transaction costs

Empire of the Fund: The Way We Save Now

by William A. Birdthistle  · 15 May 2016  · 375pp  · 106,189 words

of those positive returns. If, on the other hand, the portfolio declines, then the investors must share in the losses—as well as in the transactional costs incurred by working jointly through a mutual fund. These funds travel under a variety of aliases. In the argot of Wall Street, they are known

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,000 publicly traded stocks in America.) Of course, replicating those broader indices would impose even more outlandish costs on an individual investor. Next, consider the transactions costs involved in this exercise. Acquiring thirty different stocks would require placing thirty different trades with a brokerage firm. With the commission of $9.99 per

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trade that the online brokers E*Trade and TD Ameritrade charge, the transactions costs of assembling a Dow Jones portfolio would amount to $299.70.18 Even with TradeKing’s rock-bottom commissions of $4.95 per trade,19

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. A mutual fund, by contrast, can provide its investors with instant diversification at a far lower price and with a far smaller percentage of additional transactions costs. Consider one of America’s largest mutual funds, the Vanguard Total Stock Market Index Fund, which holds stock in more than 3,700 different companies

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portfolio with so few transactions costs? First, by operating with very large economies of scale. Buying in bulk is often a good way to save, and that’s as true for

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more expensive, of course, and might require trips to several different kinds of restaurants. A good buffet, then, can deliver instant diversification at lower proportional transactions costs (though perhaps with fewer nutritional benefits). By pooling investments from a large number of investors, a mutual fund is similarly able to acquire a far

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more diverse portfolio at far lower transactions costs than an ordinary individual investor could accomplish alone. An investor who acquires a small sliver of that fund is, in turn, able to share in

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all the fund’s breadth of diversification and many of its lower transactions costs. Professional Money Management The mutual fund industry prominently suggests that Americans choose to invest in mutual funds, at least in part, to avail themselves of

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brokerage burden. Recall for a moment the primary business of a mutual fund: to invest in stocks, bonds, and other securities. Doing so necessarily involves transactions costs, even if those investments are in ordinary, unexotic securities. Just as retail investors must pay E*Trade, Charles Schwab, or some other broker a fee

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higher commissions to execute last-minute, urgent transactions. In short, rapid spikes of cash in and out of a fund are disruptive and generate higher transactions costs for the fund. The portfolio manager is the party who initially has to deal with these aggravations, but as is common in mutual funds, those

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fund managers who were willing to violate their own policies, to harm their own long-term investors, and to incur the aggravation of market-timing transactions costs. For the right price. In essence, hedge funds paid mutual fund managers to poach in the mutual fund’s game reserves. By advertising their funds

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in other funds in the complex. Although the market-timed funds would bear all the costs of market timing—the long-term investment dilution and transactions costs we have just discussed—the fund manager would be compensated via the sticky assets. The only parties not compensated in this quid pro quo are

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the ordinary, long-term investors whose savings were invested in the market-timed funds.27 They bear all the dilution and shared transactions costs of market timing without receiving any offsetting benefits. Fund managers who collaborated in these arrangements thus betrayed the very investors whom they had promised to

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justify her estrangement from the 401(k) on the basis that it’s just not worth her time? Indeed, the economic literature well recognizes the transactions costs of searching, monitoring, and switching investments. But it also is quick to quantify them. So, if a person claims that the administrative aggro is just

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their portfolios and fiddle with them all day long.8 If this happens, the investors regularly suffer from mistiming the market and racking up high transactions costs that swamp any investment gains. Or, on the other hand, investors never pay much attention to their portfolios and let their investment elections languish unchanged

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the basket, the buyer would have already created its own homemade replica of the index, so why proceed further? Why bother with the hassles and transaction costs of acquiring the ETF shares, which are just an inferior proxy of the index? And, more pertinently, how does this strange swap constitute a money

Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World

by Don Tapscott and Alex Tapscott  · 9 May 2016  · 515pp  · 126,820 words

is a monopoly business. In his assessment of the financial crisis, Nobel laureate Joseph Stiglitz wrote that banks “were doing everything they could to increase transaction costs in every way possible.” He argued that, even at the retail level, payments for basic goods and services “should cost a fraction of a penny

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technologies to distribute power, increase transparency, respect user privacy and anonymity, and include far more people who can afford far less than those already served? Transaction Costs and the Structure of the Firm Let’s start with a little economics. In 1995, Don used Nobel Prize–winning economist Ronald Coase’s theory

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inside the firm exceeded the cost of performing the transaction outside the firm.5 Don argued that the Internet would reduce a firm’s internal transaction costs somewhat; but we thought, because of its global accessibility, it would reduce costs in the overall economy even more, in turn lowering barriers to entry

