Merger Arbitrage


Merger Arbitrage
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Merger Arbitrage


Merger Arbitrage
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Author : Thomas Kirchner
language : en
Publisher: John Wiley & Sons
Release Date : 2016-04-18

Merger Arbitrage written by Thomas Kirchner and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-18 with Business & Economics categories.


Mitigate risk and increase returns with an alternative hedge fund strategy Merger Arbitrage: How to Profit from Event-Driven Arbitrage, Second Edition is the definitive guide to the ins and outs of the burgeoning merger arbitrage hedge fund strategy, with real-world examples that illustrate how mergers work and how to take advantage of them. Author Thomas Kirchner, founder of the Pennsylvania Avenue Event-Driven Fund, discusses the factors that drove him to invest solely in merger arbitrage and other event-driven strategies, and details the methods used to incorporate merger arbitrage into traditional investment strategies. And while there is always a risk that a deal will fall through, the book explains how minimal such risks really are when the potential upside is factored in. Early chapters of the book focus on the basics of the merger arbitrage strategy, including an examination of mergers and the incorporation of risk into the arbitrage decision. Following chapters detail deal structures, financing, and legal aspects to provide the type of in-depth knowledge required to execute an effective investment strategy. The updated second edition stresses new, increasingly relevant information like: Worldwide legal deal regimes UK takeover code UK takeover code global offspring Regulators around the world The book provides clear, concise guidance on critical considerations including leverage and options, shorting stocks, and legal recourse for inadequate merger consideration, allowing readers to feel confident about trying a new investment strategy. With simple benefits including diversification of risk and return streams, this alternative hedge fund strategy has a place in even the most traditional plan. Merger Arbitrage: How to Profit from Event-Driven Arbitrage, Second Edition provides the information that gives investors an edge in the merger arbitrage arena.



Merger Arbitrage


Merger Arbitrage
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Author : Lionel Melka
language : en
Publisher: John Wiley & Sons
Release Date : 2014-02-03

Merger Arbitrage written by Lionel Melka and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-03 with Business & Economics categories.


A wave of corporate mergers, acquisitions, restructuring, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to investors. Surprisingly, there is little transparency and instruction for investors interested in learning the latest risk arbitrage techniques. Merger Arbitrage – A Fundamental Approach to Event-Driven Investing helps readers understand the inner workings of the strategy and hedge funds which engaged in this investment strategy. Merger arbitrage is one of the most commonly used strategies but paradoxically one of the least known. This book puts it in the spotlight and explains how fund managers are able to benefit from mergers and acquisitions. It describes how to implement this strategy, located at the crossroad of corporate finance and asset management, and where its risks lie through numerous topical examples. The book is split into three parts. The first part, examining the basis of merger arbitrage, looks at the key role of the market in takeover bids. It also assesses the major changes in the financial markets over recent years and their impact on M&A. Various M&A risk and return factors are also discussed, alongside the historical profitability of merger arbitrage, the different approaches used by fund managers and the results of academic studies on the subject. The second part of the book deals with the risk of an M&A transaction failing in terms of financing risk, competition issues, the legal aspects of merger agreements and administrative and political risks. The third part of the book examines specificities of M&A transactions, comprehensively covering hostile takeovers and leveraged buyouts. Each part contains many recent examples and case studies in order to show how the various theories and notions are put into practice. From researching prospects and determining positions, to hedging and trading tactics, Lionel Melka and Amit Shabi present the full complement of sophisticated risk arbitrage techniques, making Merger Arbitrage a must read for finance and investment professionals who want to take advantage of the nearly limitless opportunities afforded by today’s rapidly changing global business environment. The book builds on its authors’ diverse backgrounds and common experience managing a merger arbitrage fund, providing readers with an enriching inside view on M&A operations. Translated by Andrew Fanko and Frances Thomas



Merger Arbitrage


Merger Arbitrage
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Author : Thomas Kirchner
language : en
Publisher: John Wiley & Sons
Release Date : 2009-07-01

Merger Arbitrage written by Thomas Kirchner and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07-01 with Business & Economics categories.


