Poiuyr Copr Essay

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Abbot - Alza Case - Term Papers - Baskakov

13/2/21 上午12:38

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Abbot - Alza Case
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By baskakov, Jun 2012 | 4 Pages (860 Words) | 63 Views|

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Risk arbitrage (or merge arbitrage) is a trading strategy related to M&A transactions. For example, if an M&A transaction is carried out by means of share exchange between the buzzer and the target, then an arbitrageur may short sell buyer’s stocks and purchase stocks of the target. Until the acquisition is completed, the stock of the ...view middle of the document...

At the same time the expected return is a probability-weighted potential returns for different scenarios, e.g. either merge will be processed or not. Also it should be noted that expected return may change in time, i.e. probability of merge was high in June 1999, but this probability approached almost zero in October-November 1999. First excess return it’s return above the treasury security. In this case this deals has a lot of risk and possibility that deal will not be completed. So we should have positive excess return for risk that we take. We should keep in mind that we can remain without deals and try to
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Abbot - Alza Case - Term Papers - Baskakov

13/2/21 上午12:38

should keep in mind that we can remain without deals and try to evaluate deals (short and long) separately with risk for each stock, volatility of it and other market parameters. Also we should evaluate probability of cancelation the deals after that we try to Market should prevent this profit as it contains risk. This profit isn’t risk adjusted we always have risk that deals will not be completed after calculating risk connected to deal we should find new price corrected by risks. Option strategy is a hedge for uncovered long position in stocks. If deal will be canceled Smith receive two positions: short in Abbot and long in Alza. For complete hedge he needs two option call in Abbot and put in Alza. If he buys put option for Alza he will hedge from price drop in Alza shares. But he still has risk in from rising Abbot shares. So he decreases risk of the positions. At the first...

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