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pretty much intact as the recognizable foundation of capitalism. Sure, the networks have enabled companies to outsource to low-cost geographies. But the Internet dropped transaction costs inside the firm as well. From Hierarchy to Monopoly So companies today remain hierarchies, and most activities occur within corporate boundaries. Managers still view them

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it and real incentives to participate. These platforms hold promise for protecting user identity, respecting user privacy and other rights, ensuring network security, and dropping transaction costs so that even the unbanked can take part. Unlike incumbent firms, they don’t need a brand to convey the trustworthiness of their transactions. By

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many disillusioned and disenfranchised. As such, blockchain technology offers a credible and effective means not only of cutting out intermediaries, but also of radically lowering transaction costs, turning firms into networks, distributing economic power, and enabling both wealth creation and a more prosperous future. 1. Search Costs—How Do We Find New

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exceptions both malicious and accidental, and minimize the need for trusted intermediaries. Related economic goals include lowering fraud loss, arbitration and enforcement costs, and other transaction costs.20 Back then, smart contracts were an idea all dressed up with nowhere to go, as no available technology could deploy them as Szabo described

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have become the foundation of internal organization. E-mail enabled people to collaborate across organizational silos. Social media dropped some collaboration costs internally and dropped transaction costs and made the boundaries of corporations more porous as companies could link up with suppliers, customers, and partners more easily. However, today’s commercial social

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in this story), Joseph Stiglitz, argued that the sheer size and seeming complexity of these firms have increased agency costs even as a firm’s transaction costs have plummeted. Hence, the huge pay gap between CEO and front line. So where does blockchain technology come in and how can it change how

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firms are managed and coordinated internally? With smart contracts and unprecedented transparency, the blockchain should not only reduce transaction costs inside and outside of the firm, but it should also dramatically reduce agency costs at all levels of management. These changes will in turn make

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collaboration are not yet fully clear.”33 Today we often hear that firms should focus on their core. But when considering how blockchain technology drops transaction costs, what is core? And how do you define that when a company’s core is constantly changing? It seems that everyone has a different definition

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expertise to do its work, even though many are outside its boundaries. 2. Given blockchain technology, what are the new economics of corporate boundaries—the transaction costs of partnering, versus keeping/developing in-house? Can you develop a suite of smart contracts whose core elements are modular and reusable? ConsenSys uses smart

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based on contribution. In corporate-owned communities, peers could share in the value they create and receive payment for their contributions as smart contracts drop transaction costs and open up the walls of the firm. Consider Reddit. The community has revolted over centralized control but still suffers from flippant, abrasive members. Reddit

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the network would be smarter than its smartest node in one domain after another. As we have explained, the first generation of the Internet dropped transaction costs somewhat. We have faster supply chains, new approaches to marketing, and peer-to-peer collaborations like Linux and Wikipedia on a massive scale, with many

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Toronto to the Filipino recipient holding cash, takes less than an hour and costs 25 basis points net, inclusive of foreign exchange and all other transaction costs. Whereas every Western Union transaction requires up to seven or eight intermediaries—corresponding banks, local banks, Western Union, the individual agents, and others—the Abra

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ASSET OWNERSHIP Land title registration is what Hernando de Soto referred to as a nonmarketed transaction, an economic exchange generally involving a local government. Nonmarketed transaction costs include the resources wasted by waiting in line, tracking down ownership, completing and filing paperwork, cutting through red tape, resolving disputes, greasing the palms of

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six steps currently required to register land in Honduras, and cuts the length of time from twenty-two days to ten minutes, then those nonmarketed transaction costs drop to nearly zero.66 And perhaps it would enable journalists and rights advocates to shame large global corporations into not purchasing or building on

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—a precondition for jobs in many parts of the world. Even in the developed world the effects are not determinable. A global platform that drops transaction costs, in particular the costs of establishing trusted commerce and wealth creation, could result in more participants. Even if this technology enables us to do more

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Today (India), December 25, 2011; www.businesstoday.in/magazine/features/vikram-akula-quits-sks-microfiance-loses-or-gains/story/20680.html. 57. Ning Wang, “Measuring Transaction Costs: An Incomplete Survey,” Ronald Coase Institute Working Papers 2 (February 2003); www.coase.org/workingpapers/wp-2.pdf. 58. www.telesurtv.net/english/news/Honduran

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Top-down management, 89, 92, 106 Tor, 263 Torvalds, Linus, 88, 282 Totalitarianism, 34, 52, 141, 145 TradeNet, 165 Trading volume, 256 Transactional capacity, 255 Transaction costs, 92–93, 95–101, 107, 142, 193, 269 Transparency, 10, 11, 298 aid groups and, 190–91 design principles and, 30, 39, 41, 44, 45

