Use "arbitrage" em uma frase

1. SCS Arbitrage hung 300 meters out, holding station alongside Hardway with the ships of the combined fleet massed behind her

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2. On our part, we are now informing the Japanese government that any and all American aid of military nature to Japan, including military intelligence, will stop as of tomorrow if Japan refuses to submit to international arbitrage

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3. When options are out of parity, arbitrage begins; this quickly brings options back to parity

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4. Mutual funds don’t engage in sophisticated trading techniques such as arbitrage trades, special situations, long–short strategies, or distressed asset investing

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5. The minute volatility differentials are for the professional arbitrage traders to take advantage of

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6. It should be noted that the calls and puts at the same strike must trade for the same implied volatility: otherwise conversion or reversal arbitrage would move in and eliminate the difference

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7. However there is no true arbitrage between different striking prices

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8. Hence, arbitrage cannot eliminate volatility skewing

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9. Traders with sufficient collateral might like to work both sides of this for a really “pure” volatility play — a kind of “volatility arbitrage,” if you will

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10. These situations may involve a liquidation or give rise to technical operations known as “arbitrage” or “hedging

11. In our view it is also proper to consider as investment operations certain types of arbitrage and hedging commitments which involve the sale of one security against the purchase of another

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12. True, some people like to buy things that will grow and others are drawn to assets that beckon from the bargain counter, while still others like to engage in arbitrage activities, buying one thing and selling another to profit on the price differential, or spread

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13. I was working in the risk arbitrage department of a firm that did a lot of options arbitrage

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14. Even though I was new to Wall Street, I had done enough arbitrage to understand what Ira was saying

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15. 6 In actual practice, conversions often result also from arbitrage operations involving the purchase of the bond and the simultaneous sale of the stock at a price slightly higher than the “conversion parity

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16. There were risks of nonconsummation of the plans or of unexpected delays, but on the whole such “arbitrage operations” proved highly profitable

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17. Assuming that the three examples given are fairly representative of “workout or arbitrage” opportunities as a whole in 1971, it is clear that they are not attractive if entered into upon a random basis

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18. * As discussed in the commentary on Chapter 7, merger arbitrage is wholly inappropriate for most individual investors

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19. Arbitrage positions, investments in companies being taken over or in newly spun-off divisions, investments in securities of companies in Chapter 11, investments in companies in the process of liquidation-all these can offer high returns that do not depend on or relate to the overall direction of the market

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20. This arbitrage valuation is only the start of the analysis

21. The other third was divided as opportunity dictated among bankruptcy plays, arbitrage positions, and cash, with the cash never falling below 5 percent of the portfolio

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22. The arbitrage positions were all in publicly announced deals, largely takeovers for which financing was available

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23. Each of the areas Price focuses on-cheap stocks, arbitrage, and bankruptcies-leads him to examine the businesses as a control buyer would look at them

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24. The arbitrage positions are generally takeovers; they offer useful information about how much acquirers are paying for what kinds of businesses

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25. The store of knowledge expands with each deal, each stock purchase, and each arbitrage position

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26. All of the positions in the Arbitrage section, by definition, have a catalyst through which value will be realized

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27. Under normal circumstances, however, it is the Arbitrage positions that will turn over more quickly, providing a steady flow of cash back into the portfolio

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28. Because they were chosen through different selection processes and for different reasons, the two halves of the portfolio are not highly correlated with one another, and the Arbitrage section is not correlated with the market as a whole

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29. All they would tell her and Neva Cohen was that it had to do with arbitrage—which Mary loosely understood as trading currencies from country to country, making money on discrepancies in the exchange rates—and that this arbitrage scheme was their ticket out of hacking cabs for the rest of their lives

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30. An underlying credo of value investing is that no one not engaged full-time in high-frequency trading, option trading, or risk arbitrage can be expected to outperform a market over the short run by conscious effort

31. In FF analysis, market risk is mostly ignored except when dealing with sudden death securities—derivatives and risk arbitrage securities; when dealing with portfolios financed by heavy borrowing; and when companies have to access capital markets, especially equity markets

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32. Risk arbitrage, with risk arbitrage defined as situations where there is likely to be a relatively determinant workout in a relatively determinant period of time

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33. Risk arbitrage securities where the workouts are short run (i

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34. Risk arbitrage is an investment process involving workouts of securities that are expected to create relatively determinant values in relatively determinant periods of time

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35. One feature that tends to distinguish risk arbitrage from value investing is that although both are passive, investors would be unable to participate in risk arbitrage markets in general unless they are willing to pay up

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36. Risk arbitrage markets tend to have pricing much more attuned to MCT-type efficiencies than do value investing markets

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37. In an active world, control people and quasi-control people arbitrage these differences between OPMI pricing and corporate values

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38. , have a different pricing standard) if you are involved with risk arbitrage

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39. Market-based research focuses strictly on the arbitrage that would exist between the OPMI market price of 16 and the takeover price of 21 or perhaps slightly higher

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40. During periods when professional arbitrage activities are under way, it frequently is difficult for nonprofessional arbitragers to compete

41. With management opposition, it would be difficult to get Wall Street’s arbitrage community interested in the transaction; once interested, they would purchase Reliance shares to tender, making a profit not only on the spread in price between Reliance securities purchased and Leasco securities sold short, but also on the soliciting dealer fee of $

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42. By paying 5 and selling 7 simultaneously, the broker is left with a risk-free arbitrage

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43. I would not necessarily sell all my gold to buy silver, but I would add some silver to the portfolio to take advantage of what I have determined to be an arbitrage opportunity

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44. If asked to define the term arbitrage, a trader might describe it as “a trade that results in a riskless profit

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45. For our purposes, we will define arbitrage as the buying and selling of the same or very closely related instruments in different markets to profit from an apparent mispricing

