Competitive Advantage in Investing by Steven Abrahams

Author:Steven Abrahams
Language: eng
Format: epub
ISBN: 9781119619864
Publisher: Wiley
Published: 2020-04-07T00:00:00+00:00

Sources of Comparative Advantage

Bank management has the job of structuring assets and liabilities to produce the mix of return and risk targeted by providers of equity. That raises the issue of how management might go about providing excess return relative to other potential uses of that equity. Management can draw on several potential sources of comparative advantage:

Scale, cost, and compensation

Leverage

Funding terms

Hedging

Quality and cost of capital

Information

Access to assets

Tax and accounting rules

Political and regulatory environment

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