Derivatives Markets

by David Goldenberg  · 2 Mar 2016  · 819pp  · 181,185 words

100% leveraged position in the underlying commodity) exactly. To all intents and purposes, the natural position and the synthetic position are economically equivalent (we ignore transactions costs). What then is a long forward position? It is a 100% leveraged long position in the underlying commodity. That’s the economics. The difference between

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is based on the purchase of the underlying commodity in the spot market at P2. just as for case 1. We conclude that, except for transactions costs: 1. The total profit figure to the long will be the same whether he takes delivery in the futures market, or offsets his position in

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actual T-bill rate but arbitrageurs can borrow at close to that using reverse repos. All that matters for the arbitrage is that, net of transactions costs, . d. Since the synthetic T-bill is a perfect substitute for the actual T-bill, it should sell for the same price (have the same

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the futures position. This is due to the result that profits from offsetting a contract at delivery and profits from delivering are equal, net of transactions costs, which was demonstrated in Chapter 5, section 5.8.1. 7.2.3 Interpretations of Profits from the Rolling Hedge 1. Adding up the profits

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, the pressures of arbitrage will make the futures price on an expiring futures contract converge to the spot price in the market. Otherwise, net of transactions costs, there would be an arbitrage opportunity. Forced convergence makes this happen, regard less of natural arbitrage. Going back to the usual schematic in Figure 7

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one rate, LIBID3, in this case and lends at a higher rate, LIBOR3, then that has the appearance of an arbitrage strategy. However, there are transactions costs to the bank of arranging these transactions, and these costs can eat up the apparent arbitrage profits. What looks like arbitrage profits are just compensation

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in many markets in which there is a bid-asked spread, and that includes most markets. The spread represents transactions costs and the dealer offering the ability to transact is just earning those transactions costs. Concept Check 10 The dealer would have to go out, at time T, into the spot market for 3

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, liquid options could command a liquidity premium and the bid–asked spread could be lower for liquid vs. illiquid options. This is more of a transactions costs phenomenon, as opposed to an embedded rights feature. The first right is worth the option’s intrinsic value, and the second right is currently worth

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synthetic strategies. Further, the synthetic strategies are (economically) equivalent to their corresponding natural strategies. Therefore, except for transactions costs, they should have the same prices. Otherwise, there would be arbitrage opportunities. If there are transactions costs, then there could be infinitely more synthetic strategies that would not be arbitrage strategies if their execution prices

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differ by more than the transactions costs of executing the arbs, depending on by how much they differ. If the difference between the cost of executing the synthetic strategies and the cost

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of executing the natural strategies is less than the transaction costs involved, then these could be arbitrage strategies. In total, there are 16 no-arbitrage strategies described in Table 12.1, and a host of other

Digital Accounting: The Effects of the Internet and Erp on Accounting

by Ashutosh Deshmukh  · 13 Dec 2005

, each decision is unique. For example, factors such as current document volume per period, percentage of digital documents, current cycle times and error rates, current transactions costs, security and control issues, and nature of accounting software or legacy systems all need to be considered in implementing new technologies and solutions. There is

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and confidentiality, non-repudiation of origins, auditability of transactions and backups. Benefits of EDI include improved customer service, increased data accuracy, decreased cycle time, decreased transaction costs and improvements in existing workflows. There are, of course, upfront costs such as hardware, software, changes in existing workflows, training costs and trading partner costs

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. Generally, paper-based purchasing processes were not standardized, the number of suppliers could run in the thousands and approvals were time consuming, resulting in high transaction costs. SRM tools continue to provide the eprocurement functionality, which is also referred to as employee self-purchasing. The employee self-purchase process begins with identification

Stigum's Money Market, 4E

by Marcia Stigum and Anthony Crescenzi  · 9 Feb 2007  · 1,202pp  · 424,886 words

Income Clearing Corporation (FICC) and two large dealer clearing banks, JPMorgan Chase Bank (JPMC) and Bank of New York (BoNY). It was designed to reduce transaction costs and enhance liquidity in the repo market. This is possible because GCF repos are reversed every morning and renewed every day, allowing the borrower use

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to pay interest on these funds. The all-in cost of fed funds to the purchasing bank is the rate paid plus any brokerage and transactions costs incurred. Because fed funds purchased are not deposits, there is no FDIC insurance premium required on them. 23 Transaction accounts consist of demand deposits, automatic

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currencies actually run books in each of these currencies, matching deposits in these currencies against loans and placements in the same currencies. Doing so eliminates transactions costs associated with swaps into and out of dollars—the foreign-exchange dealers’ spreads between bid and asked prices in the spot and forward markets and

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, for example, DaimlerChrysler paper in the market in which it was cheapest: the Euromarket. Finally, running a consolidated portfolio is likely to markedly reduce the transactions costs that a big corporation incurs in keeping its funds fully invested; in the money market, an institution tends, partly because of economies of scale, to

