Where S The Risk In Risk Arbitrage
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Risk Arbitrage
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Author : Keith M. Moore
language : en
Publisher: John Wiley & Sons
Release Date : 1999-09-06
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 1999-09-06 with Business & Economics categories.
Moore arms you with the full complement of sophisticated risk arbitrage techniques with which he has consistently realized substantial returns for his clients and himself."--BOOK JACKET.
Where S The Risk In Risk Arbitrage
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Author : G. Andrew Karolyi
language : en
Publisher: London : Richard Ivey School of Business, University of Western Ontario
Release Date : 1998
Where S The Risk In Risk Arbitrage written by G. Andrew Karolyi and has been published by London : Richard Ivey School of Business, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
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.
Characteristics Of Risk And Return In Risk Arbitrage
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Author : Mark L. Mitchell
language : en
Publisher:
Release Date : 2001
Characteristics Of Risk And Return In Risk Arbitrage written by Mark L. Mitchell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
This paper uses a sample of 4,750 stock swap mergers, cash mergers, and cash tender offers during 1963-1998 to characterize the risk and return in risk arbitrage. For out-of-sample comparison, we also examine the risk/return profile for a sample of active risk arbitrage hedge funds during 1990-1998. Results from both samples indicate that risk arbitrage returns are positively correlated with market returns in severely depreciating markets but uncorrelated with market returns in flat and appreciating markets. This result suggests that returns to risk arbitrage, a contingent claims analysis that incorporates the non-linearity in returns provides a more accurate description of the risk/return relationship. After controlling for both the non-linear return profile and transaction costs, we find that risk arbitrage generates excess returns of 4% per year.
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.
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
Risk Arbitrage In Emerging Markets
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Author : Mengkiat Goh
language : en
Publisher:
Release Date : 2008
Risk Arbitrage In Emerging Markets written by Mengkiat Goh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Risk arbitrage is one of the investment strategies commonly employed by hedge funds and financial investment firms. In essence, it constitutes a bet on whether a merger deal is consummated. Several academic studies have found that risk arbitrage trading strategies are able to generate sustainable positive returns. However, these studies have been largely confined to risk arbitrage investments in developed markets. In this thesis, we quantify the risk arbitrage investment process and create trading strategies that generate positive risk-adjusted returns in emerging markets. We use a sample of 810 stock and cash mergers and acquisitions in emerging markets from 2001 to 2007. We find that returns in excess of 7.9% can be obtained using the prediction model formulated in this thesis. Our analysis suggests that the probability of success of a merger depends on a deal's characteristics. Further, it implies that one can improve on the market-implied estimates thereby creating trading opportunities. The analytical results achieved in this thesis can be used as the foundation for building an effective risk arbitrage trading platform in emerging markets.
Risk Arbitrage In U S Financial Markets
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Author : Supreena Narayanan
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2012
Risk Arbitrage In U S Financial Markets written by Supreena Narayanan and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This book analyses risk arbitrage in U.S. financial markets directed towards finance professionals and scholars.In particular, two research questions are pursued-(1) What are the effects of stock market, business conditions as well as the Merger and Acquisition Trend on risk arbitrage activities in the U.S (2) What is the current trend and effect of the U.S. financial regulatory mechanism on risk arbitrage? There has been a growing trend in US financial market regulatory mechanism to reduce systemic risk, eliminate legal uncertainty, control regulatory arbitrage and to have a closer look on derivatives trading which could be potentially used for fraud or manipulation. The current focus of the financial regulatory mechanism is to curb illegal trading in risk arbitrage activities through limits on trading volume and control of regulatory arbitrage opportunities which should continue into the future.
Note On Risk Arbitrage
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Author : George Chacko
language : en
Publisher:
Release Date : 2003
Note On Risk Arbitrage written by George Chacko and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Risk Arbitrage
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Author : Guy P. Wyser-Pratte
language : en
Publisher:
Release Date : 1982
Risk Arbitrage written by Guy P. Wyser-Pratte and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.