portfolio level, and trading and hedging risks. Convertible Arbitrage eliminates any confusion by clearly differentiating convertible arbitrage strategy from other hedging techniques such as long-short equity, merger and acquisition arbitrage, and fixed-income arbitrage. Nick Calamos (Naperville, IL) oversees research and portfolio management for Calamos Asset Management, Inc. Since 1983 his experience has centered on convertible securities investment. He received his undergraduate degree in economics from Southern Illinois University and an MS in finance from Northern Illinois University.

Merger Arbitrage

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Author : Thomas Kirchner
language : en
Publisher: John Wiley & Sons
Release Date : 2009-07-01

Merger Arbitrage written by Thomas Kirchner and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07-01 with Business & Economics categories.

A detailed look at an important hedge fund strategy Written by a fund manager who invests solely in merger arbitrage, also referred to as risk arbitrage, and other event-driven strategies, Merger Arbitrage is the definitive book on how this alternative hedge fund strategy works. Initial chapters are dedicated to the ins and outs of the strategy–cash mergers versus stock for stock mergers, legal aspects of mergers, and pitfalls of the merger process–while later chapters focus on giving the reader sound advice for integrating merger arbitrage into an investment portfolio. Merger Arbitrage helps readers understand leverage and options, shorting stocks, and legal aspects of merger arbitrage, including seeking appraisal or filing lawsuits for inadequate merger consideration. For those looking to gain an edge in the merger arbitrage arena, this book has everything they need to succeed. Thomas F. Kirchner, CFA (New York, NY), is the founder and portfolio manager of Pennsylvania Avenue Funds (www.pennavefunds.com), which invests in merger arbitrage and other event-driven strategies.

Convertible Arbitrage

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Author : Nick P. Calamos
language : en
Publisher: John Wiley & Sons
Release Date : 2003-07-24

Convertible Arbitrage written by Nick P. Calamos and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-07-24 with Business & Economics categories.

"Convertible Arbitrage" ist ein praxisorientierter und umfassender Ratgeber, der sich mit einer interessanten Investmentstrategie auseinandersetzt - der 'Convertible Arbitrage'. Bei dieser Strategie geht es darum, ein Portfolio aus wandelbaren Wertpapieren anzulegen - in der Regel Wandelanleihen -, wobei das Risiko teilweise dadurch abgesichert wird, dass die zugrundeliegende Stammaktie leerverkauft wird. Diese Strategie erfreut sich wachsender Beliebtheit und ist insbesondere in Zeiten hoher Marktvolatilität von Nutzen, denn sie ermöglicht Finanzexperten eine Steigerung der Rendite bei einer Verringerung des Risikos. "Convertible Arbitrage" erläutert diese einzigartige Investmentstrategie fundiert und detailliert. Mit einer Fülle von Experten-Informationen. Autor Nick Calamos ist ein anerkannter Fachmann auf diesem Gebiet. Er ist regelmäßig auf CNBC zu sehen und wird häufig von Fachzeitschriften interviewt.

Retail Arbitrage How To Arbitrage Successfully Online

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Author : Erik Smith
language : en
Publisher: Independently Published
Release Date : 2019-03-15

Retail Arbitrage How To Arbitrage Successfully Online written by Erik Smith and has been published by Independently Published this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-15 with Business & Economics categories.

Retail arbitrage is a simple business model. First, a retailer sells a product for a certain price. Second, you purchase that product and resell it for a higher price. Third, you keep the profit. It doesn't matter if that product is being sold online or in-store. What matters is that the price it's being sold for allows you to make a profit through reselling.But even if retail arbitrage looks like a simple process of reselling products, it's not all about that. While the method may be similar, there's more to consider if you are doing retail arbitrage. One of those things is understanding the opportunity that brings about re-sellable products. Another thing is understanding the benefits and threats that retail arbitrage poses.Yet another thing to consider is how to get started. You simply can't walk in to Wal-Mart, for example, pick the products you want to sell, buy them in bulk, and then go off to resell them. There's more to simply finding and choosing the right product for you.On top of getting started is how you can keep things going. Realize that when you start on something like retail arbitrage, it's not too simple to quit. That's especially if you are having fun doing it, while enjoying the profit it brings. Still, staying in the business of retail arbitrage is one thing. Being successful in it is another. There are people out there who are sharing that they quit their full time job because they're doing great in retail arbitrage. What are their secrets? This mini ebook answers all these questions.Throughout its discussion, it will involve online marketplaces like Amazon, Alibaba, eBay, and Facebook Markets, as well as physical stores like Wal-Mart, Target, and other leading retail companies.At the end of this book, readers should have a clear understanding of the basic principles involving retail arbitrage, how they can get started on it, how they may grow from it, and how they may succeed in it.You Will Learn: Understanding the Opportunity Understanding the Pros and ConsGetting StartedChoosing Your Products Tips for Succes