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. Securities eligible for comparison include all Treasury securities, and non-mortgage-backed agency securities. Fleming and Garbade identify three ways in which GCF repo reduces transaction costs and enhances liquidity in the interdealer repo market. First, by allowing for netting in both legs of the settlement process, fewer transfers of monies and

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can. A good dealer will finance at this clearing bank at its posted dealer loan rate only odds and ends that cannot, often because of transaction costs, be economically repoed. Sometimes a trader will borrow (or reverse in) securities not because he is short those securities, but because he thinks he might

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a way to allow both the borrower and the lender of monies and securities to settle their daily transactions on a net basis, thus reducing transaction costs and enhancing liquidity. • A tri-party repo obviates the need for delivery of collateral, while protecting the interests of the investor whose credit risk becomes

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a series of acquisitions and alliances including its partnership with MarketAxess in March 2004, and its purchase of GovPX in January 2005. ICAP also lowered transaction costs to its users, grabbing additional market share. In 2003, Cantor alleged a patent infringement upon ICAP, but the case was dismissed in February 2005 by

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and more efficient way than in the past. This is evidenced by the speed of execution, greater quote depth, tighter bid-ask spreads, and lower transaction costs. The interdealer system is likely to remain a robust system for years to come, particularly because of the anonymity and liquidity the system provides to

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that rely upon databases of inventories is that there are often multiple entities involved in a transaction. This can thereby raise the actual or implied transaction costs of executing orders on the system. For example, when a bond investor decides to purchase a bond on a Web site that uses this type

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to set a short quickly and efficiently. Which is cheaper at a given point will depend on several factors: the spread of cash to futures, transactions costs, and the cost of carrying a short (the reverse rate). Today, it is hard to separate arbitrages and hedges. As one trader said, “No one

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securities and the reconstitutable portfolio of STRIPS is limited and that most of the price differences likely fall within the range of transaction costs. The study found that, under the typical transaction cost (a bid-offer spread of about of a point), only about 15% of the study’s 57,084 observations presented a

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stripping arbitrage opportunity. The actual profit potential may be smaller than that because the actual transaction costs could be greater than is apparent. This results from slight differences in the taxation of these instruments, although this seems to have a trivial effect

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few days of their life at a yield a few basis points higher than the deliverable cash. The difference reflects the extra commission and other transaction costs that an investor would incur if he bought bill futures and took delivery instead of purchasing 3-month bills in the cash market. September contracts

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, the trader would add a couple of basis points to his profit margin on the trade. A final factor affecting profit on the trade is transaction costs—back-office costs or whatever. Usually, these are so small that no one bothers to incorporate them into return calculations. To sum up, a trader

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must be carry. To see this, note that, if the bond contract were for a specific issue, the delivery value of this issue would, neglecting transaction costs, always precisely equal the issue’s forward price for delivery on the last day of the futures contract. From this, it follows that, when a

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to her. Arbitrage of this sort will work to drive at least one contract-grade bond to a zero or near-zero (there are always transaction costs) value basis. During the delivery period of a futures contract, as carry decays to zero, at least some contract-grade bonds will trade at or

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oil and wheat to be traded on large exchanges.) Exchange-traded options tend to be significantly more liquid than OTC options and thus involve lower transactions costs; however, OTC options are preferred if the parties seek terms different from those available in the standard contracts. THE VALUE OF AN OPTION The option

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on the futures strip. At that point, they close their futures position by selling futures, and in theory they’ve locked in 7 bp minus transaction costs. That’s a small spread, but the players make money by doing volume. A lot of banks play this game. Also, a number of banks

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trades, and he must get financing. Alternatively, our trader might use futures to speculate, selling Eurodollar futures. To do so, he would have to pay transaction costs. More important, he would also have to put up margin; and, if rates should move much—even temporarily—against him, he would have to make

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to December, 4.45 and to pay 4.40. If it rides that arb through that period, it will make a 5-bp profit minus transaction costs and minus any costs it may incur as a result of margin calls. What happens to 3-month LIBOR is to British Bank immaterial. If

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, with the World Bank taking the lead in 1989 and others following by offering COLTS (continuously offered long-term securities), which were designed to cut transaction costs for the borrower. As Table 24.1 shows, bank borrowers, too, form a big segment of total MTN issuance. The bank borrowing shown in Table

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become a 4-year and then a 3-year, and then maybe get rid of it. This approach reduces not only spread (basis) risk, but transaction costs as well. Every time a dealer shorts a Treasury and then has to buy it back, she loses as much as a 32nd. For a

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shop that maintains ongoing positions in MTNs, a cheaper way (from the point of view of transaction costs) to hedge that core position may be to book an interest rate: be the payer of fixed and receiver of floating to hedge fixed-rate

