all items in this store are to be sent to your email within 24 hours after cleared payment. PDF eBooks are sent to you as email attachments. as for mp3 audiobook, a download link from ONEDRIVE will be sent to your email for you to download.
1. This item is an E-Book in PDF format.
2. Shipping & Delivery: Send to you by E-mail within 24 Hours after cleared payment. Immediately Arrival!!!
3. Shipping ( by email) + Handling Fee = US$0.00
4. Time-Limited Offer, Order Fast.
Merger Arbitrage: How to Profit from Event-Driven Arbitrage
by Thomas Kirchner
BUSINESS & MANAGEMENT / FINANCE & INVESTMENTS / INSTITUTIONAL & CORPORATE FINANCE /
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¨Ccash mergers versus stock for stock mergers, legal aspects of mergers, and pitfalls of the merger process¨Cwhile 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.
TABLE OF CONTENTS:
PART ONE The Arbitrage Process.
CHAPTER 1 Introduction to Merger Arbitrage.
CHAPTER 2 Incorporating Risk into the Arbitrage Decision.
Probability of Closing.
Severity of Losses.
Expected Return of the Arbitrage.
CHAPTER 3 Sources of Risk and Return.
Two Aspects of Liquidity.
Timing and Speed of Closing
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.
CHAPTER 4 Deal Structures: Mergers and Tender Offers.
Comparison of Mergers and Tender Offers.
PART TWO Pitfalls of Merger Arbitrage.
CHAPTER 5 Financing.
Types of Debt Funding.
Financing of Mergers versus Tender Offers.
Uncertain Merger Consideration.
Conflicted Role of Investment Banks.
CHAPTER 6 Legal Aspects.
CHAPTER 7 Management Incentives.
Continuing Management Interest in Private Equity Buyouts.
Long-Term Planning in Management Buyouts.
Milking a Company through Related Party Transactions.
CHAPTER 8 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.
CHAPTER 9 Minority Squeeze-outs.
Boards Lack Effectiveness During Squeeze-outs.
Minority Shareholders Are in a Tough Spot.
CHAPTER 10 Government Involvement.
The SEC's Approach to Regulation.
CHAPTER 11 Four Ways to Fight Abuse of Shareholders in Mergers.
ˇ°Just Sellˇ± Is for Losers.
Case for Activist Merger Arbitrage.
PART THREE Investing in Merger Arbitrage.
CHAPTER 12 The Role of Merger Arbitrage in a Diversified Portfolio.
Volatility of Stocks Going through a Merger.
Return and Correlation Characteristics of Merger Arbitrage.
Merger Arbitrage Outside the United States.
Risk and Return of Merger Arbitrage Funds.
Benefits of Merger Arbitrage in a Diverisified Portfolio.
CHAPTER 13 Investing in Arbitrage.
Trading versus Investing.
Leverage and Options.
Managing the Cash Position.
Standard & Poors Merger Arbitrage Index.
Hedge Funds and Mutual Funds.
About the Author.