New approach to determining no arbitrage conditions is presented in this paper. Determined by supply and demand prices are used instead of assumptions about price processes. Special attention was made to alternative numeraire change technique that was obtained using presented approach. Results...

New approach to determining no arbitrage conditions is presented in this paper. Siegel's Paradox was extended to create model. Special attention was made to alternative numeraire change technique that was obtained using presented approach. Results allow making an assumption that there is...

New approach to determining no arbitrage conditions is presented in this paper. Siegel's Paradox was extended to create model. Special attention was made to alternative numeraire change technique that was obtained using presented approach. Results allow making an assumption that there is...

In this paper the author examines the impact specifics of underwriter’s support on the liquidity of IPO market. It is hypothesized that the activities of underwriter will have the greatest impact on liquidity for the market of so-called "tepid" offerings. To confirm the hypothesis dynamics of...