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more work than some people sometimes care to do or have time for, and having a bank or broker do the job may involve high transaction costs. Also, for some instruments, yields on small denominations are lower than those on large denominations. Finally, an investor with limited funds can’t easily reduce

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large sums of money, high minimum denominations pose no problem. FIGURE 26.1 Assets of mutual funds, January 1984–August 2000 (in billions of dollars) Transaction costs in terms of both money and time spent per dollar invested are minuscule compared to the costs that small investors incur. Finally, a money fund

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market risk by investment in different types and maturities of instruments. Also, the net yield earned on a small portfolio is reduced far more by transactions costs than is the net yield earned on a large portfolio. If a bank imposes a $25 fee on an overnight repo, that fee will, on

The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory

by Kariappa Bheemaiah  · 26 Feb 2017  · 492pp  · 118,882 words

technology (PwC, 2016), the remainder are taking bold steps to inculcate this technology for obvious reasons. Studies by Goldman Sachs estimate that Blockchain could reduce transaction costs in underwriting insurance by $2–$4 billion, just in the US. By applying Blockchain to streamlining clearing and settlement of cash securities (equities, repo, and

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are - (i) wage negotiations are costly in time for both workers and firms; the longer the period of the contract, the less frequently are these transaction costs incurred; (ii) negotiations may fail and workers may resort to strike action in order to improve their bargaining position; and (iii) if the firm lowers

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are, however, lower than these menu costs. By engaging in “near-rational behaviour” these firms deviate from the optimal price (wage) setting. and reduce their transaction costs associated with searching information about demand (labor supply) changes. In such case, profit losses caused by deviations of prices (wages) from their optimal value can

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be offset by reductions of their transaction costs. Such behaviour cab be optimal from the firm’s perspective but causes significant losses of aggregate output and employment. The extensive use of DSGE models

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. This hesitation to form links based on lack of trust has been extensively studied in the field of transaction cost theory (also called new institutional economics) which was developed by Ronal Coase in 1937. Transactional cost theory (TCT) is the branch of economics that deals with the costs of transactions and the institutions that

Trading and Exchanges: Market Microstructure for Practitioners

by Larry Harris  · 2 Jan 2003  · 1,164pp  · 309,327 words

. If you intend to offer or take liquidity, you must understand it well. • Transaction costs Traders must effectively manage their transaction costs to trade successfully. This book explains how to measure and manage transaction costs. If you trade actively, you must understand transaction costs. • Informative prices Speculators must understand how and when prices become informative in order to

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would be expected if the cash flows were unhedged. 8.1.3.4 Hedging Markets Hedgers like to trade in liquid markets where transaction costs are low. Low transaction costs allow them to set up and remove their hedges cheaply. Hedgers also like markets that trade instruments which are closely correlated to the risks

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so. Virtually any change in market structure will have significant economic effects on our markets. Trading rules, trading systems, and information protocols all affect liquidity, transaction costs, volatility, the quality of prices, and the distribution of trader profits. We therefore must carefully consider whether proposed changes in market structure are desirable. This

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trade if the difference in values between what they give up and what they receive is less than the transaction cost of the trade. High transaction costs therefore cause people to use resources poorly. When transaction costs are prohibitively high, nobody trades. Economies in which nobody trades are autarkies. They are very poor because nobody can

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arbitrageurs correctly identify inconsistently priced instruments, their trading helps rationalize instrument prices and thereby makes prices more informative. The price impacts of arbitrage trades are transaction costs. The less impact arbitrageurs have on prices, the more money they make. Once arbitrageurs have established their positions, they hope that prices will quickly adjust

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of the first instrument. Arbitrage trades in this case are not profitable because the instruments are correctly priced relative to each other. They merely generate transaction costs. Successful arbitrageurs must discriminate among these three cases. Those who can accurately identify bona fide arbitrage opportunities trade profitably. Those who falsely identify too many

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as well-informed traders. • Momentum traders must be especially careful to avoid trading with bluffers. • When the price impacts of sales and purchases differ and transaction costs are not too large, bluffers can design profitable trading strategies. • Bluffing destabilizes prices. • Bluffers can lose when large value traders trade against their positions.

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an economic system therefore are like frictions in a mechanical system. They both slow things down and can ultimately stop all activity. Economists therefore call transaction costs market frictions. ◀ * * * Everyone in the markets has some affect on liquidity. Impatient traders take liquidity. Dealers, limit order traders, and some speculators offer liquidity.

