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Net asset value arbitrage
| Глоссарий экономических терминов |
For a number of assets, the most recent transaction price at 4pm et does not fully reflect all available market information. one example is international equities that trade on exchanges that are located in different time zones and close 2-15 hours before u.s. markets. in addition, domestic small-capitization equities and high-yield and convertible bonds often trade infrequently and have wide bid-ask spreads. this can cause the most recent transaction price to be much different from the price that one would see in a liquid market at 4 pm, even for assets that trade on exchanges that are open at that time. investors can take advantage of mutual funds that calculate their navs using stale closing prices by trading based on recent market movements. for example, if the u.s. market has risen since the close of overseas equity markets, investors can expect that overseas markets will open higher the following morning. investors can buy a fund with a stale-price nav for less than its current value, and they can likewise sell a fund for more than its current value on a day that the u.s. market has fallen. similar opportunities exist when the values of infrequently or illiquidly-traded domestic assets have recently changed. also known as stale price arbitrage.
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Transaction, английский
- Любое событие в результате которого происходит изменение финансовой позиции организации в ходе её обычной работы. примером транзакции является осуществление покупки с помощью кредитной карты.
- (транзакция) соглашение между покупателем и продавцом, для продажи актива;
- Операция открытия/закрытия позиции.
- Экономическая операция (в снс; элементарный акт хозяйственной деятельности, совершаемый между хозяйственными единицами: производство, капиталовложения, потребление и др.; операции могут быть односторонними и двусторонними, капитальными и текущими, товарными и нетоварными, фактическими и условными, расчетными)
- A transaction is a digitally signed message authorizing some particular action associated with the blockchain. in a currency, the dominant transaction type is sending currency units or tokens to someone else; in other systems actions like registering domain names, making and fulfilling trade offers and entering into contracts are also valid transaction types.
- A data manipulation action processed by a database.
- A physical economic exchange action.
- A social economic exchange action.
- An event or condition that is recorded in asset, liability, expense, revenue, and/or equity accounts. sales to customers or purchases from vendors are examples of transactions.
- The pairing of two or more actions that are performed together as a single action; the action succeeds or fails as a whole.
- The posting or registration of a change on a document or a journal line.
- The delivery of a security by a seller and its acceptance by the buyer.
- Операция
- Language use to achieve ends rather than maintain social relationships.
- Information that entrance transfers to another computer system, either directly (via dll or other interface) or by saving it in a transfer file.
Information, английский
- Knowledge of a particular event or situation, or knowledge communicated or received concerning a particular fact.
- Информация
- Facts about something have you any information about the treatment of sunburn? the police won’t give us any information about how the accident happened. you haven’t given me enough information about when your symptoms started. that’s a very useful piece or bit of information. (note: no plural: some information; a piece of information.)
- N информация | attr. информационный flow, structure source of ~ источник информации 1 ранее использовался в более широком значении как ‘умозаключе- ние’. 2 получение выводных данных в процессе обработки информации и/или языка и само выводное знание, умозаключение; мыслительная операция, в ходе которой человек выходит за пределы данных в тек- сте сведений и получает новую информацию. 3 аффикс, вставляемый внутрь корня слова при словообразовании или словоизменении.
- In admiralty courts, implies a clause introduced into a citation, intimating that in the event of a party cited not appearing, the court will proceed in his absence.
- Информация; данные; сведения
- Координационный комитет ин4юрмации о проектируемых и возводимых объектах строительства
- Literally that which forms within, but more adequately
- Data that has been recorded, classified, organized, related or interpreted so that meaning is apparent.
- Contextualised data providing answer to a certain question decreasing uncertainty.
- Информация, сведения
International, английский
- Международный
- A интернацио- нальный; pseudo~ псевдоинтернациональный alphabet, language
- Профсоюз, имеющий первичные организации более чем в одной стране int – ist
Convertible, английский
- Преобразуемый; переоборудуемый; комбинированный, смешанный
- A financial instrument that can be exchanged for another security or equity interest at a pre-agreed time and exchange ratio.
- Passenger car with removable top or roof, enabling it to be converted to an open car. also soft
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Random walk with drift, английский
For a random walk with drift, the best forecast of tomorrow`s price is today`s price plus a drift term. one could think of the drift as measuring a trend in the price (perhaps reflecting long-term inflation). given the drift is usually assumed to be constant. related: mean reversion.
Stale price arbitrage, английский
For a number of assets, the most recent transaction price at 4pm et does not fully reflect all available market information. one example is international equities that trade on exchanges that are located in different time zones and close 2-15 hours before u.s. markets. in addition, domestic small-capitalization equities and high-yield and convertible bonds often trade infrequently and have wide bid-ask spreads. this can cause the most recent transaction price to be much different from the price that one would see in a liquid market at 4 pm, even for assets that trade on exchanges that are open at that time. investors can take advantage of mutual funds that calculate their navs using stale closing prices by trading based on recent market movements. for example, if the u.s. market has risen since the close of overseas equity markets, investors can expect that overseas markets will open higher the following morning. investors can buy a fund with a stale-price nav for less than its current value, and they can likewise sell a fund for more than its current value on a day that the u.s. market has fallen. similar opportunities exist when the values of infrequently or illiquidly-traded domestic assets have recently changed. with normal market arbitrage, as more traders learn where to buy an item at relatively low cost and where to sell it at relatively high value, market pressures from such traders tend to stabilize prices. with stale price arbitrage, there is no corresponding pressure for market correction. that is, a fund always pays the going market rate even if that fund has an agreement with its customers to only charge them the price from the prior day closing. accordingly, even if such agreements ultimately impact the prices of trades by the mutual funds, there is no impact on the price paid by the customer of the mutual fund. in that sense, the stale price arbitrage opportunity can last as long as a mutual fund honors its stale price agreement with its customers. also referred to as net asset value arbitrage or nav arbitrage.
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