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About Merger arbitrage: how to profit from event-driven arbitrage
"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.";Series Page -- Title Page -- Copyright -- Table of Contents -- Preface -- Acknowledgments -- Part One: The Arbitrage Process -- Chapter 1: Introduction to Merger Arbitrage -- Notes -- Chapter 2: The Mechanics of Merger Arbitrage -- Cash Mergers -- Stock-for-Stock Mergers -- Note -- Chapter 3: The Role of Merger Arbitrage in a Diversified Portfolio -- Volatility of Stocks Going through a Merger -- Merger Arbitrage Universe -- Merger Arbitrage Spreads -- Performance Characteristics of Merger Arbitrage -- Performance of Merger Arbitrage outside the United States -- Risk and Return of Merger Arbitrage Funds -- Benefits of Merger Arbitrage in a Diversified Portfolio -- Benefits of Merger Arbitrage in a Rising Interest Rate Environment -- Quantitative Easing -- Notes -- Chapter 4: Incorporating Risk into the Arbitrage Decision -- Probability of Closing -- Severity of Losses -- Expected Return of the Arbitrage -- Notes -- Part Two: Pitfalls of Merger Arbitrage -- Chapter 5: Sources of Risk and Return -- Deal Spread -- Two Aspects of Liquidity -- Beneficial Participation of Arbitrageurs -- Timing and Speed of Closing -- Dividends -- Short Sales as a Hedge and an Element of Return -- Leverage Boosts Returns -- Covered Call Writing -- Commissions and Portfolio Turnover -- Bidding Wars and Hostile Bids -- Chinese Companies -- Notes -- Chapter 6: Deal Structures: Mergers and Tender Offers -- Mergers -- Scheme of Arrangement -- Tender Offers -- Comparison of Mergers and Tender Offers -- Burger King Provision: The Best of Both Worlds -- SEC's Approach to Regulation -- Notes -- Chapter 7: Financing -- Types of Debt Funding -- Financing of Mergers versus Tender Offers -- Uncertain Merger Consideration -- Conflicted Role of Investment Banks -- Fairness Opinions -- Systemic Risk -- Notes -- Chapter 8: Legal Aspects -- Merger Process -- Corporation Codes.
Detailed Information
| Author: | Kirchner, Thomas |
|---|---|
| Publication Year: | 2016 |
| ISBN: | 1118834992 |
| Language: | English |
| File Size: | 7.556 |
| Format: | |
| Price: | FREE |
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