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Arbitraging JapanDreams of Capitalism at the End of Finance$
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Hirokazu Miyazaki

Print publication date: 2013

Print ISBN-13: 9780520273474

Published to California Scholarship Online: September 2016

DOI: 10.1525/california/9780520273474.001.0001

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PRINTED FROM CALIFORNIA SCHOLARSHIP ONLINE (www.california.universitypressscholarship.com). (c) Copyright University of California Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CALSO for personal use.date: 27 July 2021

Shakespearean Arbitrage

Shakespearean Arbitrage

Chapter:
(p.24) Chapter 1 Shakespearean Arbitrage
Source:
Arbitraging Japan
Author(s):

Hirokazu Miyazaki

Publisher:
University of California Press
DOI:10.1525/california/9780520273474.003.0002

This chapter illustrates the relationship between techniques of finance and traders' dreams and intellectual trajectories as manifested in a handout created by Sasaki, a mathematician turned trader, for a training session for new members of his derivatives development team. This document contains both an important insight about finance—the centrality of arbitrage in derivatives trading—and Sasaki's personal dream of contributing to academic knowledge about financial mathematics. The chapter analyzes the significance of a so-called “bibliographical autobiography” in light of arbitrage's self-canceling tendency as evidenced in the way arbitrageurs exploit and eliminate arbitrage opportunities and ultimately themselves. This tendency is evident in Sasaki's reading of an analysis of William Shakespeare's The Merchant of Venice by the economist Katsuhito Iwai.

Keywords:   Sasaki, finance, derivatives traders, derivatives trading, arbitrage, financial mathematics, Katsuhito Iwai

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