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46. Ignoring transaction costs and any currency risk, there seems to be an arbitrage opportunity by purchasing the commodity in London and simultaneously selling it in New York

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47. Will this yield an arbitrage profit of $10? Or are there other factors that must be considered? One consideration might be transportation costs

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48. If the commodity is purchased in London, and if it costs more than $10 per unit to ship the commodity from London to New York, any arbitrage profit will be offset by the transportation costs

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49. Consequently, it will be immediately obvious whether an arbitrage profit is possible

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50. The carry trade is sometimes referred to as arbitrage, but in fact, it entails so many risks that the term is probably misapplied

51. Because cash markets and futures markets are so closely related, a common type of cash-and-carry arbitrage involves buying in the cash market, selling in the futures market, and carrying the position to maturity

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52. The cash-and-carry arbitrage profit should be

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53. If the company unexpectedly cuts the dividend, the arbitrage profit will be reduced

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54. If the trader attempts to execute the arbitrage by selling the stock short, he will lose money because

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55. Although we cannot know exactly what that price will be, if we assume that no arbitrage opportunity exists in the underlying contract, a logical guess is the forward price

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56. Many common spreading strategies are based on arbitrage relationships, buying and selling the same or very closely related instruments in different markets to profit from a mispricing

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57. We can determine whether there is a relative mispricing and, consequently, an arbitrage opportunity by solving for the combo value C – P in terms of all other components

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58. Does this mean that there is an arbitrage opportunity?

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59. Because we must buy at the bid and sell at the offer, no arbitrage is available in either case

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60. Our goal, however, was a volatility spread, not an arbitrage

61. When evaluating a contract, a trader might try to determine an arbitrage boundary for that contract—the lowest price (the lower arbitrage boundary) or highest price (the upper arbitrage boundary) at which the contract can trade without there being some arbitrage opportunity

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62. Identifying the arbitrage boundaries for European and American options can help us understand the early exercise criteria for American options

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63. There is an arbitrage profit of 0

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64. We have included the qualifier at least for both calls and puts because, as we will see, the lower arbitrage boundary for an American option may in fact be greater than intrinsic value

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65. For a futures option, the lower arbitrage boundary for a call is the present value of the intrinsic value

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66. This means that if European options on futures are subject to stock-type settlement, the lower arbitrage boundary will always be less than intrinsic value because the present value must be less than intrinsic value

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67. If options are subject to stock-type settlement, the lower arbitrage boundary for the 1,100 call is

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68. For stock options, if we replace F with the forward price for the stock and we ignore interest on dividends, the lower arbitrage boundary for a European call is

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69. This means that the lower arbitrage boundary for an out-of-the-money stock option call can be greater than 0

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70. A 50 call, even though it is out of the money, has a lower arbitrage boundary of

71. 40 and the lower arbitrage boundary of 0

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72. In this example, we can be certain of an arbitrage profit of at least 0

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73. The lower arbitrage boundary tells us the price below which there is an arbitrage opportunity and at the same time determines the minimum amount that can be made

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74. In this example, the lower arbitrage boundary for the 50 call is 0

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75. What is the lower arbitrage boundary for a European 45 call?

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76. Therefore, the lower arbitrage boundary for an American 45 call is 4

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77. As with a futures option call, the lower arbitrage boundary for a European put is the present value of the intrinsic value

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78. For stock options, we can replace F with the stock forward price, giving us the lower arbitrage boundary for a put

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79. Because a put can never be worth less than 0, we know from Chapter 16 that the lower arbitrage boundary for a European call option on stock is the greater of either 0 or

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80. Given a short-term interest rate and a long-term interest rate, what rate must apply between the two maturities such that no arbitrage opportunity exists? Unlike interest rates, which are directly proportional to time, volatility is proportional to the square root of time

81. If the futures contract is not trading at fair value, a trader can execute an arbitrage by purchasing one asset, either the basket of stocks or the futures contract, and selling the other

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82. Index arbitrage entails risks similar to any stock futures arbitrage strategy

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83. This type of strategy, where a trader buys or sells a mispriced stock index futures contract and takes an opposing position in the underlying stocks, is often referred to as index arbitrage

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84. Because computers can be programmed to calculate the fair value of a futures contract and to execute the arbitrage when the futures contract is mispriced, such strategies are also known as program trading

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85. With the advent of computer-driven trading, index arbitrage has become an increasingly popular strategy

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86. Initially, exchanges were able to process market-on-close orders resulting from index arbitrage strategies without significant problems

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87. But this profit or loss will be unrealized because the trader must hold the position to expiration to ensure an arbitrage profit

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88. In either case, the resulting interest will change the arbitrage profit that the trader originally expected

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89. Consequently, an index arbitrage strategy requires an adjustment to the stock position as time passes or interest rates change

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90. If a trader cannot freely sell stock, put prices will tend to become inflated compared with call prices, and arbitrage relationships, such as conversions and reversals, will appear to be mispriced

91. This is commonly done in the stock index market to create a portfolio that tracks an index or as part of an arbitrage strategy

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92. If this were not true, there would be an arbitrage opportunity available

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93. In our example, if the trader can create the hedge that replicates a long volatility position at a price of 19 (percent), the trader will have a certain profit in the form of an arbitrage

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94. Arbitrage The purchase and sale of the same or closely related products in different markets to take advantage of a price disparity between the two markets

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95. 00—if the call had been trading at any other price, there would have been an arbitrage opportunity

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96. There may be times when such a trade could result in a loss that would be less than the profit from the dividend, what might be called an arbitrage opportunity

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97. You could even call it “time arbitrage” if you’d like --- as the gap between current price and intrinsic value will close over time

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98. Essentially the arbitrage between the perfect formula and the returns it created in the stock market would be closed in an instant

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