Merger arbitrage: how to profit from event-driven arbitrage 9780470508114, 0470508116

Table of contents :
""Title Page""
""Copyright Page""
""Preface""
""Acknowledgements""
""PART One --
The Arbitrage Process""
""CHAPTER 1 --
Introduction to Merger Arbitrage""
""CASH MERGERS""
""STOCK-FOR-STOCK MERGERS""
""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""
""DEAL SPREAD""
""TWO ASPECTS OF LIQUIDITY""
""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""
""CHAPTER 4 --
Deal Structures: Mergers and Tender Offers""
""MERGERS""
""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""
""FAIRNESS OPINIONS""
""SYSTEMIC RISK""
""CHAPTER 6 --
Legal Aspects""
""MERGER PROCESS""
""TAKEOVER DEFENSES"" ""CHAPTER 7 --
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 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"" ""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 DIVERSIFIED PORTFOLIO""
""CHAPTER 13 --
Investing in Arbitrage""
""TRADING VERSUS INVESTING""
""LEVERAGE AND OPTIONS""
""SHORTING STOCKS""
""TRANSACTION COSTS""
""MANAGING THE CASH POSITION""
""RISK MANAGEMENT""
""STANDARD & POOR’S MERGER ARBITRAGE INDEX""
""SEPARATE ACCOUNTS""
""HEDGE FUNDS AND MUTUAL FUNDS""
""Notes""
""About the Author""
""Index""

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