308:
by definition no risk of default – the bond is a form of government obligation which is being discharged through the payment of another form of government obligation (i.e. the domestic currency). In fact, default on government debt does happen, so if in theory this is impossible, then this points out a deficiency of the theory. Another issue with this approach is that with coupon-bearing bonds, the investor does not know ex-ante what his return will be on the reinvested coupons (and hence the return cannot really be considered risk-free).
285:
25:
2316:
127:
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One solution that has been proposed for solving the issue of not having a good 'proxy' for the risk-free asset, to provide an 'observable' risk-free rate is to have some form of international guaranteed asset which would provide a guaranteed return over an indefinite time period (possibly even into
323:
The same consideration does not necessarily apply to a foreign holder of a government bond, since a foreign holder also requires compensation for potential foreign exchange movements in addition to the compensation required by a domestic holder. Since the risk-free rate should theoretically exclude
307:
is generally accepted as the risk-free rate of return. However, theoretically this is only correct if there is no perceived risk of default associated with the bond. Government bonds are conventionally considered to be relatively risk-free to a domestic holder of a government bond, because there is
336:
supply the 'monetary authorities' may be private agents as well as the central bank – refer to
Graziani 'The Theory of Monetary Production'.) Again, the same observation applies to banks as a proxy for the risk-free rate – if there is any perceived risk of default implicit in the interbank lending
268:
Given the theoretical 'fog' around this issue, in practice most industry practitioners rely on some form of proxy for the risk-free rate, or use other forms of benchmark rate which are presupposed to incorporate the risk-free rate plus some risk of default. However, there are also issues with this
247:
However, it is commonly observed that for people applying this interpretation, the value of supplying currency is normally perceived as being positive. It is not clear what is the true basis for this perception, but it may be related to the practical necessity of some form of (credit?) currency to
331:
Another possibility used to estimate the risk-free rate is the inter-bank lending rate. This appears to be premised on the basis that these institutions benefit from an implicit guarantee, underpinned by the role of the monetary authorities as 'the lendor of last resort.' (In a system with an
261:
An alternative (less well developed) interpretation is that the risk-free rate represents the time preference of a representative worker for a representative basket of consumption. Again, there are reasons to believe that in this situation the risk-free rate may not be directly observable.
368:. There are numerous issues with this model, the most basic of which is the reduction of the description of utility of stock holding to the expected mean and variance of the returns of the portfolio. In reality, there may be other utility of stock holding, as described by
327:
Since the required return on government bonds for domestic and foreign holders cannot be distinguished in an international market for government debt, this may mean that yields on government debt are not a good proxy for the risk-free rate.
315:
There is also the risk of the government 'printing more money' to meet the obligation, thus paying back in lesser valued currency. This may be perceived as a form of tax, rather than a form of default, a concept similar to that of
230:
The correct interpretation is that the risk-free rate could be either positive or negative and in practice the sign of the expected risk-free rate is an institutional convention – this is analogous to the argument that
243:
creation and where production decisions and outcomes are decentralized and potentially intractable to forecasting, this analysis provides support to the concept that the risk-free rate may not be directly observable.
311:
Some academics support the use of swap rates as a measurement of the risk-free rate. FeldhĂĽtter and Lando state that: "the riskless rate is better proxied by the swap rate than the
Treasury rate for all maturities."
258:. However, Smith did not provide an 'upper limit' to the desirable level of the specialization of labour and did not fully address issues of how this should be organised at the national or international level.
265:
A third (also less well developed) interpretation is that instead of maintaining pace with purchasing power, a representative investor may require a risk free investment to keep pace with wages.
643:
182:
Since the risk-free rate can be obtained with no risk, any other investment having some risk will have to have a higher rate of return in order to induce any investors to hold it.
348:
perpetuity). There are some assets in existence which might replicate some of the hypothetical properties of this asset. For example, one potential candidate is the
143:
219:(1930), which is based on the theoretical costs and benefits of holding currency. In Fisher's model, these are described by two potentially offsetting movements:
387:. Note that some finance and economic theories assume that market participants can borrow at the risk-free rate; in practice, very few (if any) borrowers have
324:
any risk, default or otherwise, this implies that the yields on foreign owned government debt cannot be used as the basis for calculating the risk-free rate.
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320:. But the result to the investor is the same, loss of value according to his measurement, so focusing strictly on default does not include all risk.