A detailed look at an important hedge fund strategy Written by a fund manager who invests solely in merger arbitrage, also referred to as risk arbitrage, and other event-driven strategies, Merger Arbitrage is the definitive book on how this alternative hedge fund strategy works. Initial chapters are dedicated to the ins and outs of the strategy–cash mergers versus stock for stock mergers, legal aspects of mergers, and pitfalls of the merger process–while later chapters focus on giving the reader sound advice for integrating merger arbitrage into an investment portfolio. Merger Arbitrage helps readers understand leverage and options, shorting stocks, and legal aspects of merger arbitrage, including seeking appraisal or filing lawsuits for inadequate merger consideration. For those looking to gain an edge in the merger arbitrage arena, this book has everything they need to succeed. Thomas F. Kirchner, CFA (New York, NY), is the founder and portfolio manager of Pennsylvania Avenue Funds (www.pennavefunds.com), which invests in merger arbitrage and other event-driven strategies.



Merger Masters


Merger Masters
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Author : Kate Welling
language : en
Publisher: Columbia University Press
Release Date : 2018-11-06

Merger Masters written by Kate Welling and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-06 with Business & Economics categories.


Merger Masters presents revealing profiles of monumentally successful merger investors based on exclusive interviews with some of the greatest minds to practice the art of arbitrage. Michael Price, John Paulson, Paul Singer, and others offer practical perspectives on how their backgrounds in the risk-conscious world of merger arbitrage helped them make their biggest deals. They share their insights on the discipline that underlies their fortunes, whether they practice the “plain vanilla” strategy of announced deals, the aggressive strategy of activist investment, or any strategy in between on the risk spectrum. Merger Masters delves into the human side of risk arbitrage, exploring how top practitioners deal with the behavioral aspects of generating consistent profits from risk arbitrage. The book also includes perspectives from the other side of the mergers and acquisitions divide in the form of interviews with a trio of iconic CEOs: Bill Stiritz, Peter McCausland, and Paul Montrone. All three took advantage of M&A opportunities to help build long-term returns but often found themselves at odds with the short-term focus of Wall Street and merger investors. Told in lively, accessible prose, with bonus facts and figures for transaction junkies, Merger Masters is an incomparable set of stories with plenty of unfiltered lessons from the best managers of our time.



Risk Arbitrage


Risk Arbitrage
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Author : Keith M. Moore
language : en
Publisher: John Wiley & Sons
Release Date : 2018-04-04

Risk Arbitrage written by Keith M. Moore and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-04 with Business & Economics categories.


The definitive guide to risk arbitrage, fully updated with new laws, cases, and techniques Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. This new edition is completely updated and fully revised to reflect the changes to laws and technology and includes new case studies and a detailed discussion of computer-based trading systems. Readers gain deep insight into the factors and policies that affect merger transactions, and the new developments that allow individuals to compete with professionals in managing risk arbitrage portfolios. The book provides techniques for computing spreads and determining risk, with practice exercises that allow readers to become confident with new methods before using them professionally. The current wave of corporate mergers, acquisitions, restructurings, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the current merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to all types of investors. Risk Arbitrage provides the essential guidance needed to participate in the business. Get up to date on the most recent developments in risk arbitrage Examine new mergers and the legal changes that affect them Learn how computers and trading systems have affected competition Use the tools that enable risk determination and spread computation Both the growth in hedge funds and the changing nature of the merger and acquisition business have affected risk arbitrage processes and techniques. For the finance professional who needs expert guidance and the latest information, Risk Arbitrage is a comprehensive guide.



Merger Mania


Merger Mania
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Author : Ivan F. Boesky
language : en
Publisher: Holt McDougal
Release Date : 1985

Merger Mania written by Ivan F. Boesky and has been published by Holt McDougal this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Arbitrage categories.




Risk Arbitrage


Risk Arbitrage
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Author : Guy Wyser-Pratte
language : en
Publisher: John Wiley & Sons
Release Date : 2009-01-27

Risk Arbitrage written by Guy Wyser-Pratte and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-27 with Business & Economics categories.


