understanding the timing and intensity of public firms' merger activity …

The practice of merger arbitrage is one of the more popular and profitable strategies employed by many hedge funds. At … its core, the strategy is one that earns an excess return for the assumption of a specified risk. Merger arbs purchase … usually trade some measure below the agreed-upon merger price, due to the risk that the merger might not actually occur. If …

In merger agreements, the seller makes contractual representations and warranties (“reps”) about the state of the …

important in merger arbitrage, where deal failure is a key risk. In this paper, I propose a dynamic asset pricing model that … addition, the model accurately predicts that merger arbitrage exhibits low volatility and a large Sharpe ratio when deals are …

-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …