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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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From the Inside Flap
The current wave of corporate mergers, acquisitions, restructurings, and similar transactions has created unprecedented opportunities for those who are savvy in the ways of modern risk arbitrage techniques. At the same time, a variety of factors impacting how M&As are conducted has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to all types of investors. Despite the growing popularity of this type of investing, with the exception of the first edition of this book, there continues to be a surprising lack of expert guides to risk arbitrage investing. Hailed by one enthusiastic reviewer as the "first systematic attempt to break the silence around the secrets of the investment and trading strategy that exploits these corporate restructurings," the first edition of this book, for the first time, made risk arbitrage available to anyone interested in learning how it's done. But a lot has changed in the industry over the past decade. The rapid growth of the hedge fund industry, along with the changing nature of M&As has greatly affected the process of risk arbitrage and the techniques used to participate in it. And while Risk Arbitrage is still universally recognized as the definitive book on the subject, it was time for a revamping of the original. In creating Risk Arbitrage, Second Edition, Keith M. Moore took pains to make it as current as possible without losing any of the qualities and features that earned that modern classic its reputation. Thoroughly updated and revised, this new edition: Reflects all important changes to the laws, practices, and technologies Provides deep insights into new policies affecting merger transactions Includes many new case studies of both successful and unsuccessful risk arbitrage investments Addresses developments that now let individuals successfully compete with the pros Features a detailed discussion of computer- based trading systems Details techniques for computing spreads on cash deals, stock deals, and mixed transactions Shows how to determine downside, upside, market-adjusted, and total risk Contains numerous practice exercises that help you master the methods described Designed to get you quickly up to speed on basic risk arbitrage concepts, terminology, and equations, as well as the latest investing and trading strategies and techniques. Risk Arbitrage, Second Edition is your guide to safely navigating and profiting from one of today's most exciting investment opportunities.
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From the Back Cover
Advance Praise for Risk Arbitrage: An Investor's Guide, 2nd Edition "Whenever I think of risk arbitrage, I am reminded of the old Wall Street proverb, 'Give a man a fish and you feed him for a day. Teach him how to arbitrage and you feed him forever.' With the skills learned from Moore's book, you will never go hungry." —Paul D. Sonkin, co-author of Pitch the Perfect Investment: The Essential Guide to Winning on Wall Street "Keith provides good insights for looking at risk arb from multiple prisms, and in particular, from a legal point of view. A must read for those seeking investment opportunities generating absolute returns." —Mario Gabelli, founder, Chairman, and CEO of GAMCO (Gabelli Asset Management Company) Investors, Inc. "Keith Moore is that rarest of birds in Wall Street. A highly experienced practitioner of one of the investment community's more arcane arts who also boasts the intellectual curiosity and firepower to delve deeply into the hows and whys of situations that have led to both spectacular investment successes and failures in the field. Not to mention the tenacity to pursue those explanations not only in the trenches of the Street but through the academic research that resulted in his PhD — and has enriched the educations of countless business students. Now, in his trademark precise prose, Keith has updated his groundbreaking 2000 book on Risk Arbitrage, to the great good luck of a new generation of prospective practitioners." —Kate Welling, Editor and Publisher of Welling on Wall St., an online journal for professional investors, and author of Merger Masters (Columbia University Press, 2018) "Seldom do financial books become page turners, but the presentation in Keith Moore's book grabs the reader more like a novel than a textbook. A blend of great story telling, theoretical rigor, and practical experience, this book provides an outstanding approach to the risk arbitrage process, with explanations of not just what and why but also of how and when. The book is up to date and replete with the details of actual cases." —Dennis McLeavey, Ram Fund Advisor, Professor Emeritus of Finance at the University of Rhode Island, and former Vice President of Curriculum Development at CFA Institute
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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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