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1889:
2800:
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208:, the risk-free rate means different things to different people and there is no consensus on how to go about a direct measurement of it.
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185:
In practice, to infer the risk-free interest rate in a particular currency, market participants often choose the yield to maturity on a
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issued by a government of the same currency whose risks of default are so low as to be negligible. For example, the rate of return on
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Similar conclusions can be drawn from other potential benchmark rates, including AAA-rated corporate bonds of institutions deemed '
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Expected increases in the money supply should result in investors preferring current consumption to future income.
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is used as a proxy for the risk-free rate in
European contexts. Euribor-12m (red), 3m (blue), 1w (green) value
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Expected increases in productivity should result in investors preferring future income to current consumption.
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402:. The cost of capital at risk then is the sum of the risk-free rate of return and certain risk premia.
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with scheduled payments over a fixed period of time that is assumed to meet all payment obligations.
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The risk-free interest rate is highly significant in the context of the general application of
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support the specialization of labour, the perceived benefits of which were detailed by
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Further discussions on the concept of a 'stochastic discount rate' are available in
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The risk-free rate is also a required input in financial calculations, such as the
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1548:
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531:
488:
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rate, it is not appropriate to use this rate as a proxy for the risk-free rate.
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24:
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1936:
1931:
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831:
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1490:
1007:
1002:
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836:
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2060:
1782:
1679:
1500:
1185:
821:
570:
2815:
1029:
611:
288:
2882:
1412:
772:
193:
621:
603:
560:
215:'s concept of inflationary expectations, described in his treatise
211:
One interpretation of the theoretical risk-free rate is aligned to
695:
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which were issued by the
British government in the 18th century.
299:
is normally perceived as a good proxy for the risk-free rate. In
196:
is sometimes seen as the risk-free rate of return in US dollars.
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2335:
1416:
625:
120:
18:
518:
Market
Consistency: Model Calibration in Imperfect Markets
206:
Market
Consistency: Model Calibration in Imperfect Markets
136:
needs attention from an expert in
Finance & Investment
295:
The return on domestically held short-dated government
204:
As stated by
Malcolm Kemp in chapter five of his book
16:
Hypothetical interest rate on a risk-free investment
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1038:
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857:
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659:
394:The risk-free rate of return is the key input into
372:in his article 'Stock Prices and Social Dynamics'.
269:approach, which are discussed in the next section.
49:. Unsourced material may be challenged and removed.
463:Bodie, Zvi; Kane, Alex; Marcus, Alan J. (2017).
398:calculations such as those performed using the
559:FeldhĂĽtter, Peter; Lando, David (3 May 2007).
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140:The article needs top-to-bottom revision.
109:Learn how and when to remove this message
565:. EFA 2006 Zurich Meetings. p. 31.
283:
2260:Power reverse dual-currency note (PRDC)
2200:Constant proportion portfolio insurance
467:(11 ed.). McGraw Hill. p. 9.
433:
146:may be able to help recruit an expert.
538:. McGraw-Hill Education. p. 16.
495:. McGraw-Hill Education. p. 17.
274:The Econometrics of Financial Markets
7:
2195:Collateralized debt obligation (CDO)
596:Brooking Papers on Economic Activity
144:WikiProject Finance & Investment
47:adding citations to reliable sources
589:"Stock Prices and Social Dynamics"
14:
2629:Conditional Value-at-Risk (CVaR)
2314:
900:Electronic communication network
125:
23:
276:by Campbell, Lo and MacKinley.
34:needs additional citations for
2948:Strategic financial management
2751:Asset and liability management
2022:Year-on-year inflation-indexed
280:Proxies for the risk-free rate
1:
2032:Zero-coupon inflation-indexed
894:Multilateral trading facility
235:makes on page 17 of his book
1317:Returns-based style analysis
1113:Post-modern portfolio theory
1019:Security characteristic line
534:; Golub, Stephen S. (1997).
491:; Golub, Stephen S. (1997).
2526:Operational risk management
2235:Foreign exchange derivative
1627:Callable bull/bear contract
1071:Efficient-market hypothesis
975:Capital asset pricing model
912:Straight-through processing
417:Capital asset pricing model
400:capital asset pricing model
362:capital asset pricing model
303:the long-term yield on the
167:, usually shortened to the
138:. The specific problem is:
3038:
2698:Proportional hazards model
2649:Interest rate immunization
888:Alternative Trading System
442:"Risk-Free Rate of Return"
2981:
2367:financial risk management
2309:
2136:Stock market index future
1450:
536:Money, Credit and Capital
493:Money, Credit and Capital
237:Money, Credit and Capital
2644:First-hitting-time model
2609:Arbitrage pricing theory
2255:Mortgage-backed security
2250:Interest rate derivative
2225:Equity-linked note (ELN)
2210:Credit-linked note (CLN)
952:Arbitrage pricing theory
562:Decomposing Swap Spreads
305:US Treasury coupon bonds
194:Treasury bonds (T-bills)
165:risk-free rate of return
2953:Stress test (financial)
2659:Modern portfolio theory
2205:Contract for difference
1506:Risk-free interest rate
1231:Initial public offering
1092:Modern portfolio theory
987:Dividend discount model
870:List of stock exchanges
391:at the risk free rate.
366:modern portfolio theory
200:Theoretical measurement
1987:Forward Rate Agreement
1119:Random walk hypothesis
364:which is based on the
292:
217:The Theory of Interest
2991:Investment management
2893:Investment management
2619:Replicating portfolio
2395:Sovereign credit risk
2215:Credit default option
1559:Employee stock option
1257:Market capitalization
1066:Dollar cost averaging
377:Black–Scholes formula
287:
255:The Wealth of Nations
2996:Mathematical finance
2928:Risk-return spectrum
2918:Mathematical finance
2873:Fundamental analysis
2806:Exchange traded fund
2390:Consumer credit risk
2169:Inflation derivative
2154:Commodity derivative
2126:Single-stock futures
2116:Normal backwardation
2106:Interest rate future
1947:Conditional variance
1453:Derivative (finance)
1077:Fundamental analysis
1061:Contrarian investing
1024:Security market line
929:Liquidity aggregator
906:Direct market access
817:Quantitative analyst
516:Kemp, Malcolm. "5".
43:improve this article
2986:Financial economics
2943:Statistical finance
2709:Value-at-Risk (VaR)
2614:Black–Scholes model
2454:Holding period risk
2321:Business portal
2174:Property derivative
1322:Reverse stock split
1267:Market manipulation
1191:Dual-listed company
1051:Algorithmic trading
981:Capital market line
783:Inter-dealer broker
571:10.2139/ssrn.687378
239:. In a system with
2963:Structured product
2958:Structured finance
2938:Speculative attack
2624:Cash flow matching
2587:Non-financial risk
2484:Interest rate risk
2410:Concentration risk
2179:Weather derivative
2164:Freight derivative
2146:Exotic derivatives
2066:Commodities future
1753:Intermarket spread
1516:Synthetic position
1444:Derivatives market
1362:Stock market index
1201:Efficient frontier
1140:Technical analysis
1098:Momentum investing
920:(private exchange)
810:Proprietary trader
752:Shares outstanding
742:Authorised capital
585:Shiller, Robert J.
301:business valuation
293:
175:of a hypothetical
3004:
3003:
2776:Corporate finance
2771:Capital structure
2725:Cash flow at risk
2721:Liquidity at risk
2694:Survival analysis
2595:
2594:
2541:Reputational risk
2415:Credit derivative
2329:
2328:
2230:Equity derivative
2220:Credit derivative
2188:Other derivatives
2159:Energy derivative
2121:Perpetual futures
2002:Overnight indexed
1952:Constant maturity
1913:
1912:
1860:Finite difference
1793:Protective option
1410:
1409:
1211:Flight-to-quality
963:Buffett indicator
653:Financial markets
389:access to finance
370:Robert J. Shiller
161:
160:
119:
118:
111:
93:
3029:
2878:Growth investing
2796:Enterprise value
2746:Asset allocation
2729:Earnings at risk
2711:and extensions (
2654:Market portfolio
2518:Operational risk
2503:Refinancing risk
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2319:
2318:
2091:Forwards pricing
1865:Garman–Kohlhagen
1466:
1437:
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1423:
1414:
1327:Share repurchase
1039:Trading theories
924:Crossing network
882:Over-the-counter
719:Restricted stock
675:Secondary market
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412:Short-rate model
334:endogenous money
241:endogenous money
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58:"Risk-free rate"
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2913:Systematic risk
2811:Expected return
2791:Economic bubble
2786:Diversification
2781:Cost of capital
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2494:Volatility risk
2458:Price area risk
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2400:Settlement risk
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2313:
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2291:Great Recession
2286:Government debt
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2240:Fund derivative
2183:
2140:
2101:Futures pricing
2076:Dividend future
2071:Currency future
2054:
2036:
1909:
1885:Put–call parity
1821:
1808:Vertical spread
1743:Diagonal spread
1713:Calendar spread
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1446:
1441:
1411:
1406:
1397:Voting interest
1307:Public offering
1242:Mandatory offer
1216:Government bond
1196:DuPont analysis
1159:
1155:Value investing
1150:Value averaging
1145:Trend following
1130:Style investing
1125:Sector rotation
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1034:
1013:Net asset value
939:Stock valuation
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853:
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728:
714:Preferred stock
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604:10.2307/2534436
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2739:Basic concepts
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2717:Margin at risk
2713:Profit at risk
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2704:Tracking error
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2499:Liquidity risk
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2479:Margining risk
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2469:Valuation risk
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2438:Commodity risk
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2306:
2304:
2303:
2298:
2296:Municipal debt
2293:
2288:
2283:
2281:Corporate debt
2278:
2272:
2270:
2266:
2265:
2263:
2262:
2257:
2252:
2247:
2242:
2237:
2232:
2227:
2222:
2217:
2212:
2207:
2202:
2197:
2191:
2189:
2185:
2184:
2182:
2181:
2176:
2171:
2166:
2161:
2156:
2150:
2148:
2142:
2141:
2139:
2138:
2133:
2128:
2123:
2118:
2113:
2108:
2103:
2098:
2093:
2088:
2083:
2081:Forward market
2078:
2073:
2068:
2063:
2057:
2055:
2053:
2052:
2047:
2041:
2038:
2037:
2035:
2034:
2029:
2024:
2019:
2014:
2009:
2004:
1999:
1994:
1989:
1984:
1979:
1974:
1969:
1964:
1962:Credit default
1959:
1954:
1949:
1944:
1939:
1934:
1929:
1923:
1921:
1915:
1914:
1911:
1910:
1908:
1907:
1902:
1897:
1892:
1887:
1882:
1877:
1872:
1867:
1862:
1857:
1847:
1842:
1837:
1831:
1829:
1823:
1822:
1820:
1819:
1805:
1800:
1795:
1790:
1785:
1780:
1775:
1770:
1765:
1760:
1758:Iron butterfly
1755:
1750:
1745:
1740:
1735:
1730:
1728:Covered option
1725:
1720:
1715:
1710:
1705:
1700:
1694:
1692:
1686:
1685:
1683:
1682:
1677:
1672:
1667:
1666:Mountain range
1664:
1659:
1654:
1649:
1644:
1639:
1634:
1629:
1624:
1619:
1614:
1609:
1603:
1601:
1595:
1594:
1592:
1591:
1586:
1581:
1576:
1571:
1566:
1561:
1556:
1551:
1546:
1540:
1538:
1532:
1531:
1529:
1528:
1523:
1518:
1513:
1508:
1503:
1498:
1493:
1488:
1483:
1478:
1472:
1470:
1463:
1457:
1456:
1451:
1448:
1447:
1442:
1440:
1439:
1432:
1425:
1417:
1408:
1407:
1405:
1404:
1399:
1394:
1389:
1384:
1379:
1374:
1369:
1364:
1359:
1357:Stock exchange
1354:
1352:Stock dilution
1349:
1344:
1339:
1334:
1329:
1324:
1319:
1314:
1309:
1304:
1299:
1294:
1289:
1284:
1279:
1277:Mean reversion
1274:
1269:
1264:
1259:
1254:
1252:Market anomaly
1249:
1244:
1239:
1234:
1228:
1223:
1218:
1213:
1208:
1203:
1198:
1193:
1188:
1183:
1178:
1173:
1171:Bid–ask spread
1167:
1165:
1161:
1160:
1158:
1157:
1152:
1147:
1142:
1137:
1132:
1127:
1122:
1116:
1110:
1105:
1100:
1095:
1089:
1084:
1079:
1074:
1068:
1063:
1058:
1053:
1047:
1045:
1036:
1035:
1033:
1032:
1027:
1021:
1016:
1010:
1005:
1000:
998:Earnings yield
995:
993:Dividend yield
990:
984:
978:
972:
966:
960:
955:
949:
943:
941:
935:
934:
932:
931:
926:
921:
915:
909:
903:
897:
891:
885:
884:(off-exchange)
879:
878:
877:
872:
861:
859:
858:Trading venues
855:
854:
852:
851:
846:
845:
844:
834:
829:
824:
819:
814:
813:
812:
807:
797:
792:
787:
786:
785:
780:
769:
767:
763:
762:
760:
759:
757:Treasury stock
754:
749:
744:
738:
736:
730:
729:
727:
726:
724:Tracking stock
721:
716:
711:
706:
700:
698:
691:
690:
688:
687:
682:
677:
672:
670:Primary market
666:
664:
657:
656:
651:
649:
648:
641:
634:
626:
618:
617:
576:
551:
545:978-0070653368
544:
523:
508:
502:978-0070653368
501:
480:
473:
455:
444:. Investopedia
432:
431:
429:
426:
425:
424:
422:Beta (finance)
419:
414:
407:
404:
357:
354:
350:'consol' bonds
281:
278:
228:
227:
224:
201:
198:
187:risk-free bond
173:rate of return
169:risk-free rate
159:
158:
133:
131:
124:
117:
116:
31:
29:
22:
15:
13:
10:
9:
6:
4:
3:
2:
3034:
3023:
3020:
3018:
3015:
3014:
3012:
2997:
2994:
2992:
2989:
2987:
2984:
2983:
2980:
2974:
2971:
2969:
2968:Systemic risk
2966:
2964:
2961:
2959:
2956:
2954:
2951:
2949:
2946:
2944:
2941:
2939:
2936:
2934:
2931:
2929:
2926:
2924:
2921:
2919:
2916:
2914:
2911:
2909:
2906:
2904:
2901:
2899:
2896:
2894:
2891:
2889:
2886:
2884:
2881:
2879:
2876:
2874:
2871:
2867:
2864:
2862:
2859:
2857:
2854:
2852:
2849:
2847:
2844:
2842:
2839:
2837:
2834:
2832:
2829:
2827:
2824:
2822:
2819:
2818:
2817:
2814:
2812:
2809:
2807:
2804:
2802:
2799:
2797:
2794:
2792:
2789:
2787:
2784:
2782:
2779:
2777:
2774:
2772:
2769:
2767:
2766:Capital asset
2764:
2762:
2759:
2757:
2756:Asset pricing
2754:
2752:
2749:
2747:
2744:
2743:
2741:
2737:
2730:
2726:
2722:
2718:
2714:
2710:
2707:
2705:
2702:
2699:
2695:
2692:
2690:
2689:Sortino ratio
2687:
2685:
2682:
2680:
2677:
2675:
2672:
2670:
2667:
2665:
2662:
2660:
2657:
2655:
2652:
2650:
2647:
2645:
2642:
2640:
2637:
2635:
