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Interview

Meet the Expert: Todd Pulvino on Diversified Arbitrage

November 22, 2019 - Todd C. Pulvino

Todd Pulvino, Principal of CNH Partners, an affiliate of AQR, explains what Diversified Arbitrage strategies are and how they tend do perform during different economic cycles.

Journal Article

Arbitrage Crashes and the Speed of Capital

May 27, 2011 - Mark L. Mitchell Todd C. Pulvino

Modern finance theory rests on the ability of arbitrageurs to ensure that substantially similar assets trade at substantially similar prices.

Journal Article

The Interdependent and Intertemporal Nature of Financial Decisions

February 15, 2009 - Vladimir A. Gatchev Todd C. Pulvino Vefa Tarhan

Typically, corporate investment, distribution and financing polices are examined in isolation using a static single-equation methodology.

Journal Article

Slow-Moving Capital

May 1, 2007 - Mark L. Mitchell Lasse H. Pedersen Todd C. Pulvino

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 - Mark L. Mitchell Todd C. Pulvino Erik Stafford

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.

Journal Article

Limited Arbitrage in Equity Markets

December 17, 2002 - Mark L. Mitchell Todd C. Pulvino Erik Stafford

This paper examines impediments to arbitrage in equity markets using a sample of 82 situations between 1985 and 2000.

Journal Article

Characteristics of Risk and Return in Risk Arbitrage

December 1, 2001 - Mark L. Mitchell Todd C. Pulvino

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

Do Asset Fire Sales Exist?

June 1, 1998 - Todd C. Pulvino

Financially distressed airlines can enter a vicious cycle when circumstances compel them to liquidate their fleets in the midst of an industry slump.

Journal Article

Effects of Bankruptcy Court Protection on Asset Sales

November 26, 1996 - Todd C. Pulvino

This paper uses a sample of commercial aircraft transactions to examine the effectiveness of bankruptcy court protection in mitigating costs of financial distress associated with asset sales. The evidence suggests that neither protection under Chapter 11 of the bankruptcy code nor court-supervised liquidation under Chapter 7 of the code are effective at mitigating price discounts.