Merger Arbitrage, Second Edition, How to Profit from Event-Driven Arbitrage by Kirchner, Thomas -- Read -- Imperial Library of Trantor

Index

Cover 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 Takeover Code and Its Derivatives Key U.S. Court Decisions Takeover Defenses Creeping Takeovers and Mandatory Acquisitions Best Price Rule Market Manipulation Notes

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 Notes

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 Notes

Chapter 11: Minority Squeeze-Outs

Boards' Lack Effectiveness during Squeeze-outs Minority Shareholders Are in a Tough Spot Family Control Notes

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 Notes

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 Notes

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 Notes

About the Author Exercises

CHAPTER 1 CHAPTER 2 CHAPTER 3 CHAPTER 4 CHAPTER 5 CHAPTER 6 CHAPTER 7 CHAPTER 8 CHAPTER 10

Index End User License Agreement