Originally published in 1982, Risk Arbitrage has become a classic on arbitrage strategies by the "dean of the arbitrage community." It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. From average expected returns to turning a position, cash tender offers, exchange offers, recapitalizations, spinoffs, stub situations, limited risk arbitrage, and corporate freeze-ins, the book provides a step by step walk through of a world of arb strategies illuminated by real world examples and case studies.



Arbitrage Sur Fusions Et Acquisitions


Arbitrage Sur Fusions Et Acquisitions
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Author : Lionel Melka
language : fr
Publisher:
Release Date : 2012

Arbitrage Sur Fusions Et Acquisitions written by Lionel Melka and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Arbitrage categories.


Lundi matin, la société A annonce avant l'ouverture du marché le rachat du groupe B et offre 50 dollars par action. Le titre de la cible cotait 36 dollars à la clôture de la Bourse de New York vendredi. Les cotations de Bourse vont reprendre dans un instant. A quel prix va coter l'action B ? Qui va acheter ? Qui va vendre ? Tout cela est-il tout compte fait très important ? Et, question subsidiaire, y a-t-il moyen de tirer profit de cette situation pour gagner de l'argent ? Ces questions sont celles que se pose tout arbitrageur à l'annonce d'une opération de fusion/acquisition et constituent le point de départ de cet ouvrage, le premier en langue française traitant de ce sujet. L'arbitrage sur opérations de fusions/ acquisitions fait partie des nombreuses stratégies mises en place par les gérants de hedge funds, un univers souvent réputé pour son opacité. Cet ouvrage vient donc éclairer le lecteur sur les détails de cette stratégie au carrefour de la gestion d'actifs et de la finance d'entreprise, ainsi que sur ses performances et différents risques. Par sa simplicité et sa pédagogie, cet ouvrage s'adresse à des étudiants des 2e et 3e cycles et des grandes écoles, désireux de découvrir un nouveau champ de la finance et une stratégie d'investissement communément utilisée par les hedge funds, ou d'en approfondir les mécanismes. S'appuyant sur la diversité des connaissances et des expériences des auteurs, ainsi que sur leur activité quotidienne de gestion d'un fonds de merger arbitrage, cet ouvrage sera aussi une source précieuse d'expertise et un document de référence pour les praticiens et professionnels de la gestion.



Financial Media Price Discovery And Merger Arbitrage


Financial Media Price Discovery And Merger Arbitrage
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Author : Matthias M. M. Buehlmaier
language : en
Publisher:
Release Date : 2016

Financial Media Price Discovery And Merger Arbitrage written by Matthias M. M. Buehlmaier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.




Market Neutral Strategies


Market Neutral Strategies
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Author : Bruce I. Jacobs
language : en
Publisher: John Wiley & Sons
Release Date : 2005-02-22

Market Neutral Strategies written by Bruce I. Jacobs and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-02-22 with Business & Economics categories.


An inside view of what makes market neutral strategies tick and howthey can be implemented Market neutral strategies have gained attention for theirpotential to deliver positive returns regardless of the directionof underlying markets. As these strategies have built a record ofgood performance in recent years, their benefits have becomeapparent. Market Neutral Strategies draws on the wisdom andexperience of professional practitioners to describe strategiesthat are being utilized by some of today's leading institutionalinvestors. This book provides readers with an insider's view ofwhat makes these strategies work and how they can be implementedsuccessfully. Topics covered include long-short equity andconvertibles, fixed income and merger arbitrage; the tax and ERISAimplications of market neutral investing; and the failure of twonotorious "market neutral" ventures, Askin Capital Management andLong-Term Capital Management. Bruce I. Jacobs (Florham Park, NJ) and Kenneth N. Levy arecofounders and principals of Jacobs Levy Equity Management, inFlorham Park, New Jersey. They are coauthors of Equity Management:Quantitative Analysis for Stock Selection. Bruce Jacobs holds a PhDin finance from the Wharton School of the University ofPennsylvania. He is also the author of Capital Ideas and MarketRealities: Option Replication, Investor Behavior, and Stock MarketCrashes.