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traders and for regulators. Traders must distinguish between the two volatility types in order to accurately predict future volatility, the profitability of dealing strategies, and transaction costs. Regulators must distinguish between them because they cannot have any lasting effect on fundamental volatility, but they often can substantially affect transitory volatility. Depending on

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are to reflect all current information about instrument values. • Transitory volatility consists of price changes caused when impatient uninformed traders seek liquidity. • Transitory volatility and transaction costs are closely related. Both are high in illiquid markets. • The price changes associated with transitory volatility tend to revert. Price reversion causes negative correlation in

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consider why superior selection/composition performance is difficult to achieve and even more difficult to predict. 21 Liquidity and Transaction Cost measurement Traders pay attention to their transaction costs because transaction costs make implementation of their trading strategies expensive. Transaction costs are most important to traders who trade frequently or who trade large sizes. For most active traders

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chapter. We will examine both retrospective and prospective measures of transaction costs. We consider first retrospective measures of transaction costs. We then consider how traders use information about past transaction costs to predict future transaction costs. 21.1 TRANSACTION COST COMPONENTS Defining and measuring exactly what we mean by the term “transaction costs” is difficult. This entire book is about understanding what

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transaction costs are, where they come from, and how to measure them. We

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transaction services. Buy-side institutions try to obtain transaction services at low cost. To a casual observer, it would appear that everyone wants low transaction costs. Not so. Transaction costs to the buy side are revenues to the sell side. Sell-side institutions would like their revenues to be as high as possible. They

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. The increased volume, coupled with substantial decreases in the costs of providing transaction services, have increased sell-side profits even as buy-side transaction costs have fallen. ◀ * * * Implicit transaction costs and missed trade opportunity costs are harder to measure because they require some benchmark against which to compare trade and no-trade prices. To

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trade would have taken place if it had been completed. These estimation problems make transaction cost measurement a difficult and imprecise science. 21.2 IMPLICIT TRANSACTION COST ESTIMATION METHODS Traders estimate implicit transaction costs by using specified price benchmark methods and econometric transaction cost estimation methods. The price benchmark methods are the most commonly used. They are easier

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the trade. We discuss the virtues and drawbacks of each of these benchmarks in the next section. Econometric transaction cost estimation methods use statistical methods to estimate transaction costs. The simplest econometric methods extract information about transaction costs from price reversals that traders cause when they have an impact on price. More complex econometric models extract

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see what would have happened if they had actually traded. People analyze paper portfolios for fun, to test new trading ideas, and to measure transaction costs. To measure transaction costs, traders must specify a benchmark price at which they buy or sell instruments for their paper portfolios. The quotation midpoint at the time they

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. In general, the greater the time between the trade and the determination of the benchmark price, the noisier the transaction cost estimator will be. Transaction costs based on opening or closing prices therefore are noisier than transaction costs based on average prices. All daily benchmarks, however, are noisy because they use the same benchmark prices for

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price benchmarks. Table 21-1 provides a summary of the properties of price benchmark transaction cost estimators. All transaction cost estimation methods produce noisy results when applied to single trades. Average transaction costs, measured over many transactions, therefore provide more reliable information about transaction costs than does the estimate from any one transaction. Averaging, however, does not solve

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. Traders use these methods because the information that they produce is very valuable when they can interpret it well. 21.5 MEASURING IMPLICIT TRANSACTION COSTS WITH ECONOMETRIC METHODS Econometric transaction cost measurement models use statistical methods to measure the impacts that traders have upon prices. These models generally examine either price reversals or the

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) price changes is negative. Since the efficient markets hypothesis suggests that price changes should have no serial covariance if there are no transaction costs, negative price change serial covariance indicates transaction costs. Several econometric models exploit this insight. The best known of them is Roll’s serial covariance spread estimator, which we describe in

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the additional opportunity costs they would incur from trading less aggressively, they would earn more profit if they traded less aggressively. * * * ▶ The Plexus Iceberg of Transaction Costs The Plexus Group provides its clients with a detailed breakdown of their implementation shortfalls into timing, market impact, commission, and missed trade opportunity costs. The

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to evaluate active trading strategies. To this end, traders develop, estimate, and use transaction cost prediction models. Most transaction cost prediction analyses use explicit and implicit information to predict transaction costs. 21.7.1 Explicit Information About Future Transaction Costs Explicit information about future transaction costs consists of the contractual information about commissions and trading fees enumerated above. It also

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much liquidity might be behind any displayed liquidity that they see. 21.7.2 Implicit Information About Future Transaction Costs The implicit information that traders use to predict transaction costs consists of information about previous implicit transaction costs. Traders try to characterize this information by assuming that they can predict the market impacts of future orders

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extent that they can, some traders try to model this variation so that they can better predict their transaction costs. The primary quantitative approach to implicit transaction cost prediction uses econometric regression models to explain past transaction costs by using observable variables. These variables characterize the orders, contemporaneous market conditions, and general market conditions. The most

