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| Tekijä: | Turnbull, S. M. |
| Otsikko: | Swaps : A zero sum game? |
| Lehti: | Financial Management
1987 : SPRING, VOL. 16:1, p. 15-21 |
| Asiasana: | FINANCIAL MANAGEMENT INTEREST RATES FINANCIAL ANALYSIS FINANCIAL MODELS |
| Kieli: | eng |
| Tiivistelmä: | The interest rate differential between firms of different credit risk is often observed to be greater in the fixed rate market than in the floating rate market. The existence of this difference between the fixed and floating rate differentials is not sufficient to ensure that a swap will be of benefit to all parties. Unless there are externalities,, a swap is a zero gance and the common analyses of looking at interest rates can be misleading. |
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