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The Effect of the Federal Trade Commission on Arbitrage Spreads
There's also, I think, probably the fact that you can get 5% risk-free on short-term money now makes risk arbitrage less attractive from that standpoint. So spreads are probably wider on deals today just because they need to compensate above and beyond the risk-free rate. One of the components that goes into a spread besides a regulated risk is the time value of money. Right.