2632:
2630:
2627:
2625:
2622:
2620:
2617:
2615:
2612:
2610:
2607:
2606:
2604:
2602:
2598:
2588:
2585:
2583:
2582:Systemic risk
2580:
2578:
2575:
2573:
2570:
2569:
2567:
2563:
2557:
2554:
2552:
2549:
2547:
2544:
2542:
2539:
2537:
2534:
2532:
2531:Business risk
2529:
2527:
2524:
2523:
2521:
2519:
2515:
2508:
2504:
2500:
2497:
2495:
2492:
2490:
2487:
2485:
2482:
2480:
2477:
2475:
2472:
2470:
2467:
2465:
2462:
2459:
2455:
2451:
2447:
2443:
2439:
2436:
2435:
2433:
2431:
2427:
2421:
2418:
2416:
2413:
2411:
2408:
2406:
2403:
2401:
2398:
2396:
2393:
2391:
2388:
2387:
2385:
2383:
2379:
2376:
2372:
2368:
2364:
2357:
2352:
2350:
2345:
2343:
2338:
2337:
2334:
2322:
2317:
2312:
2311:
2308:
2302:
2299:
2297:
2294:
2292:
2289:
2287:
2284:
2282:
2279:
2277:
2276:Consumer debt
2274:
2273:
2271:
2269:Market issues
2267:
2261:
2258:
2256:
2253:
2251:
2248:
2246:
2245:Fund of funds
2243:
2241:
2238:
2236:
2233:
2231:
2228:
2226:
2223:
2221:
2218:
2216:
2213:
2211:
2208:
2206:
2203:
2201:
2198:
2196:
2193:
2192:
2190:
2186:
2180:
2177:
2175:
2172:
2170:
2167:
2165:
2162:
2160:
2157:
2155:
2152:
2151:
2149:
2147:
2143:
2137:
2134:
2132:
2129:
2127:
2124:
2122:
2119:
2117:
2114:
2112:
2109:
2107:
2104:
2102:
2099:
2097:
2094:
2092:
2089:
2087:
2086:Forward price
2084:
2082:
2079:
2077:
2074:
2072:
2069:
2067:
2064:
2062:
2059:
2058:
2056:
2051:
2048:
2046:
2043:
2042:
2039:
2033:
2030:
2028:
2025:
2023:
2020:
2018:
2015:
2013:
2010:
2008:
2005:
2003:
2000:
1998:
1997:Interest rate
1995:
1993:
1990:
1988:
1985:
1983:
1980:
1978:
1975:
1973:
1970:
1968:
1965:
1963:
1960:
1958:
1955:
1953:
1950:
1948:
1945:
1943:
1940:
1938:
1935:
1933:
1930:
1928:
1925:
1924:
1922:
1920:
1916:
1906:
1903:
1901:
1898:
1896:
1893:
1891:
1890:MC Simulation
1888:
1886:
1883:
1881:
1878:
1876:
1873:
1871:
1868:
1866:
1863:
1861:
1858:
1855:
1851:
1850:Black–Scholes
1848:
1846:
1843:
1841:
1838:
1836:
1833:
1832:
1830:
1828:
1824:
1817:
1813:
1809:
1806:
1804:
1803:Risk reversal
1801:
1799:
1796:
1794:
1791:
1789:
1786:
1784:
1781:
1779:
1776:
1774:
1771:
1769:
1766:
1764:
1761:
1759:
1756:
1754:
1751:
1749:
1746:
1744:
1741:
1739:
1736:
1734:
1733:Credit spread
1731:
1729:
1726:
1724:
1721:
1719:
1716:
1714:
1711:
1709:
1706:
1704:
1701:
1699:
1696:
1695:
1693:
1691:
1687:
1681:
1678:
1676:
1673:
1671:
1668:
1665:
1663:
1660:
1658:
1657:Interest rate
1655:
1653:
1652:Forward start
1650:
1648:
1645:
1643:
1640:
1638:
1635:
1633:
1630:
1628:
1625:
1623:
1620:
1618:
1615:
1613:
1610:
1608:
1605:
1604:
1602:
1600:
1596:
1590:
1587:
1585:
1582:
1580:
1579:Option styles
1577:
1575:
1572:
1570:
1567:
1565:
1562:
1560:
1557:
1555:
1552:
1550:
1547:
1545:
1542:
1541:
1539:
1537:
1533:
1527:
1524:
1522:
1519:
1517:
1514:
1512:
1509:
1507:
1504:
1502:
1499:
1497:
1496:Open interest
1494:
1492:
1489:
1487:
1484:
1482:
1479:
1477:
1476:Delta neutral
1474:
1473:
1471:
1467:
1464:
1462:
1458:
1454:
1449:
1445:
1438:
1433:
1431:
1426:
1424:
1419:
1418:
1415:
1403:
1400:
1398:
1395:
1393:
1390:
1388:
1385:
1383:
1380:
1378:
1375:
1373:
1370:
1368:
1365:
1363:
1360:
1358:
1355:
1353:
1350:
1348:
1345:
1343:
1340:
1338:
1335:
1333:
1332:Short selling
1330:
1328:
1325:
1323:
1320:
1318:
1315:
1313:
1310:
1308:
1305:
1303:
1300:
1298:
1295:
1293:
1290:
1288:
1285:
1283:
1280:
1278:
1275:
1273:
1270:
1268:
1265:
1263:
1260:
1258:
1255:
1253:
1250:
1248:
1245:
1243:
1240:
1238:
1235:
1232:
1229:
1227:
1224:
1222:
1221:Greenspan put
