Showing 1 - 10 of 10 results

Sort By
  • Relevance
  • Newest
  • Oldest

Journal Article

Price Pressure Around Mergers

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

Characteristics of Risk and Return in Risk Arbitrage

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

The Interdependent and Intertemporal Nature of Financial Decisions

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

Journal Article

Limited Arbitrage in Equity Markets

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

Journal Article

Do Asset Fire Sales Exist?

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

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.

Journal Article

Arbitrage Crashes and the Speed of Capital

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

Unlike textbook arbitrageurs who instantaneously trade when prices deviate from fundamental values, real-world arbitrageurs must overcome various frictions.

Interview

Meet the Expert: Todd Pulvino on Diversified Arbitrage

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.