This article builds on an important and insightful recent model of arbitrage by professional traders who need but lack wealth of their own to trade Professional arbitrageurs must convince wealthy but uninformed investors to entrust them with investment capital in order to exploit mispricing and push the market back toward...
"Limits of Arbitrage" theories require that the marginal investor in a particular asset market be a specialized arbitrageur. The paper examines the mortgage-backed securities market in this light, as casual empiricism suggests that investors in the MBS market do seem to be very specialized. It shows that risks that seem...
David Morgan submits: In economics and finance, arbitrage is the practice of taking advantage of a price differential between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices. When used by academics, an arbitrage is...
By Jonathan Stempel and Elinor Comlay NEW YORK (Reuters UK) - Bank of America's BAC $50 billion (28 billion pound) acquisition of Merrill Lynch MER would mark the end of a storied name in American finance, but create the nation's biggest bank by far. Investors soured...
By Jonathan Stempel and Elinor Comlay NEW YORK (Reuters) - Bank of America Corp's BAC $50 billion acquisition of Merrill Lynch & Co MER would mark the end of a storied name in American finance, but create the nation's biggest bank by far....
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