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That was, in effect, a convergence play.
The announcement this month that the European Union expects to admit 10 new members in 2004 is expected to provide fresh impetus for what is known as "the convergence play" -- investing on the belief that development in these countries will accelerate, approaching Western European levels as the entry date approaches.
What once seemed a canny convergence play now looks like a barmy risk, for both the borrowers and the banks, chiefly Italian and Austrian, that lent to them.Stopping the rotThe first priority for these four must be to stop further currency collapse.
Dish would offer Sprint a very U.S.-focused convergence play with more wireless bandwidth.
"We aren't a convergence play, we're a crossover play," says Horowitz.
Matv is also an early convergence play: Hungary hopes that by 2003 it will be the first post-communist country admitted to the European Union.
Similar(52)
The markets have tended to behave as if default risks were essentially similar across the currency zone hence the talk of "convergence plays" on countries close to euro entry.
Michael Levy: But the valuations of some of the convergence plays can be quite high.
Where convergence plays a role, it's about the integration of what you do on all these devices.
In most of these results, pointwise (resp. uniform) convergence plays invariably a vital role.
And besides, given Wall Street's souring outlook on media convergence plays, there are probably better things to be than the next AOL Time Warner.
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