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Risk Arbitrage: An Investor's Guide (Wiley Finance)
Ebook Download Risk Arbitrage: An Investor's Guide (Wiley Finance)
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The definitive guide to risk arbitrage, fully updated with new laws, cases, and techniques Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. This new edition is completely updated and fully revised to reflect the changes to laws and technology and includes new case studies and a detailed discussion of computer-based trading systems. Readers gain deep insight into the factors and policies that affect merger transactions, and the new developments that allow individuals to compete with professionals in managing risk arbitrage portfolios. The book provides techniques for computing spreads and determining risk, with practice exercises that allow readers to become confident with new methods before using them professionally. The current wave of corporate mergers, acquisitions, restructurings, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the current merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to all types of investors. Risk Arbitrage provides the essential guidance needed to participate in the business. Get up to date on the most recent developments in risk arbitrage Examine new mergers and the legal changes that affect them Learn how computers and trading systems have affected competition Use the tools that enable risk determination and spread computation Both the growth in hedge funds and the changing nature of the merger and acquisition business have affected risk arbitrage processes and techniques. For the finance professional who needs expert guidance and the latest information, Risk Arbitrage is a comprehensive guide.
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Product details
Series: Wiley Finance (Book 478)
Hardcover: 368 pages
Publisher: Wiley; 2 edition (May 8, 2018)
Language: English
ISBN-10: 047037974X
ISBN-13: 978-0470379745
Product Dimensions:
6.1 x 1.3 x 8.8 inches
Shipping Weight: 1.4 pounds (View shipping rates and policies)
Average Customer Review:
3.0 out of 5 stars
10 customer reviews
Amazon Best Sellers Rank:
#256,590 in Books (See Top 100 in Books)
I'm surprised this book does not receive more attention as it is apparently the first book in a long while to give a careful treatment to the alluring and ellusive business of risk arbitrage. The book's primary merit is its author's clarity --beginning with a clear anecdote to illustrate why the business is called RISK arbitrage. Then, the author helpfully dissects risk arbitrage analysis into its most practical three analytic components: rate of return, risk and probability. He offers, with careful descriptions and examples, several mathematical models to aid in the assessment of these three areas, including a model which melds all three via a risk-adjusted rate of return calculation. The author makes application of these models to cash tenders (friendly and hostile), stock for stock transactions (with and without collars), complex deals involving cash, stocks warrants, bonds etc., and he devotes an entire chapter to hostile takeovers. He discusses portfolio management at length, with handy illustrations of how might one implement the use of spreadsheets, and also discusses hedging strategies fairly carefully. It is a great introduction to an investment arena long in need of a reliable navigator.The book would get 5 stars if not for a teaser the author doesn't address quite as thoroughly as the rest of his text dictates: he discusses hostile takeovers at length with special emphasis on several anecdotes, but he describes events as they unfold with third-party detachment...whereas I imagine most readers really want to know how each new turn might affect his analysis and computations. But this criticism is a small quibble, and the author deserves tremendous credit for clearly describing a great deal in a short amount of space.
By the time you are done with this book, you will hunger for greater detail on the fascinating topic of merger arbitrage. For the most part, the book glosses over in mostly limited detail the key steps in understanding merger arbitrage. The author's considerable experience has allowed him to convey a somewhat complicated topic in non-complicating language. The author could have offered a more animated and detailed walk through of previous deals, to involved the reader in the drama that often unfolds during the lifetime of deals. Anyone with some degree of financial acumen, or who is interested in perhaps starting a hedge fund, will find it an incomplete discussion, but a very worthy read along the way toward greater mastery of this subject.
This book is an introduction to investing in corporate restructuring. Unfortunately, it is very flabby and poorly written, much less helpful than the insultingly titled but brilliant book by Joel Greenblatt "You can be a stock market genius." Go to pages 67-69 and you will see photocopies of price lists and stock charts taking up two full pages. This is typical of the padding that makes up too much of this book. Leave this one alone.
Met expectations.
It's ok for a beginner, covers the basics and gives a few anecdotes from his investment career, that's about it. I would recommend Merger Arbitrage by Kirchner because it basically covers this whole book in its first chapter(just makes me wonder how does did the author take a whole book to cover the info Kirchner did in a single chapter) and it has 12 more! Just think of the information difference between the two books.
This book outlines a solid framework to assess risk arbitrage opportunities. The author describes types of transactions and the elements of return, risk, and probability to systematically analyze a deal. A number of useful formulas are included. However, a more thorough discussion on collar deals would be helpful.
Imagine a financial institution. You are a fresh graduate recruit, and you are put on the risk arbitrage desk. So the head of risk arbitrage trading takes you out for a coffee and talks about his business in very basic terms, not giving away anything (in case he decides that you don't fit into his group). So you walk away knowing what risk arbitrage is (if you haven't known already), but no more.But then again, he might not even take you out for coffee, in which case this book will do the job just as well.In short, this is only recommended for absolute beginners.
As value investor, this book provides a good but simple understanding of what RA is. His experience in the industry is more interesting as others have noted. This book provides conceptual issues that can be applied to options, etc. WITHOUT knowing all these greek letters like delta and gamma. Arbitrage is about common sense, and if you rely on greek letters to support your decision, you will be disappointed.
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