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- Merger Arbitrage: Evidence of Profitability
- Merger arbitrage is widely considered one of the principal areas of hedge fund investment. While the investment process of merger arbitrage is generally known, less information exists, at least in the practitioner community, as to academic research as to the basis for various merger activity as well as to the...
- White papers 2003-01-01
Additional Resources
- IndexIQ Planning First Merger Arbitrage ETF
- Michael Johnston submits: IndexIQ, a pioneer in the area of hedge fund and inflation hedge ETFs, is preparing to launch another fund, the IQ ARB Merger Arbitrage ETF. The fund is scheduled to begin trading later this month under the clever ticker MNA. The proposed ETF will track the IQ...
- External links 2009-11-05
- Merger Arbitrage Opportunity: Pfizer - Wyeth
- Asif Suria submits: If you are familiar with merger arbitrage, please feel free to skip straight ...
- External links 2009-03-08
- Merger Arbitrage Funds: Do They Deliver What They Promise?
- Capital Market Risk Advisors CMRA has recently completed a detailed fundamental analysis of the merger arbitrage strategy. This was accomplished by creating the "theoretical" performance of a "pure" merger arbitrage strategy. The major conclusions were divided in two parts. Firstly, the majority of merger arbitrage managers achieved their returns by...
- White papers 2003-01-01
- Reducing Market Risk With Merger Arbitrage
- After a company announces intent to acquire another, the price of the target company's stock predictably goes up, although usually not to the full offering price. Instead, because of the risk of the deal not closing on time or at all, the target company's stock will sell at a discount...
- White papers 2003-01-01
- Merger Arbitrage Opportunity With Allied and Ares Capital
- The Curious Investor submits: In my prior post, “Allied Capital Goes from Value Trap to Deep Value,” I made the point that the Ares/Allied acquisition created a potentially interesting merger arbitrage opportunity. As astutely pointed out by commenter BeauZeau at Seeking Alpha, the merger arbitrage opportunity is not quite...
- External links 2009-11-05
- Expanding The Limits Of Merger Arbitrage
- The term arbitrage denotes the simultaneous purchase and sale of identical assets in order to profit from a price difference between the two assets. The perfect case of arbitrage occurs when there is no risk involved and no capital is required. During merger and acquisition process, professional risk arbitragers purchase...
- White papers 2003-05-18
- Constellation Energy: Merger Arbitrage Opportunity
- Dobromir Stoyanov submits: One of the four techniques implemented by Benjamin Graham was merger arbitrage. There’s been some good evidence that this strategy has worked for several decades for some value investors such as Graham and Buffett, producing double digit returns.Buffett had a nice discussion on his arbitrage experience with...
- External links 2008-10-28
- Merck/Schering-Plough: Merger Arbitrage Oppurtunities
- Dobromir Stoyanov submits: In this tough market, investors are always looking for a way to make a buck. Merger Arbitrage is a strategy where investors could profit from the spread between the current price of the target and the expected price at close of the deal. This could be one...
- External links 2009-03-10
- The New Merger Arbitrage ETF Is Likely to Fail
- Thomas Kirchner submits: ETFs have been encroaching on the turf of active managers for some time and are now taking hedge funds head on. The promise of hedge funds at ETF costs is very appealing but raises the inevitable question: can they do it? The upcoming IQ Arb Merger...
- External links 2009-11-10
- Risk Arbitrage
- Risk arbitrage is one of several styles of hedge fund investing that constitutes the event driven strategy. Event driven investing is a strategy that seeks to profit from special situations or opportunities to capitalize on price fluctuations or imbalances. It is generally equity-oriented investing designed to capture share price movement...
- White papers 2001-11-01
- A Fresh Look at Merger Risk
- Article discloses that merger arbitrage is riskier than it looks. Arbitrageurs are used to trying to explain the complexities of what they do engaging in trading strategies that take advantage of pricing differences between a security, currency, or commodity traded on several markets. To the investing public, they often loom...
- White papers 2002-02-18
- Merger Arbitrage Opportunity in Jazz Technologies?
- Jae Jun submits: Jazz Technologies JAZ announced on May 19, 2008 that they are being acquired by Tower Semiconductor TSEM. The final decision of the deal is expected to be announced dependent on the results of the special meeting of shareholders scheduled for September 17, 2008. When I started...
- External links 2008-08-30
- Merger Arbs Balking at Merrill/BofA Deal
- Paul Kedrosky submits: Merger arbitrage funds are seemingly balking at the Bank of America BAC agreement to buy Merrill Lynch MER. As a result, the difference between the MER share price and the BAC offer is stuck up around 18%, which is very high. Why so high?...
- External links 2008-09-17
- CalPERS INVESTS IN ALTERNATIVES, RETAINS CUSTODIAN.(California Public Employees' Retirement System )(Brief Article)
- SACRAMENTO, Calif. - CalPERS invested $75 million in OZ Domestic Partners II, a multistrategy hedge fund managed by Och-Ziff Capital Management Group. The fund uses merger arbitrage, long-short equity special situations, convertible/capital structure SACRAMENTO, Calif. - CalPERS invested $75 million in OZ Domestic Partners II,...
- Research articles 2006-02-20
- Gabelli's Global Deal Fund: Finding Value in Turbulent Times
- Relative Value Partners submits: The Wall Street Journal recently posted an article on top performing mutual funds, highlighting the Gabelli ABC Fund (GACBX), a modified merger arbitrage strategy fund as the best YTD performer through March 31, 2009. This survey included 1,663 funds that had greater than $50 million in...
- External links 2009-04-08
- Roy Behren and Michael Shannon: How to Make Money from Mergers
- The Merger Fund's managers share their views on the recent surge in corporate takeovers, and how you can profit from it. Professionals use the fairly conservative strategy of merger arbitrage — buying the stock of the firm about to be acquired and ...
- Articles 2009-10-05
- Hedge Fund-of-Funds Asset Allocation Using a Convergent and Divergent Strategy Approach
- Hedge fund asset allocation can be a challenging endeavor given the dearth of tools available to deal with the unique statistical characteristics of long and short strategies. From a top-down perspective, the hedge fund industry is classified into several substyle categories including long/short equity, market neutral equity, convertible bond arbitrage,...
- White papers 2004-04-01
- Does Pfizer / Wyeth Merger Create an Arbitrage Opportunity?
- Dobromir Stoyanov submits: Monday, the big news that moved markets was Pfizer’s PFE 68 billion dollar acquisition of rival Wyeth WYE. Pfizer will pay $33 in cash plus 0.985 shares of Pfizer stocks for each share of Wyeth. At Monday Wyeth closed at $43.39, which is 10.30% lower than the...
- External links 2009-01-27
- A Pharma Merger Arb Trade for You
- Chad Brand submits: I decided to give you all a conservative trade idea now that the market has had a huge run over the last four weeks. We are definitely getting overbought here, so tread carefully. I am a big fan of arbitrage opportunities and I think...
- External links 2009-04-06
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