1219:
1217:
1214:
1212:
1209:
1207:
1206:Financial law
1204:
1202:
1199:
1197:
1194:
1192:
1189:
1187:
1184:
1182:
1181:Cross listing
1179:
1177:
1174:
1172:
1169:
1168:
1166:
1164:Related terms
1162:
1156:
1153:
1151:
1148:
1146:
1143:
1141:
1138:
1136:
1135:Swing trading
1133:
1131:
1128:
1126:
1123:
1120:
1117:
1114:
1111:
1109:
1106:
1104:
1103:Mosaic theory
1101:
1099:
1096:
1093:
1090:
1088:
1087:Market timing
1085:
1083:
1080:
1078:
1075:
1072:
1069:
1067:
1064:
1062:
1059:
1057:
1054:
1052:
1049:
1048:
1046:
1044:
1037:
1031:
1028:
1025:
1022:
1020:
1017:
1014:
1011:
1009:
1006:
1004:
1001:
999:
996:
994:
991:
988:
985:
982:
979:
976:
973:
970:
967:
964:
961:
959:
956:
953:
950:
948:
945:
944:
942:
940:
936:
930:
927:
925:
922:
919:
916:
913:
910:
907:
904:
901:
898:
895:
892:
889:
886:
883:
880:
876:
875:Trading hours
873:
871:
868:
867:
866:
863:
862:
860:
856:
850:
847:
843:
840:
839:
838:
835:
833:
830:
828:
825:
823:
820:
818:
815:
811:
808:
806:
803:
802:
801:
798:
796:
793:
791:
790:Broker-dealer
788:
784:
781:
779:
776:
775:
774:
771:
770:
768:
764:
758:
755:
753:
750:
748:
747:Issued shares
745:
743:
740:
739:
737:
735:
734:Share capital
731:
725:
722:
720:
717:
715:
712:
710:
707:
705:
702:
701:
699:
697:
692:
686:
685:Fourth market
683:
681:
678:
676:
673:
671:
668:
667:
665:
663:
658:
654:
647:
642:
640:
635:
633:
628:
627:
624:
613:
609:
605:
601:
597:
590:
586:
580:
577:
572:
568:
564:
563:
555:
552:
547:
541:
537:
533:
527:
524:
519:
512:
509:
504:
498:
494:
490:
484:
481:
476:
474:9781259277177
470:
466:
459:
456:
443:
437:
434:
427:
423:
420:
418:
415:
413:
410:
409:
405:
403:
401:
397:
392:
390:
386:
382:
381:stock options
378:
373:
371:
367:
363:
355:
353:
351:
345:
343:
338:
335:
329:
325:
321:
319:
313:
309:
306:
302:
298:
290:
286:
279:
277:
275:
270:
266:
263:
259:
257:
256:
251:
245:
242:
238:
234:
225:
222:
221:
220:
218:
214:
213:Irving Fisher
209:
207:
199:
197:
195:
192:
188:
183:
180:
178:
174:
170:
166:
155:
145:
141:
137:
134:This article
132:
123:
122:
113:
110:
102:
91:
88:
84:
81:
77:
74:
70:
67:
63:
60: –
59:
55:
54:Find sources:
48:
44:
38:
37:
32:This article
30:
26:
21:
20:
2923:Moral hazard
2908:Risk of ruin
2684:Sharpe ratio
2546:Country risk
2507:Deposit risk
2405:Default risk
2096:Forward rate
2007:Total return
1895:Real options
1798:Ratio spread
1778:Naked option
1738:Debit spread
1569:Fixed income
1511:Strike price
1382:Tender offer
1302:Public float
1272:Market trend
1262:Market depth
1082:Growth stock
1056:Buy and hold
965:(Cap-to-GDP)
805:Floor trader
795:Market maker
778:Floor broker
766:Participants
709:Golden share
704:Common stock
680:Third market
595:
579:
561:
554:
535:
532:Tobin, James
526:
517:
511:
492:
489:Tobin, James
483:
464:
458:
446:. Retrieved
436:
393:
385:Sharpe ratio
379:for pricing
374:
359:
346:
339:
330:
326:
322:
314:
310:
294:
273:
271:
267:
264:
260:
253:
246:
236:
229:
216:
210:
205:
203:
184:
181:
168:
164:
162:
149:
139:
135:
105:
96:
86:
79:
72:
65:
53:
41:Please help
36:verification
33:
2973:Toxic asset
2933:Speculation
2866:social work
2851:engineering
2679:Risk parity
2664:Omega ratio
2577:Profit risk
2464:Equity risk
2442:Volume risk
2430:Market risk
2382:Credit risk
2027:Zero Coupon
1957:Correlation
1905:Vanna–Volga
1763:Iron condor
1549:Bond option
1387:Uptick rule
1367:Stock split
1347:Squeeze-out
1342:Speculation
1287:Open outcry
1176:Block trade
1108:Pairs trade
598:: 457–511.
