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Journal Article
Arbitrage Crashes and the Speed of Capital
May 27, 2011
Modern finance theory rests on the ability of arbitrageurs to ensure that substantially similar assets trade at substantially similar prices.
Journal Article
Slow-Moving Capital
May 1, 2007
Unlike textbook arbitrageurs who instantaneously trade when prices deviate from fundamental values, real-world arbitrageurs must overcome various frictions.
Journal Article
Price Pressure Around Mergers
February 1, 2004
It has been well documented that when companies use stock as the currency in a takeover, the acquiring company’s share price tends to fall between –2% and –3% around the time a deal is announced.
Book
Merger Arbitrage
July 23, 2003
How does one regulate systemic risk in the financial sector? We propose charging each financial firm a tax based on its expected loss during a systemic crisis.
Book
Takeovers, Restructuring and Corporate Governance
July 23, 2003
Mergers and acquisitions play an important role for companies and economies, yet a high number of M&A investments fail to earn their cost of capital. This book seeks to improve the success rate of M&A activities.
Journal Article
Characteristics of Risk and Return in Risk Arbitrage
December 1, 2001
After the announcement of a merger or acquisition, the target company’s stock typically trades at a discount to the price offered by the acquiring company.
Journal Article
New Evidence and Perspectives on Mergers
January 1, 2001
Empirical research has revealed a great deal about mergers and acquisitions trends and characteristics over the last century.
Book
A Clinical Exploration of Value Creation and Destruction in Acquisitions
April 1, 1997
How and why is value created or destroyed in mergers and acquisitions? To answer these questions, we present analyses of two acquisitions: Cooper Industries’ acquisition of Cameron Iron Works in 1989 and Premark’s acquisition of Florida Tile in 1990.
Journal Article
The Impact of Industry Shocks on Takeover and Restructuring Activity
June 1, 1996
The large number of corporate takeovers during the 1980s has been characterized as the fourth takeover wave in the U.S.
Journal Article
The Impact of Public Information on the Stock Market
July 1, 1994
In this article, we ask whether the amount of information that is publicly reported affects the trading activity and the price movements in securities markets.