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dc.contributor.authorDOW, James
dc.date.accessioned2011-05-09T15:11:38Z
dc.date.available2011-05-09T15:11:38Z
dc.date.issued1998
dc.identifier.citationReview Of Financial Studies, 1998, 11, 4, 739-755
dc.identifier.issn0893-9454
dc.identifier.urihttps://hdl.handle.net/1814/16970
dc.description.abstractI consider the costs and benefits of introducing a new security in a standard framework where uninformed traders with hedging needs interact with risk-averse informed traders, Opening a new market may make everyboby worse off, even when the new security is traded in equilibrium, This article emphasizes cross-market links between hedging and speculative demands: risk-averse arbitrageurs can use the new market to hedge their positions in the preexisting security, which cart affect liquidity in the old market. More generally, the availability of such hedging opportunities will influence the strategies to which traders will direct resources.
dc.titleArbitrage, Hedging, and Financial Innovation
dc.typeArticle
dc.identifier.doi10.1093/rfs/11.4.739
dc.neeo.contributorDOW|James|aut|
dc.identifier.volume11
dc.identifier.startpage739
dc.identifier.endpage755
eui.subscribe.skiptrue
dc.identifier.issue4


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