trading strategies, including various approaches for testing other forms of fixed income arbitrage. As a first step, we …

, cash-for-stock acquisition (CSA) is inter alia a profitable arbitrage. This argument is based on the idea that the burden … acquiring corporation performs arbitrage by replicating the target's operating cash flows at a reduced investment cost. Cost … reduction is achieved by purchasing the target's assets indirectly through the stock market. The gross arbitrage gain generated …