"This paper examines the impact of mergers on default risk, finding that, on average, a merger increases the default … prior to a merger announcement. We also demonstrate higher levels of default risk are not accompanied by higher post- merger …

This paper replicates the core underlying merger arbitrage strategy using daily data from the United Kingdom to … generate three simulated merger arbitrage portfolio return series, for the period 2001 through to 2004. Past empirical evidence … indicates that the merger arbitrage strategy generates large risk adjusted returns. More recent evidence indicates that the …