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reinvest their dividends as they are paid. Index funds generally slightly underperform their target indexes because various frictions drag down their performance. These frictions include transaction costs resulting from dividend reinvestment, accommodating deposits and redemptions, and rebalancing transactions when the index list changes. Management fees also reduce fund performance. * * * ▶ The Price Impacts

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to find each other. Internalization and preferencing also weaken central markets by reducing incentives to quote aggressively. These practices therefore must ultimately increase the total transaction costs of all buy-side traders. Internalization and preferencing, however, probably provide small uninformed traders with better net prices—spread plus commission—than they would otherwise

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. Those who value the former opt for quote-driven market systems that provide execution certainty at the expense of transaction costs. Those who value transaction cost savings opt for order-driven market systems that provide lower transaction costs for executed trades, but lower certainty that orders will trade. Diverse market structures exist because no single trading

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Traders thus would have to satisfy all liquidity demands separately within each fragment. Market diversity, however, does not necessarily imply inferior price formation and high transaction costs. Traders can obtain the benefits of consolidation in fragmented markets when information flows freely between market fragments, and when some traders can choose which fragment

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freely between market segments and if no serious agency problems are present, segmentation is unlikely to have any overwhelmingly negative effects on price formation and transaction costs. The conclusion that competition among market centers is beneficial, however, depends on the assumption that no significant externalities affect the competition. An externality arises

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extract option values from limit orders. (Chapter 11 discusses the quote-matching strategy.) Their trading therefore taxes liquidity. In equilibrium, quote matchers’ profits imply higher transaction costs for precommitted traders whether they use limit orders or market orders. Since quote matchers directly hurt limit order traders, and thereby indirectly hurt market order

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traders are well informed about fundamental values and therefore very concerned about revealing their information, while others are relatively uninformed and very concerned about minimizing transaction costs. Uninformed traders prefer markets where they can be identified and given better prices. Informed traders prefer consolidated markets with anonymous trading so that they can

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price impacts of uninformed traders, restrictions on their trading would increase transitory price volatility. Dealers offer liquidity to other traders. Any measures that increase their transaction costs will decrease market liquidity and increase transitory volatility. Order anticipators trade in front of other traders. When they front-run uninformed traders, they increase transitory

The Art of Scalability: Scalable Web Architecture, Processes, and Organizations for the Modern Enterprise

by Martin L. Abbott and Michael T. Fisher  · 1 Dec 2009

initiatives (customer features) over time. We recommend measuring the cost of scale as both a percentage of total engineering spending and as a cost per transaction. Cost of scale as a percentage of engineering time should go down over time. But it’s easy to “game” this number. If in year 1

Principles of Corporate Finance

by Richard A. Brealey, Stewart C. Myers and Franklin Allen  · 15 Feb 2014

higher current dividends. No one believes unreservedly that capital markets function perfectly. Later in this book we discuss several cases in which differences in taxation, transaction costs, and other imperfections must be taken into account in financial decision making. However, we also discuss research indicating that, in general, capital markets function fairly

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that a. There are no taxes. b. There is perfect foresight. c. Successive price changes are independent. d. Investors are irrational. e. There are no transaction costs. f. Forecasts are unbiased. 4. Market efficiency True or false? a. Financing decisions are less easily reversed than investment decisions. b. Tests have shown that

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by Miller and Modigliani (always referred to as “MM”), when they published a proof that dividend policy is value-irrelevant in a world without taxes, transaction costs, and other market imperfections.13 MM insisted that one must consider dividend policy only after holding the firm’s assets, investments, and borrowing policy fixed

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to send a quarterly check than for its shareholders to sell, say, one share every three months. Regular dividends relieve many of its shareholders of transaction costs and considerable inconvenience. FINANCE IN PRACTICE ● ● ● ● ● Microsoft’s Payout Bonanza There is a point at which hoarding money becomes embarrassing. . . . Microsoft, which grew into the

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to the point at which stock issues were unnecessary. This would not only have saved taxes for shareholders but it would also have avoided the transaction costs of the stock issues.22 Empirical Evidence on Dividends and Taxes It is hard to deny that taxes are important to investors. You can see

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economies of scale in borrowing. A group of small investors could do better by borrowing via a corporation, in effect pooling their loans and saving transaction costs.7 Suppose that this class of investors is large, both in number and in the aggregate wealth it brings to capital markets. That creates a

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per share. Debt Zero has no debt. It has 3.6 million shares at $90 per share. Capital markets are perfect and there are no transaction costs. Is there an arbitrage opportunity? If so, demonstrate how shareholders of Debt Zero or Debt Galore could take advantage of the opportunity. ___________ 1F. Modigliani and

