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Frictionless market |
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Frictionless market Ideal trading environment that imposes no costs or restraints on transactions. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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When we apply our structural model to a large sample of recently issued bonds with make-whole call provisions, we find that in a frictionless market where calls only occur when the call is in-the-money, the incremental yield required by bondholders should average only about 2 bp. 1%, for example), then the assumption of frictionless markets may be economically acceptable. Also, the model assumes a frictionless market, the existence of transaction costs suggests that we will observe model mispricing. |
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