<Li> Invests in government bonds </Li> <P> Companies tend to be lenders of capital . When companies have surplus cash that is not needed for a short period of time, they may seek to make money from their cash surplus by lending it via short term markets called money markets . Alternatively, such companies may decide to return the cash surplus to their shareholders (e.g. via a share repurchase or dividend payment). </P> <Ul> <Li> Individuals borrow money via bankers' loans for short term needs or longer term mortgages to help finance a house purchase . </Li> <Li> Companies borrow money to aid short term or long term cash flows . They also borrow to fund modernization or future business expansion . </Li> <Li> Governments often find their spending requirements exceed their tax revenues . To make up this difference, they need to borrow . Governments also borrow on behalf of nationalized industries, municipalities, local authorities and other public sector bodies . In the UK, the total borrowing requirement is often referred to as the Public sector net cash requirement (PSNCR). </Li> </Ul> <Li> Individuals borrow money via bankers' loans for short term needs or longer term mortgages to help finance a house purchase . </Li>

What are the main ways in which the efficiency of financial markets and instruments are defined