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operating cost. In this case the pass-through to the customer may be less controversial. 61Total transaction costs for infrastructure projects average 3% to 5% of the amount invested. See M. Klein, J. So, and B. Shin, “Transaction Costs in Private Infrastructure Projects—Are They Too High?” The World Bank Group, October 1996. 62Because

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equipped to provide efficient maintenance. However, bear in mind that these benefits will be reflected in higher lease payments. Standardization Leads to Low Administrative and Transaction Costs Suppose that you operate a leasing company that specializes in financial leases for trucks. You are effectively lending money to a large number of firms

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for the small company with few tangible assets to support a debt issue.3 It offers secure financing on a flexible, piecemeal basis, with lower transaction costs than in a bond or stock issue. Tax Shields Can Be Used The lessor owns the leased asset and deducts its depreciation from taxable income

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7%. b. Explain how the conversion could be carried out by an interest rate swap. What will be the initial terms of the swap? (Ignore transaction costs and the swap dealer’s profit.) One year from now short- and medium-term Treasury yields decrease to 6%, so the term structure then is

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-Term Swings in the Dollar Affect Estimates of the Risk Premia?” Review of Financial Studies 8 (1995), pp. 709–742. Interest rate parity K. Clinton, “Transaction Costs and Covered Interest Arbitrage: Theory and Evidence,” Journal of Political Economy 96 (April 1988), pp. 358–370. Purchasing power parity K. Froot and K. Rogoff

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securities to pay the firm’s bills. If you had to sell them every time you needed to pay a bill, you could incur heavy transactions costs. The financial manager must trade off the cost of keeping an inventory of cash (the lost interest) against the benefits (the saving on

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transactions costs). For small firms this trade-off can be important. But for very large firms the transactions costs of buying and selling securities become trivial compared with the opportunity cost of holding idle cash balances. Suppose

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. There are some good arguments for internal capital markets. The company’s managers probably know more about its investment opportunities than outside investors do, and transaction costs of issuing securities are avoided. Nevertheless, it appears that attempts by conglomerates to allocate capital investment across many unrelated industries were more likely to subtract

Corporate Finance: Theory and Practice

by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann le Fur and Antonio Salvi  · 16 Oct 2017  · 1,544pp  · 391,691 words

related to the management fees they charge! Actual markets approach the theory of an efficient market when: participants have low-cost access to all information; transaction costs are low; the market is liquid; and investors are rational. Take the example of a stock whose price is expected to rise 10% tomorrow. In

…

of tomorrow’s price. In general, if we try to explain why financial markets have different degrees of efficiency, we could say that: The lower transaction costs are, the more efficient a market is. An efficient market must quickly allow equilibrium between supply and demand to be established

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. Transaction costs are a key factor in enabling supply and demand for securities and capital to adjust. Brokerage fees have an impact on how quickly a market

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year (in particular for small- and medium-sized enterprises). Nevertheless, these calendar anomalies are not material enough to allow for systematic and profitable arbitrage given transaction costs. For each of these observations, some justifications consistent with the rationality of investor behaviour can be put forward. Meteorological anomalies. There is consistent observation that

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always reflect all relevant available information. It has been demonstrated that the more liquid a market is, the more readily available information is, the lower transaction costs are and the more individuals act rationally, the more efficient the market is. The last of these factors probably constitutes the biggest hindrance to market

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not allow them to buy shares outside the US. The main difference between ordinary registered shares and ADRs is that ordinary registered shares carry lower transaction costs as there is no depositary. They are also more liquid and less subject to arbitrage trading between domestic shares and ADRs. Full listing is a

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issue only two types of securities: risk-free debt and equity; financial markets are frictionless; there is no corporate and personal taxation; there are no transaction costs; firms cannot go bankrupt; insiders and outsiders have the same set of information. According to MM, investors can take on debt just like companies. So

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going back to them to request funding for major projects. In the real world, however, this rule runs up against practical considerations – substantial tax and transaction costs and shareholder control issues – that make it difficult to apply. In short, internal financing enjoys an extraordinarily positive image among those who own, manage or

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) trade buyers trade credit trade-off model trade payables trade receivables traders as speculators warrants traded separately trading multiples trading profit trading volumes, efficient markets transaction costs, efficient markets transaction facilitation transaction multiples transaction risk transaction volumes, capital markets transactions financial sweeteners valuation errors transfer of funds transfer to inventory, income statement

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How to Run a Government: So That Citizens Benefit and Taxpayers Don't Go Crazy

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Empires of the Weak: The Real Story of European Expansion and the Creation of the New World Order

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The Social Animal: The Hidden Sources of Love, Character, and Achievement

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The Orbital Perspective: Lessons in Seeing the Big Picture From a Journey of 71 Million Miles

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A Primer for the Mathematics of Financial Engineering

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Ninefox Gambit

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NumPy Cookbook

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