465:Investments
448:7 September
356:Application
318:seigniorage
191:zero-coupon
152:August 2020
3011:Categories
2556:Legal risk
2536:Model risk
2450:Shape risk
2446:Basis risk
2374:Categories
2301:Tax policy
2017:Volatility
1927:Amortising
1768:Jelly roll
1703:Box spread
1698:Backspread
1690:Strategies
1526:Volatility
1521:the Greeks
1486:Expiration
1392:Volatility
1372:Stock swap
1292:Order book
1043:strategies
969:Book value
837:Arbitrager
832:Speculator
428:References
250:Adam Smith
177:investment
69:newspapers
2903:Risk pool
2816:Financial
1992:Inflation
1942:Commodity
1900:Trinomial
1835:Bachelier
1827:Valuation
1708:Butterfly
1642:Commodore
1491:Moneyness
1008:Fed model
1003:EV/EBITDA
918:Dark pool
849:Regulator
694:Types of
660:Types of
171:, is the
99:June 2011
2826:analysis
2761:Bad debt
2639:Drawdown
2601:Modeling
2131:Slippage
2061:Contango
2045:Forwards
2012:Variance
1972:Dividend
1967:Currency
1880:Margrabe
1875:Lattices
1854:equation
1840:Binomial
1788:Strangle
1783:Straddle
1680:Swaption
1662:Lookback
1647:Compound
1589:Warrants
1564:European
1544:American
1536:Vanillas
1501:Pin risk
1481:Exercise
1337:Slippage
1297:Position
1282:Momentum
1186:Dividend
865:Exchange
822:Investor
587:(1984).
406:See also
383:and the
2841:betting
2831:analyst
2821:adviser
2474:FX risk
2050:Futures
1670:Rainbow
1637:Cliquet
1632:Chooser
1612:Barrier
1599:Exotics
1461:Options
1226:Haircut
1030:T-model
842:Scalper
662:markets
612:2534436
289:EURIBOR
83:scholar
2883:Hazard
2634:Copula
2501:(e.g.
2440:(e.g.
2111:Margin
1977:Equity
1870:Heston
1773:Ladder
1723:Condor
1718:Collar
1675:Spread
1622:Binary
1617:Basket
1247:Margin
1115:(PMPT)
977:(CAPM)
827:Hedger
800:Trader
773:Broker
696:stocks
610:
542:
499:
471:
85:
78:
71:
64:
56:
2888:Hedge
2846:crime
2836:asset
2669:RAROC
2565:Other
1982:Forex
1937:Basis
1932:Asset
1919:Swaps
1845:Black
1748:Fence
1607:Asian
1469:Terms
1402:Yield
1377:Trade
1312:Rally
1233:(IPO)
1121:(RMH)
1094:(MPT)
1073:(EMH)
1026:(SML)
1015:(NAV)
989:(DDM)
983:(CML)
954:(APT)
947:Alpha
914:(STP)
908:(DMA)
902:(ECN)
896:(MTF)
890:(ATS)
608:JSTOR
592:(PDF)
297:bonds
233:Tobin
90:JSTOR
76:books
2898:Risk
2861:risk
2365:and
1816:Bull
1812:Bear
1554:Call
1237:Long
1041:and
971:(BV)
958:Beta
540:ISBN
497:ISBN
469:ISBN
450:2010
163:The
62:news
2856:law
2801:ESG
1584:Put
600:doi
567:doi
344:.'
252:in
45:by
3013::
2727:,
2723:,
2719:,
2715:,
2505:,
2456:,
2452:,
2448:,
2444:,
1814:,
1574:FX
606:.
594:.
2731:)
2700:)
2696:(
2509:)
2460:)
2355:e
2348:t
2341:v
1856:)
1852:(
1818:)
1810:(
1436:e
1429:t
1422:v
645:e
638:t
631:v
614:.
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573:.
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520:.
505:.
477:.
452:.
154:)
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112:)
106:(
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87:·
80:·
73:·
66:·
39:.
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