Merger Arbitrage

Merger Arbitrage
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Описание книги

Intelligence Unbound explores the prospects, promises, and potential dangers of machine intelligence and uploaded minds in a collection of state-of-the-art essays from internationally recognized philosophers, AI researchers, science fiction authors, and theorists. Compelling and intellectually sophisticated exploration of the latest thinking on Artificial Intelligence and machine minds Features contributions from an international cast of philosophers, Artificial Intelligence researchers, science fiction authors, and more Offers current, diverse perspectives on machine intelligence and uploaded minds, emerging topics of tremendous interest Illuminates the nature and ethics of tomorrow’s machine minds—and of the convergence of humans and machines—to consider the pros and cons of a variety of intriguing possibilities Considers classic philosophical puzzles as well as the latest topics debated by scholars Covers a wide range of viewpoints and arguments regarding the prospects of uploading and machine intelligence, including proponents and skeptics, pros and cons

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Kirchner Thomas. Merger Arbitrage

Preface

Acknowledgments

Part One. The Arbitrage Process

Chapter 1. Introduction to Merger Arbitrage

Chapter 2. The Mechanics of Merger Arbitrage

Cash Mergers

Stock-for-Stock Mergers

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

Chapter 4. Incorporating Risk into the Arbitrage Decision

Probability of Closing

Severity of Losses

Expected Return of the Arbitrage

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

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

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

Chapter 8. Legal Aspects

Merger Process

Corporation Codes

Takeover Code and Its Derivatives

Key U.S. Court Decisions

Takeover Defenses

Creeping Takeovers and Mandatory Acquisitions

Best Price Rule

Market Manipulation

Chapter 9. Management Incentives

Management Compensation

Continuing Management Interest in Private Equity Buyouts

Long-Term Planning in Management Buyouts

Milking a Company through Related Party Transactions

Chapter 10. Buyouts by Private Equity

Private Equity's Advantage

CEOs Don't Want to Sell to the Highest Bidder

Private Equity Funds Have Their Own Agenda

Buyouts as Financial Engineering

Activists Replace Private Equity

Chapter 11. Minority Squeeze-Outs

Boards' Lack Effectiveness during Squeeze-outs

Minority Shareholders Are in a Tough Spot

Family Control

Part Three. Investing in Merger Arbitrage

Chapter 12. Government Involvement

Antitrust Enforcement

Tax Policy

Securities Regulators

State and Provincial Governments

National Governments

China: The Great Wall of Laws

Trade Unions

Chapter 13. Four Ways to Fight Abuse of Shareholders in Mergers

“Just Sell” Is for Losers

The Rise of Shareholder Activists

Case for Activist Merger Arbitrage

Legal Tactics

Public Opposition

Chapter 14. Investing in Arbitrage

Trading versus Investing

Leverage and Options

Shorting Stocks

Transaction Costs

Managing the Cash Position

Risk Management

Merger Arbitrage Indices

Separate Accounts

Hedge Funds and Liquid Alternatives

About the Author

Exercises

CHAPTER 1

CHAPTER 2

CHAPTER 3

CHAPTER 4

CHAPTER 5

CHAPTER 6

CHAPTER 7

CHAPTER 8

CHAPTER 10

Отрывок из книги

Merger Arbitrage

How to Profit from Global Event-Driven Arbitrage

.....

Calculation of the annualized return works as in the example of a cash merger. Only the calculation of compound returns is shown here; simple interest can be calculated analogously. Unlike in the prior examples, the arbitrageur cannot find a direct reference to the closing date in the press release. “The merger will be implemented by way of a Scheme of Arrangement under the Australian Corporations Act 2001” gives a valuable hint. As I will explain later, a scheme of arrangement follows a well-defined timetable. A five-month time frame is a reasonable estimate. If we assume a closing date of February 28, 2013, then there are 162 days from September 19, the day the position was entered.

Compound interest

.....

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